The Federal Government has stressed the need for mobilisation of domestic savings and foreign capital to finance the country’s infrastructure, agriculture, housing SMEs and other services.
Vice President Yemi Osinbajo stated this in a keynote address delivered at the 2019 FMDQ Nigerian Capital Markets Conference in Lagos recently.
Osinbajo, represented by Ms Mary Uduk, acting Director-General of the Securities and Exchange Commission (SEC), said that the country needed to mobilise more funds to address its needs. He said that Nigeria as a country requires more capital to grow, develop and attain its potential. “We need to mobilise domestic savings and capital as well as attract the necessary foreign capital to finance our needs in the areas of infrastructure, agriculture, mining, industry, housing, SMEs, information and communication technology, transportation and other services,” he said.
The vice president said that the administration of President Muhammadu Buhari was doing everything possible to close the gap in infrastructure deficit.
He explained that this was being done through direct expenditure and also by incentives given to private investors, domestic and foreign, to invest in the critical sectors of the economy.
“The Economic Recovery and Growth Plan (ERGP) (2017-2020) has a major objective of building a globally competitive economy through investment in infrastructure, improvement in business environment and promotion of digital-led growth.
“No doubt, this objective requires fresh and adequate capital. This approach to diversifying our sources of capital has assisted in making our country a destination of capital and further deepening our capital market.
“Private issuers are also encouraged to issue these instruments, leaning on the success recorded by the Federal Government. The secondary markets of some of these instruments are also getting more liquid as observed on the Exchanges,” Osinbajo added.