21 March 2019

Nigeria: Govt to Intensify Effort in Blocking Leakages, Diversifying Economy - Finance Minister

Photo: The Guardian
Nigeria economy.

The Minister of Finance, Mrs Zainab Ahmed has disclosed that the Federal Government would put more effort towards blocking leakages and diversifying the economy in accordance with its Economic Recovery Growth Plan, ERGP.

The Minister also declared government's commitment towards building a vibrant capital market that would contribute to the growth and development of the economy.

Ahmed, said this in Lagos yesterday at the Maiden Awards Night of the Securities and Exchange Commission, SEC tagged 'Committed Partnership'.

According to Ahmed, capital markets play a central role in the development of the economy through mobilisation of long term savings for investment as well as efficient pricing of financial instruments.

She said : "Over the years, the capital market has provided platforms through which corporates and governments source for capital to expand their operations and provide amenities for its citizens."

Speaking further on economic development, Ahmed said : " Nigeria is making a lot of efforts in diversifying the economy, raising revenues and blocking leakages, as well as also making a lot of efforts to in ensuring mobilisation of resources to aid investment in small and medium enterprises and provide infrastructure."

She expressed delight that the main thrust of the Capital Market Master Plan aligns to the vision of the Economic Recovery and Growth Plan, ERGP for the financial services sector saying that when the ERGP was being prepared, copious references were made to the 10 year master plan.

She disclosed that the ERGP vision for the financial services sector is to strengthen relevant market institutions and mitigate risk by building a healthy and competitive financial system that is better positioned to support private sector and contribute towards the sustainable development of our economy.


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