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Nigeria needs foreign capital for development — Osinbajo

Osinbajo
Vice President Professor Yemi Osinbajo

By Nkiruka Nnorom

THE Vice President, Prof. Yemi Osinbajo, has emphasised the need for mobilisation of domestic savings and foreign capital to finance the country’s needs in infrastructure, agriculture, housing and mining, among others.

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Osinbajo stated this at the FMDQ Securities Exchange Plc’s 2019 Nigerian Capital Market conference in Lagos. Represented by Ms Mary Uduk, Acting Director-General, Securities and Exchange Commission (SEC), he said that the country requires more capital to grow, develop and attain its potentials, adding that the administration of President Muhammadu Buhari is doing everything possible to address  infrastructure deficit in the country.

He explained that this is being done through direct expenditure and by incentives given to private investors (domestic and foreign) to invest in the critical sectors of the economy. “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 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.

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“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.

According to him, the government had increased allocation to capital projects in annual budget to boost infrastructure development, allocating close to 30 percent of the budget to capital projects.  “We are proposing about 21 percent of the N10.33 trillion of the 2020 budget as capital expenditure,” he stated.

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