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National Assembly to Review Laws To Grow Capital Market

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The National Assembly may have concluded plans to review some of the enabling laws that might have caused inhibitions to the growth of the stock market and hinder it from playing its pivotal role in capital formation.

The Chairman, Senate Committee on Capital Market, Mr. Bukar Mustapha, gave this hint on Thursday during his visit to the Exchange for an Interactive Session with Stakeholders and also sound the Closing Gong.

According to him, for the equities market to take its pride of place in the domestic economy, laws guiding market operations needed to be amended to make the market a better place than what it used to be.

“Particularly, the issue of market Demutualization will be looked into, the Investment Securities Act (ISA), the Companies and Allied Matters Act (CAMA) amongst others needed to be amended to up the game in the market.

“We need to build the market. Presently it’s not playing the role it ought to play in financial services. We have infrastructural deficit which can be addressed if the capital market is well positioned to take its pride of place.

On issues preventing foreign investment from coming to the local market, Mustapha noted that the capital market can work with other global agencies to address it frontally.

He explained that the place of Private Public Partnership (PPP), like is done in other clime to develop infrastructure must be galvanized, by way of like having a National Road Authority in place to champion the cause of deficit in road construction.

He said Inter-Model means of transportation to fix deficit in transportation is the way to go, “We need to have an entry point based on international standard,” he added.

 

 

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