FG seeks inclusive economic growth to tackle infrastructure challenges
The Minister of Finance, Mrs. Zainab Shamsuna Ahmed, has said Africa needs to develop its capital markets to accelerate inclusive economic growth and to tackle infrastructure challenges.
This, the minister said, will complement banking sector finance to provide long-term capital for growth and development.
The Minister disclosed this on Monday at the 22nd African Securities Exchanges Association (ASEA) Annual General Meeting and Conference kick off in Lagos.
She explained that the strong capital market activities were instrumental in taking Nigeria out of recession and back to the path of positive growth.
Ahmed, who was represented by the Acting Director-General, Security and Exchange Commission (SEC), Ms Mary Uduk, in her address told participating African countries that it was President Muhammadu Buhari’s decision to pump in money into various sectors of the economy in order to spur economic growth and sustain the tempo to where it is now.
According to her, Nigerian government’s deliberate effort gave support to the private sector, a critical pillar in its policies, by ensuring macroeconomic stability and diversifying the economy from a focus on oil to other sectors
and providing an enabling environment for the financial sector as a significant catalyst in the implementation of the Nigeria’s Economic Recovery and Growth Plan (ERGP).
She said: “The African Securities Exchanges Association as a premier association of leading exchanges in Africa has the primary goal to develop Member Exchanges, provide an enabling platform for sharing best practices, and articulate actionable strategies to strengthen and develop Capital Markets on the African Continent.
“We are delighted that this year, such a high-level conference is taking place in Nigeria. It is my firm belief that the private sector presents an effective engine for growth in any economy.
For this reason, Nigerian government has made supporting the private sector a critical pillar in its policies, by ensuring macroeconomic stability and diversifying the economy from a focus on oil to other sectors
and providing an enabling environment for the financial sector as a significant catalyst in the implementation of the Nigeria’s Economic Recovery and Growth Plan (ERGP).
“Also in Nigeria, the capital market was instrumental in taking the country out of the recent economic recession and back to the path of positive growth.
Specifically, the government decided to increase its spending to spur economic growth and this has been made possible through long-term financing provided both by the domestic and international capital markets.
“It is therefore critical that African governments continue their efforts to ensure rapid development of capital markets and support innovations to deepen and accelerate their growth and help direct financial capital to more sustainable economic activity”.
