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Well-developed capital market’ll catalyse economic, infrastructure devt — Obaseki

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Edo State Governor Godwin Obaseki
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Gov. Godwin Obaseki of Edo on Thursday said that a well-developed capital market would catalyse economic growth and infrastructure development, as well as long-term investments.

Obaseki spoke at the hybrid 25th annual Stockbrokers Conference organised by the Chartered Institute of Stockbrokers (CIS) in Lagos.

The News Agency of Nigeria (NAN) reports that the ongoing two-day conference has the theme: “Capital Market as a Catalyst for Economic Development and Sustainable Growth”.

Obaseki cited the capital market as having a symbiotic relationship with the economy to serve as a key enabler for governments at all levels to access capital for infrastructure development.

Speaking on the infrastructural deficit in the country, the governor pointed out that Nigeria required in excess of N357 trillion over the next five years to fund its development.

He said that at least 70 per cent of this funding would have to come from the private sector, which meant that the capital market would be largely responsible for a large percentage of this.

Obaseki said that there was a nexus between the development of a country’s capital market and the economy as reflected in the percentage of market capitalisation to the Gross Domestic Product (GDP) of developed economies globally.

Commenting on the multiple exchange rates in the country, Obaseki cited continents like Europe, U.S. and Asia as having free capital movement and exchange rate stability.

He said that these had attracted more capital and development to their capital markets.

“In the U.S., the market capitalisation is 143 per cent of GDP, Canada has 124 per cent, Japan 92 per cent, but that cannot be said of Nigeria or most emerging countries.

“As you are aware, we need capital markets so we can attract long term development and achieve financing development, and the capital market can help the government to improve rapid development.

“Capital market is a significant contributor to our own economic development, and so for Nigeria to become part of the league of countries with strong economies, it must have a well developed capital market,” Obaseki said.

He noted that stockbrokers belonged to that segment that had a capacity to mobilise and allocate medium to long term capital for the country’s development, and the market was a catalyst for socio-economic development and sustainable growth.

Obaseki called for improvement regarding the ease of doing business to create more incentives for people to come and invest in the market.

He said there was the need to relax capital control measures and promote exchange rate uniformity.

The Chairman, House Committee on capital market, Rep. Babangida Ibrahim, said the theme was timely, as it presented opportunities for stockbrokers to fashion out better ways to assist the government in revitalising the economy.

He said that the CIS conference had come at a time the parliament was embarking on the legislative activities in the passage of the 2022 appropriation bill submitted to the National Assembly by President Muhammadu Buhari.

The house committee chairman urged the stockbrokers to employ their professionalism in collaborating with the legislature in the process.

The Governor of Osun, Mr Gboyega Oyetola, represented by the Commissioner for Finance, Mr Bola Oyebamiji, said in his keynote address that the institute had played a critical role in revitalising the economy.

In his address of welcome, the President/Chairman of Council, Mr Olatunde Amolegbe, had said that activities such as national workshops and conferences were ultimately aimed at sustaining the institute’s advocacy role .

According to Amolegbe, this year’s conference delved deep into the area of macroeconomics on how government, corporate bodies and individual investors can harness investment opportunities through the capital market.

He noted that the Institute was on record as being one of the first organisations in Nigeria to embrace technology as its new way of life and was the first professional body to conduct a full-fledged computer-based examination diet.

The Group Chief Executive Officer, Nigerian Exchange (NGX) Group, Mr Oscar Onyema, said that there had been increased discussions around the capital market development, which was crucial to economic growth and sustainability.

NAN reports that the institute inducted 321 new Associates and 40 Fellows during the conference.

The CIS also pledged its continuous advocacy towards attracting more participants into the Nigerian capital market. (NAN)

 

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Business & Economy

FG Rules Out Electricity Tariff Hike, Targets 24-Hour Power Supply

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Power Station and Meters
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The Federal Government has ruled out any plan to increase electricity tariffs, saying its priority is to improve power supply and ensure reliable electricity across the country.

The Minister of Power, Joseph Tegbe, gave the assurance in Ibadan, Oyo State, on Thursday, amid concerns and speculation about a possible increase in electricity tariffs.

Tegbe spoke during the groundbreaking ceremony for five interconnected mini-grid projects with a combined generation capacity of 17.7 megawatts and a 17.74-megawatt-hour Battery Energy Storage System (BESS).

“I want to say this clearly and without ambiguity: there is no plan to increase electricity tariffs. What we are planning is a power sector that works around the clock. Our commitment is 24/7 power,” the minister said.

He urged Nigerians to disregard reports suggesting an impending tariff hike, stressing that the government was focused on improving electricity generation, transmission and distribution.

The five mini-grid projects are located in Bola, Jiboye, Molade-Adelubi, Ogo Oluwa and Sooko-Elega. They are expected to provide electricity to communities across Akinyele, Ido, Ibadan North, Egbeda and Lagelu Local Government Areas of Oyo State.

According to the minister, the projects are designed to expand electricity access, reduce dependence on petrol and diesel-powered generators, and create a more favourable environment for businesses, investment and job creation.

