NAN-HE-26
NASS
By Chinyere Joel-Nwokeoma
Lagos, Oct. 26, 2017 (NAN) The National Assembly will review some of the enabling laws affecting stock market growth in Nigeria, the Chairman, Senate Committee on Capital Market, Mr Bukar Mustapha, has said.
Mustapha made the assertion at an interactive session with stakeholders, as well as while sounding the closing gong at the Nigerian Stock Exchange (NSE) in Lagos.
He said that the National Assembly would review such laws that might have caused inhibitions to the growth of the stock market and hindered it from playing its pivotal role in capital formation.
Mustapha said that for equities market to take its position in the domestic economy, laws guiding market operations needed to be amended to make the market a better place than what it used to be.
“Particularly, the issue of market demutualisation will be looked into.
“The Investment Securities Act (ISA), the Companies and Allied Matters Act (CAMA), amongst others needed to be amended to up the game in the market.
“We need to build the market. Presently, it is not playing the role it ought to play in financial services.
“We have infrastructure deficit which can be addressed if the capital market is well positioned to take its pride of place,’’ he said.
On issues preventing foreign investments from coming to the local market, Mustapha said that the capital market could work with other global agencies to address it frontally.
He explained that the place of Private Public Partnership (PPP), as being done in other climes to develop infrastructure, must be galvanised.
According to him, this is by way of having a National Road Authority in place to champion the cause of deficit in road construction.
Mustapha said that intermodal means of transportation to fix deficit in transportation was the way to go. (NAN)
JNC/AJA/GOK
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Edited by Adeleye Ajayi/Olagoke Olatoye