The Federal Government of Nigeria is to set up a $25 billion fund solely dedicated to infrastructure investments in recognition of the role the Capital market as very important to the economy the Buhari’s administration want to develop.
The Minister of Finance, Mrs Kemi Adeosun said this during the inauguration of the Capital Market Master Plan Implementation Council (CAMMIC), National Investor Protection Fund (NPIF), and the inauguration of the Corporate Governance Scorecard for quoted companies by the Security and Exchange commission (SEC) in Lagos on Thursday, the Leadership reports.
According to Adeosun, “In the current environment of significant revenue squeeze and other budgetary constraints, these investments will clearly not come from government coffers alone. We believe this is where the capital market can really make itself relevant by stepping in to close the funding gap. Government is already looking to set up a $25 billion fund wholly dedicated to infrastructure investments ”.
The minister, represented by the permanent secretary Ministry of Finance, Dr Mahmoud Isa-Dutse, said an efficient and vibrant capital markets are an indispensable feature of any modern economy supplying affordable medium-to-long term capital needed for growth as they facilitate mobilization of savings, accelerate capital formation, provide investment avenues and enhance efficient allocation of capital to growth sectors as no country has been able to develop without a thriving capital market.