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Senate appraises capital market, screens new SEC appointments

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By Peter Egwuatu

 

Is Ahmad Lawan truly committed to rebuilding Nigeria’s Economy

The Senate Committee on capital market has emphasized that the Nigerian capital market is a very critical tool that could rescue the nation’s economy from the brink of recession in the face of coronavirus ,COVID-19 pandemic.

The Chairman of the Senate Committee on Capital Markets, Senator Ibikunle Amosun,  stated this yesterday    during the screening of nominees for full time Director General and Commissioners of the Securities and Exchange Commission, SEC, in Abuja.

Amosun said that the capital market had the depth to revamp the nation’s poor state of infrastructure, noting that there was no better time than now for federal and state governments to leverage opportunities provided by the capital market for sourcing infrastructure financing.

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“We now know what the capital market can do to rescue the economy at a time like this. Shares are tumbling but we hope it won’t last long.

“However, we also have to look inward and explore ways of diversifying our economy away from crude oil. If we have to diversify our economy, the capital market has a role to play and that is why we are here to support you, and that is why we have suspended everything else to go on with this screening.

“We will support the capital market for our country to realise these economic goals,” he stated.

In his remarks, the incoming Director General, Mr. Lamido Yuguda, pledged the determination of the nominees in ensuring that the capital market in Nigeria realises it’s full potentials.

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