REMARKS BY THE PRESIDENT OF THE SENATE, HIS EXCELLENCY, DR. ABUBAKAR BUKOLA SARAKI, CON AT THE 2ND CAPITAL MARKET STAKEHOLDERS FORUM, HELD AT LADI KWALI HALL, SHERATON HOTEL & TOWERS, ABUJA, ON JULY 23, 2018.
PROTOCOL.
1. It is a pleasure to be at the 2nd Capital Market Stakeholders Forum taking place here in the Federal Capital Territory. I would like to use this opportunity to commend the Senate and House of Representatives Committees on Capital Market and Institutions for being at the centre of such auspicious gathering.
2. The quality of minds at this forum both from the organised private sector and the public sphere truly underscores the crucial role of the capital market in the development and sustenance of our economy. This is why the theme of this year’s conference ‘Capital Market as a Catalyst for Economic Growth and Development’ would be seeking to tap into the expertise of those here present, discuss pertinent issues, proffer positive indices and reject retrogressive instruments. This is all in our collective bid to ensure that the economic mistakes and challenges of the past remain in the past while we chart a new course for the future.
3. Nigeria, as we all know, is a unique entity with its own peculiar economic requirements and challenges. We therefore cannot afford for the management of this economy to be linear but multi-dimensional in approach. Our population is rising at the rate of two per cent per annum, and as it goes higher, so must our means to cater to the needs of our people. We have already seen what can befall this economy and country with the 2016 recession which happened as an aftershock of the declining international crude prices at the time, as well as our inadequate preparedness for such an eventuality. In essence, hinging our survival on forces beyond our control is not sustainable, and guarding against this unfortunate event must evolve a robust diversification agenda for the economy. The need to prioritise agriculture and other non-oil sectors cannot be overemphasised, and the position of the capital market as a major driver of this plan is central.
4. The role of the capital market, and the institutions integral to it, must be emboldened to drive development in the private sector. This means that the fiscal, advisory and empowerment responsibility of our financial institutions will be called on now, more than ever, in entrenching economic policies that will elicit development in the Micro, Small and Medium Enterprises (MSMEs) in the country.
5. I have always maintained that the role of the National Assembly is to give the right platform for all sectors of the economy to thrive. The platform to grow businesses, to draw foreign investments into the country, to sustain meaningful and mutually beneficial investments via bilateral and multilateral instruments. This is our lawmaking responsibility for the economy.
6. As our doors will continue to be open, so will our collective ideals at the Senate and indeed the entire 8th National Assembly be favourably inclined to positive economic policies and developmental initiatives. In continuing this effort, we call on all stakeholders to work with the National Assembly in developing lasting policies that will grow our economy, diversify our portfolio against shocks, give jobs to our teeming populace, empower MSMEs through credit and attractive financing, attract foreign direct investments (FDI), protect investments and maintain investor confidence, and position Nigeria as a global economic force.
7. Finally, beyond the papers delivered today and the cross-fertilisation of ideas at this forum, the real value will be the combined impact of this event on the average Nigerian after today. I call on us all, therefore, as stakeholders in the Nigerian agenda to prioritise this developmental plan and viable collaborations, as a sure path to a positively sustained economy.
8. Once again, I thank the organisers of this event for such a targeted and important programme. I wish you a successful Forum.
Thank you.
PRESIDENT OF THE SENATE
