Adequate mobilization of domestic savings for capital formation and investment has been identified as a real option for the growth of the economy.
Minister of Finance, Budget and National Planning, Zainab Ahmed said this while receiving the National Savings Scheme Task Force report in Abuja yesterday.
Ahmed said the just-launched 2021-2025 Medium-Term National Development Plan recognizes the role of a deep financial market in supporting sustainable growth.
“I hope that the proposals made in this report will guide the government in taking concrete measures to achieve the objectives defined,” she said.
She assured that she would work with the Securities and Exchange Commission (SEC) and other stakeholders to ensure that the country fully realizes the potential benefits of the program.
Ahmed said, “We understand that this initiative will involve several other agencies such as CBN, FIRS, NAICOM and other important stakeholders. We will leverage our collaborative working environment across government to ensure we get the necessary buy-in and commitment from relevant stakeholders.
“On behalf of the Federal Government and the Ministry of Finance, Budget and National Planning, I appreciate your selflessness in volunteering your time and skills in this painstaking work of supporting the government. I hope we will rely on your patriotic spirit when we call on you for further support in this or other worthy endeavors for our dear country.
SEC Managing Director Lamido Yuguda explained the need to establish a National Savings Strategy as outlined in the 10-Year Capital Market Master Plan “as one of the key strategies to enhance capital formation in mobilizing domestic funds for investment to stimulate rapid economic growth”. growth.
“He envisaged the deliberate provision of venture capital in the form of naira-based venture capital and private equity and more committed to the long-term prosperity of Nigeria, as well as to create a buffer against the instability created by the foreign investors. CAMMIC commissioned a white paper on a national savings strategy and recommended to the Minister of Finance, Budget and National Planning the formation of a task force to explore the feasibility of the report’s findings.
Dr. Ore Sofekun, Committee Member and CEO of Foothold Advisors Limited, on behalf of the Chairman, Fola Adeola, presented the report.