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FG reiterates determination to develop five key sectors in four years

Mrs Omobola Johnson, the Minister of Communication Technology, on Monday reiterated the determination of the Federal Government to develop five key sectors of the economy in four years.

she said this at the second Annual Capital Market Committee Retreat organised by the Securities and Exchange Commission (SEC) in Warri, Delta.

The minister said that the N40.75 trillion earmarked for development of infrastructure between 2011 and 2015 would be used to develop the power, oil/gas, transport, information communication and agriculture sectors.

She said that the capital market was very essential for the provision of long-term funding because of the huge investment needed to meet these needs.

According to her, if you look at the amount of money government has spent on infrastructure, it is very high and that is where the capital market comes in.

She said there was the need for the private sector to invest N16 trillion on infrastructures in the next four years to complement the efforts of the Federal Government.

She also spoke on “Transformation Agenda, the Capital Market and Information Communication Technology Development”, said that the Transformation Agenda would be difficult without the contribution of the capital market.

She called for more awareness on the capital market activities through investment in information technology.

According to her, investor education and awareness on the capital market can be promoted through the use of mobile phones and post office services.

“We have over 1,000 rural information centres that can be used for awareness to increase retail investor participation in the capital market,” she said.

Ms Arunma Oteh, the Director-General of SEC, called on stakeholders in the capital market to work closely with the government in its Transformation Agenda.

She urged the participants to come out with useful ideas that would aid the development of the capital market.

The theme of the retreat is “The Pivotal Role of Capital Market in the Transformation Agenda for the Nigerian Economy.

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