Floor of the Nigerian Stock Exchange, Lagos

Fresh incentives to boost capital market underway ─Government

Isola Moses | ConsumerConnect

In view of the recent back-to-back bearish runs in the Nigerian Stock market, Mrs. Zainab Ahmed, Honourable Minister for Finance, Budget and National Planning, has promised investors that the Federal Government would introduce more tax incentives to boost investment in the market.

Vanguard reports that Mrs. Ahmed gave the assurance Sunday, February 23, when she paid a courtesy visit to the Nigerian Stock Exchange (NSE).

She said her Ministry would work with the Exchange to put policies in place to enhance the market.

Some tax provisions have been made in the Finance Act 2020 that would help to deepen the market in areas of Real Estate Investment Schemes (REITS) and securities lending, she stated.

“We have asked the NSE to continue to work with us so that we can encourage Nigerians to investment more in the Nigerian capital market.

“We have a lot of resources locally and we are working with the NSE to ensure we mobilize resources through the market.

“We will support any policy that government needs to put in place to enable the growth of the market,” the Minister said.

She explained that while the Finance Act 2020 has taken care of some incentives.

On Capital market operators’ request to defer the planned recapitalisation exercise in the market, Ahmed said it would make them stronger and compete better in the market. Mr. Oscar Onyema, Chief Executive Officer (CEO), NSE, in his welcome address, said the Finance Minister’s visit “is one in a series of the NSE’s renewed government relations.

“Key government stakeholders interact with the Capital market community on important issues that affect both parties in terms of Nigeria’s economic management and policy reforms, Ease of Doing Business environment, foreign and local investment attractiveness, Capital market, and ultimately, economic growth and development.”

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