The Minister of Finance, Budget and National Planning,
Zainab Ahmed, stated this while receiving the Working Group Report on the
National Savings Scheme in Abuja yesterday.
Ahmed stated that the just launched Medium-Term National
Development Plan 2021-2025 recognises the role of a deep financial market in
supporting sustainable growth.
“I hope the proposals made in this report will guide the
government in taking actionable steps to actualise the objectives outlined,”
she said.
She assured that she would work with the Securities and Exchange
Commission (SEC) and other stakeholders to ensure that the country fully
realises the potential benefits of the scheme.
Ahmed said: “We understand that this initiative will involve
several other agencies such as the CBN, FIRS, NAICOM and other important
stakeholders. We will leverage our collaborative working environment within the
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 giving
your time and skill in this painstaking work in support of the government. I
trust that we will count on your patriotic spirit when we call on you for
further support in this or other laudable endeavours for our dear country.”
The SEC Director-General, Lamido Yuguda, explained the need
to establish a National Savings Strategy as outlined in the 10-Years Capital
Market Master Plan “as one of the key strategies to enhance capital formation
by mobilising domestic funds for investment to drive rapid economic growth.
“It envisaged the deliberate provision of risk capital as
venture capital and private equity that are naira based and more committed to
the long-term prosperity of Nigeria as well as create a buffer to the
instability created by foreign investors. The 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 working group to explore the
feasibility of the report findings.”
Dr. Ore Sofekun, a member of the committee and CEO of
Foothold Advisors Limited, on behalf of the Chairman, Fola Adeola, presented
the report.
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