The Federal Government of Nigeria has reiterated its commitment towards building a strong capital market that will contribute to the growth and development of the country and can compare with similar markets anywhere in the world.

This was disclosed by the Vice President, Prof Yemi Osinbajo, when the members of the Capital Market Master Plan Implementation Council, led by its Chairman, Mr Olutola Mobolurin, visited him in Abuja on Tuesday.

According to Osinbajo, capital markets play a central role in the development of the economy through the mobilisation of long-term savings for investment, and the present administration is interested in deepening the capital market, which will in turn lead to a deepening of the financial market.

“There is no way we can deepen our financial system without a vibrant capital market. We know we need foreign investors in our market, but most importantly, we need to grow our domestic investors that are here to stay. I think we can do a lot to ensure that our capital market is better than what it is now,” he was quoted as saying in a statement.

Speaking earlier, Mobolurin stressed the need for government to pay more attention to the capital market, describing regulation of the market as paramount “because the industry relies on confidence of investors.”

He said, “We must find a way of growing the economy at a rate much higher than the population rate. One of the things we can do is to develop our own savings strategy and increase the savings level in the system, so that we are not solely dependent on foreign investors.”

In her remarks, the acting Director General, Securities and Exchange Commission, Ms Mary Uduk, said the commission and the market were working to make the capital market one of the drivers of economic growth and development.