Tegbe said the Federal Government was also implementing a broader energy strategy aimed at improving electricity supply through designated energy corridors, including the Lagos-Ogun, Abuja-Kaduna-Kano and Benin-Enugu-Port Harcourt corridors.

He added that efforts were underway to strengthen the national grid and upgrade generation and transmission infrastructure across the country’s eastern, western and central corridors.

The minister described the mini-grid initiative as part of President Bola Tinubu’s Renewed Hope Agenda, noting that similar electricity interventions had been implemented in communities across several states with support from the Rural Electrification Agency (REA).

He commended Tinubu for his leadership and acknowledged the contributions of the REA, project developer Paras Energy and Natural Resources Development Limited, the World Bank and the Ibadan Electricity Distribution Company.

Tegbe also recognised the Oyo State Government, traditional rulers and other stakeholders for their roles in facilitating the projects.

The initiative is expected to improve electricity reliability in the beneficiary communities, support local economic activities and reduce energy costs for households and businesses.

 

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Oyedele Warns Against New Taxes, Urges Governments to Explore Revenue Alternatives

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President Bola Ahmed Tinubu
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Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has cautioned governments against imposing new taxes or increasing the tax burden on vulnerable citizens and productive sectors amid economic pressures.

Oyedele spoke on the sidelines of the 2026 annual meetings of the International Monetary Fund (IMF) and the World Bank in Bangkok, Thailand, where he presented the communiqué of the Intergovernmental Group of Twenty-Four (G24), which he chairs.

The minister said governments should prioritise identifying areas of savings, improving revenue mobilisation and strengthening fiscal management rather than introducing additional tax burdens that could further strain households and businesses.

“This is the wrong time to impose new taxes or increase the burden of tax, particularly on the vulnerable population and productive sectors of the economy,” he said.

Oyedele made the remarks while responding to questions on how developing countries could reduce debt-servicing costs without cutting essential public expenditure.

He urged governments to look inward for savings and explore more efficient ways of generating revenue while protecting vulnerable populations from further financial pressure.

On public borrowing, the minister said debt financing remained necessary to support economic growth but stressed that borrowed funds should be deployed to stimulate job creation and promote inclusive development.

He noted that governments should prioritise limited public resources for essential services, including healthcare and education, while leveraging private capital to support other investment needs.

Oyedele also cautioned against treating taxation and borrowing as mutually exclusive options, explaining that both have economic implications and must be carefully balanced.

According to him, excessive taxation of vulnerable households could reduce their capacity to afford basic necessities, including food, healthcare and education.

He described public debt as a future tax burden, emphasising the need for governments to adopt fiscal policies that balance present revenue needs with long-term economic sustainability.

“Debt is future taxes, so it’s not one or the other. It’s to strike a balance, bearing in mind ultimately that the essence of tax and of debts is to cater for the people,” he said.

The minister’s remarks underscore the need for developing economies to strengthen domestic revenue mobilisation, improve public spending efficiency and manage debt sustainably without undermining household welfare or productive economic activities.

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Over 67,000 Nigerians Benefit From Consumer Credit Scheme — Tinubu

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President Bola Ahmed Tinubu
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President Bola Tinubu has said that 67,512 Nigerians across 25 states and the Federal Capital Territory (FCT) have so far benefited from credit backed by the National Credit Guarantee Company (NCGC).

Tinubu disclosed this on Monday in a series of posts on his official X account as Nigeria prepares to celebrate its 66th Independence Day.

According to the President, the NCGC has issued ₦21.59 billion in guarantees, enabling participating financial institutions to provide ₦46.95 billion in loans.

He said 11,374 of the beneficiaries are women, while 33.5 per cent are first-time formal borrowers.

Tinubu noted that more than 22,000 Nigerians had entered the formal credit system for the first time through the scheme, giving them an opportunity to build credit records that could improve their access to future loans.

The consumer credit scheme was launched in July 2026 by the Nigerian Consumer Credit Corporation (CREDICORP), in partnership with the Federal Ministry of Communications, Innovation and Digital Economy.

The President said the initiative was part of his campaign promise to move Nigeria towards a credit-based economy and make financing more accessible to individuals and businesses.

He said CREDICORP enables working Nigerians to access consumer credit, while the National Education Loan Fund (NELFUND), Bank of Industry and Development Bank of Nigeria provide financing in other sectors.

Tinubu explained that the NCGC was established to reduce the risks faced by financial institutions when lending to businesses and individuals without sufficient collateral or credit history.

He said the company currently works with 19 financial institutions, comprising 13 commercial banks, three microfinance banks and three development finance institutions.

The President added that businesses supported through the NCGC scheme were estimated to have created 661,291 direct and indirect jobs.

He said the impact of the scheme showed how government reforms could translate into economic opportunities for Nigerians.

“Our reforms laid the foundation. Credit gives Nigerians the means to build on it,” Tinubu said, adding that the Federal Government would continue to expand access to credit across the country.

He described the development as evidence of his administration’s efforts to fulfil its campaign promises, saying, “Promise made, promise kept. We are moving from reforms to opportunities. Nigeria First.”

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