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FG plans more incentives to boost capital market

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Ahmed, tax
Zainab Ahmed

By Nkiruka Nnorom

Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, has promised that the federal government would introduce more tax incentives to boost investment in the Nigerian capital market.

She gave the assurance yesterday when she paid a courtesy visit to the Nigerian Stock Exchange (NSE), saying that the ministry would work with the Exchange to put policies in place to enhance the market.

She stated that some tax provisions have been made in the Finance Act that would help to deepen the market in areas of Real Estate Investment Schemes (REITS) and securities lending.

“We have asked the NSE to continue to work with us so that we can encourage Nigerians to investment more in the Nigerian capital market. We have a lot of resources locally and we are working with the NSE to ensure we mobilize resources through the market. We will support any policy that government needs to put in place to enable the growth of the market,” she said.

READ ALSO: Capital Market: SEC to shield investors from high charges

She explained that while the Finance Act 2020 has taken care of some incentives, the next Finance Act would make provisions for incentives that would make the market more attractive to investors.

Responding to the capital market operators’ request to defer the planned recapitalization exercise in the market, the minister said it would make them stronger and compete better in the market.

In his welcome address, the Chief Executive Officer of NSE, Mr. Oscar Onyema, said the visit by the Finance Minister “is one in a series of the NSE’s renewed government relations, where key government stakeholders interact with the capital market community on important issues that affect both parties in terms of Nigeria’s economic management and policy reforms, Ease of Doing Business environment, foreign and local investment attractiveness, capital market and ultimately economic growth and development.”

Vanguard

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