The Nation (Nigeria)
‘Capital market key catalyst for development’
HE capital market has been described as a key catalyst for the development of the critical sectors of the economy as it possesses a credible platform of obtaining medium to long-term finance.
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, stated this during a webinar organised by the Securities and Exchange Commission, in collaboration with the Ministry of Solid Minerals Development.
It had as theme, “Financing the Solid Minerals Sector through the Capital Market and the Critical Role of Commodity Exchanges”.
Ahmed said the facilitation of funding and provision of structured market platforms such as the commodities exchanges portends significant addition for the mining and solid minerals sector, noting that the webinar and its theme were very relevant to the economy given the need to diversify and grow the economy and to enable the nation achieve sustainable development in the post COVID19 pandemic.
According to her, given the economic challenges occasioned by the pandemic, the efforts of the Federal Government to achieve diversification has been affected by a decline in revenue, underlined by volatility in global oil prices, which is our main source of foreign exchange earnings.
“The mining sector is strategically based as alternative source for revenue generation in the economic diversification plan of the Federal Government. It also has the potential to create employment and develop rural settings for other benefits.”