…says capital market critical to economic growth, poverty reduction
The Speaker of the House of Representatives, Rep. Femi Gbajabiamila, has called for more access to capital to enable young people in the country to get the resources they need to make their dreams become a reality.
The speaker made the call while delivering a goodwill message at the Nigerian capital market conference organized by the Nigerian Exchange Group on Tuesday in Abuja.
Gbajabiamila emphasized the importance of capital to commerce and innovations needed to change the world.
He said, “Capital is the lifeblood of commerce. Without capital, it is impossible to scale trade and services to take full advantage of existing opportunities. Without capital, innovations capable of changing the world, improving lives and creating wealth remain unexplored ideas.
“In ways, both obvious and subtle, our lives, our ability to conduct business and manage the affairs of state in the best interests of all our nation’s people, depends on the free flow of capital and the ability to raise and access resources when they are needed.
“Therefore, governments worldwide, in considering and implementing policies, making laws and building infrastructure, have a special responsibility to ensure the free flow of capital, subject to the necessary regulations for prohibiting illicit transactions that harm us all. This conference provides an opportunity for us to jointly think through the ways we can improve the policy and legislative process in government to make sure that government facilitates rather than inhibits, allows capital to flow.”
Acknowledging the effects of the coronavirus pandemic on the international networks of trade, the speaker said recent events offered many warnings and several lessons.
“For us in Nigeria and in Africa, recent events offer many warnings and ought to teach several lessons. In choosing the theme of this event, the organisers of this conference have identified that we need to address the sustainability question in our efforts at socio-economic recovery.
“Let me add that we must also think critically and advance solutions for democratising access to capital so that more of our population, particularly our massive population of young people, can access the resources they need to transform their best dreams into actual achievements for the common good”, he stated.
While congratulating the Nigerian Exchange Group Limited (NGX) for convening the event as a platform for constructive interactions between the public and private sectors, the speaker assured the gathering that the House of Representatives was committed to being a useful partner in promoting policies and legislation that would expand growth in the capital market and the nation’s economy at large.