By Naomi Sharang
Abuja, Feb. 11, 2025 (NAN) – The Senate, through its Committee on Capital Market, has requested the Minister of Finance, Mr. Wale Edun, to approve a special funding of N10 billion for literacy development in the capital market.
During an interactive session with Edun and the Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, the Chairman of the Committee, Sen. Osita Izunaso, highlighted that only 5,000 investors are currently participating in the capital market. He emphasized that establishing a special fund for the sector would help boost investor participation.
“We are seeking intervention through capital allocation and special funding to enhance literacy development in the capital market, as that is where the main issue lies,” Izunaso stated. “If this request is granted, we believe the capital market will thrive. You will receive our formal letter regarding this matter after this meeting.”
Sen. Victor Umeh (LP-Anambra) noted that the capital market is a crucial indicator of an economy’s health and its global operations. He remarked, “Given the past experiences in the capital market, significant efforts must be made to restore public confidence in the Nigerian Stock Exchange. Regaining investor trust is vital for the sector’s operations, especially after many investors faced traumatic losses.”
Sen. Sani Musa, the Chairman of the Senate Committee on Finance, supported the need for the N10 billion funding for literacy and enlightenment initiatives. “We need to explore how we can allocate funds from the budget for this campaign,” he said.
In response, Minister of Finance Wale Edun acknowledged the President’s target of achieving a one trillion dollar economy. He emphasized that economic vibrancy, characterized by stability in macroeconomic factors such as revenues, budget deficits, and inflation rates, is essential for investment, including in the capital market. He concluded by stating, “Thanks to the President’s decisive and timely intervention, we now have a much more stable macroeconomy conducive to investments.” (NAN)