Nigeria's Ministry of Finance published remarks by Finance Minister and Coordinating Minister of the Economy Wale Edun to the Senate Committee on Capital Market, highlighting recent capital market performance and fiscal collections and positioning the market as central to the government’s goal of building a USD 1 trillion economy. The Minister reported that the Nigerian stock market rose 37% in 2023 and was up 1.5% in early 2024. He also said pension fund assets reached NGN 20.5 trillion as of December 2024. On budget performance, he stated that 2024 revenue collections reached NGN 27 billion, exceeding the NGN 22 billion target (120%), following 2023 actual revenue of NGN 16 billion versus a NGN 14 billion projection. He pointed to the Investment and Securities Bill currently before the Senate as a key element of continued regulatory reform and investor-friendly policy. The Senate Committee is expected to continue deliberations on policy measures aimed at strengthening the financial sector.
Ministry of Finance (Nigeria) 2025-02-12
Nigeria's Ministry of Finance briefs Senate committee on capital market growth and backs Investment and Securities Bill
Nigeria's Ministry of Finance highlighted the capital market's role in achieving a USD 1 trillion economy, noting a 37% stock market rise in 2023 and a 1.5% increase in early 2024. Finance Minister Wale Edun reported pension fund assets at NGN 20.5 trillion and 2024 revenue collections exceeding targets by 120%. The Investment and Securities Bill is identified as crucial for ongoing regulatory reform.