The Federal Government has stressed the need for mobilisation of domestic savings and foreign capital to finance the country’s needs in 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. He said that Nigeria required more capital to grow, develop and attain its potential.
Osinbajo, represented by Acting Director-General, the Securities and Exchange Commission (SEC), Mary Uduk added that the country needed to mobilise more funds to address its needs.
He noted that an African Development Bank report on Nigeria’s Infrastructure Plan in 2013 estimated that Nigeria would need to invest about 350 billion dollars in 10 years to meet up with its peers.
Earlier in her opening address, Uduk said that
the Capital Market Master Plan (2015-2025) was launched to transform the
Nigerian capital market with a view to making it more competitive to enable it
contribute its quota to developing the nation, through funds mobilisation.