Abuja – The Senate Committee on Capital Market has urged the Minister of Finance, Mr. Wale Edun, to approve a special funding of N10 billion for literacy development in the capital market.
The committee chairman, Senator Osita Izunaso, made this request during an interactive session with the minister and the Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, on Tuesday.
Izunaso emphasized the need for increased investor education, noting that only five million Nigerians currently participate in the capital market. He stressed that many investors had lost confidence due to past experiences.
“We are asking for an intervention fund to finance literacy development in the capital market because that is where the problem is,” he said.
Senator Victor Umeh (LP-Anambra) echoed Izunaso’s concerns, stating that a well-functioning capital market is a key indicator of economic health. He called for efforts to rebuild public confidence, pointing out that past market crashes had left investors devastated.
The Chairman of the Senate Committee on Finance, Senator Sani Musa, also backed the request, urging that funds be allocated from the budget for investor awareness campaigns.
In response, Finance Minister Wale Edun reiterated President Bola Tinubu’s commitment to achieving a $1 trillion economy. He highlighted the importance of macroeconomic stability in attracting investments, including those in the stock market.
“We now have a much more stable macro economy for investments as a result of the President’s decisive, timely intervention,” Edun said.
The Senate’s push for the N10 billion intervention fund is aimed at revitalizing the capital market by increasing public understanding and trust, ultimately encouraging greater participation.
