The Senate Committee on Capital Market has urged the Minister of Finance, Wale Edun, to approve a N10 billion special fund for literacy development in Nigeria’s capital market.
The appeal was made by Senator Osita Izunaso, Chairman of the Committee, during an interactive session on Tuesday with Edun and the Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama.
Senate Pushes for Investor Confidence
Sen. Izunaso emphasized that low investor participation—with only 5,000 active investors—is a major challenge. He stressed that increasing public knowledge and trust in the market is essential for growth.
> “We are asking for a special funding intervention for capital market literacy because that is where the problem lies. If you do that, the market will blossom.”
Echoing this sentiment, Sen. Victor Umeh (LP-Anambra) highlighted the critical role of the capital market in economic health. He lamented past financial crises that led to massive investor losses, calling for urgent steps to restore public trust.
“The market’s past failures caused a traumatic experience for many investors. Restoring confidence is key.”
Similarly, Sen. Sani Musa, Chairman of the Senate Committee on Finance, backed the N10 billion allocation, emphasizing the need for budgetary support to drive literacy and awareness campaigns.
Finance Minister Assures Economic Stability
In response, Finance Minister Wale Edun reaffirmed President Bola Tinubu’s economic vision of a $1 trillion economy. He stressed that a stable macroeconomic environment—ensuring strong revenues, controlled budget deficits, and manageable inflation rates—would encourage investment.
“A vibrant economy attracts investment. With President Tinubu’s timely interventions, we now have a more stable macroeconomic environment that will boost investments, including in the capital market.”
With this push for capital market literacy funding, the Senate aims to expand investor participation, restore confidence, and drive economic growth through a more vibrant stock exchange.
