President of the Senate, Dr Bukola Saraki, has urged financial institutions to enunciate economic policies that will elicit development in Micro, Small and Medium Enterprises (MSMEs) sub-sector in the country.
Saraki made the call at the 2nd Capital Market Stakeholders Forum in Abuja on Monday.
The conference, organised by the National Assembly Joint Committee on Capital Market, had “Capital Market as a Catalyst for Economic Growth and Development” as its theme.
Saraki said that 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 MSMEs in the country.
“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 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.”
According to him, Nigeria 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 for 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,’’ he said.
The president of the senate said that the role of the National Assembly was to give the right platform for all sectors of the economy to thrive.
He explained that such platform was to grow businesses, draw foreign investments into the country and sustain meaningful and mutually-beneficial investments through bilateral and multilateral instruments.
“This is our law-making responsibility for the economy,” he said.
Saraki called on all stakeholders to work with the legislature in developing lasting policies that would grow the economy and diversify the portfolio against shocks.
“Give jobs to our teeming populace, empower MSMEs through credit and attractive financing, attract foreign direct investments, protect investments and maintain investor confidence and position Nigeria as a global economic force.” (NAN)
