The experts, who spoke in separate interviews with The Guardian, argued that government should seek to moderate the destabilising influence of foreign portfolio investments in the Nigerian capital market by boosting domestic participation.
He pointed out that this was due to the absence of a competitive savings plan that would mop up a larger pool of funds to be deployed to specific sectors for sustainable economic growth. He expressed regrets that Nigeria has a federation account where all government revenues are paid and shared among the three tiers of government but there is no provision for savings.
He submitted that government must introduce the right incentives to encourage more people to save on a long-term basis to mobilise long-term savings. Local investors accounted for the biggest share of equity transactions on the Nigerian Exchange Group in the first six months of 2021, since 2011.
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Source: GuardianNigeria - 🏆 1. / 94 Read more »