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CAPITAL MARKET CAN DRIVE NIGERIA'S ECONOMY - Sen. Izunaso

...Tita Onyebuchi, Nze >Abuja<

The Chairman Senate Committee on Capital Market and member representing Imo West Senatorial District, Distinguished Senator Osita Izunaso, on Tuesday September 5, 2023 said, the Capital Market, if well harnessed has the potential and capacity to turn around Nigeria's economy.

The Senator made the remarks during the opening ceremony of the 16th Annual Banking and Financial Institution Conference, which took place at the Trancorp Hilton Hotels, Abuja.

Senator Izunaso, one of the Guest Speakers at the Bankers conference stated that, Nigeria is immensely endowed with great economic potentials from vast natural resources to financial and industrial stables, reterated that, harnessing the potentials and translating them into sustainable economic growth and development requires collective efforts of all stakeholders, especially those in the financial services industry"

He emphasised that "financial services industry is the foundation for any moving economy, not just a tool, but a central hub of the society's economic and social fabric".

The Capital Market Committee Chair, wondered why only about 150 Companies in the whole of Nigeria are listed in the country's Capital Market; he asked that, " why are the other vibrant companies and multinationals operating in the country not listed in the Capital Market", querying that, "are they doing so to evade Tax?" saying that, operators in the financial services industry have a lot of work to do in that regard.

Senator Izunaso however, charged participants in the conference to take advantage of the meeting to engage themselves in meaningful conversations that will change the narrative as soon as practicable, urging them to remember the responsibility that comes with their roles as members of the financial services industry.

Concluding, Senator Izunaso assured that he is confident that the National Assembly shall continue to support critical stakeholders such as the CIBN in creating enabling environments for the financial industry of which the Capital Market is part of, to trive.

In his speech, the Nigeria's Vice President, Kashim Shettima, who was the Special Guest of honour at the Conference, also a Banker by profession, commended Chattered Institute of Bankers of Nigeria, CIBN, the organizers of the conference, for a job well done.

Vice President Shettima, who lamented that, though Nigeria is passing through a very tough time, declared that, the present administration of President Bola Ahmed Tinubu is committed to pulling the country out of the present economic hardship with articulated programs that will in no distant time make Nigeria Stronger. ■END

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