Minister Pushes For Increased Citizen Trading In The Capital Market

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has urged the Nigeria Exchange Limited to aid ordinary citizens in participating actively in the capital market.

According to a statement from the NGX, Ahmed, during a courtesy visit of the organisation’s management to the ministry, urged the company’s management to leverage technology and innovations that would ease the process of trading on the exchange and increase citizen participation.

She said the Federal Government had directed the Securities and Exchange Commission to organise a saving policy and programme that would encourage citizens to participate actively in the capital market as a means of unlocking the potential.

The minister also commended the NGX for its efforts toward deepening the Nigerian Capital Market.

She also disclosed that the ministry was working on the Finance Bill 2021 and would address challenges hindering investments such as Company Income Tax, among others.

The ministry’s Permanent Secretary, Aliyu Ahmed, urged the NGX to scale up its operations for investor and market benefits.

The Chief Executive Officer of the NGX, Temi Popoola, during his speech, noted that the aim of the visit was to introduce the NGX’s new management to the minister and also to appreciate the ministry for its support to the NCM.

He assured the minister that the exchange would continue to throw its support in making Nigeria a destination for foreign investment and supporting the ministry’s fiscal policy while expressing willingness to serve on the committee of the Finance Bill 2021.

Popoola also called for a reduction in CITs, from 25 per cent to 20 per cent, stressing that it would ultimately attract more taxes to the government.