Shettima: Capital Market Must Drive Economic Stability, National Development

Vice President Kashim Shettima, on Wednesday said the country must strive to ensure that the capital market remained the engine of economic stability, symbol of opportunity, and a foundation of hope.

The vice president spoke at the 50th Inaugural Lecture of Nasarawa State University, Keffi (NSUK), where Nigeria’s Professor of Capital Market, Prof. UcheUwaleke, delivered the inaugural lecture titled, “Unlocking Wealth And Leveraging Entrepreneurial Knowledge Ecosystem: Understanding Capital Harnessing Essentials ”.

Shettima said under President Bola Ahmed Tinubu’s leadership, “we are not merely envisioning a brighter future – we are building it, one policy, one investment, and one reform at a time”.

Represented by the Minister of Women Affairs, Hajiya Imaan Sulaiman-Ibrahim, the VP noted that the capital market was not merely a platform for transactions but a driver of national development.

He said the implementation of the revised Capital Market Master Plan was restoring investor confidence and attracting new listings, including major entities namely NNPC, Dangote Refinery, and LNG.

He said, “For too long, we have paid lip service to finding lasting solutions to our development challenges, leaving the consequences for successive governments and generations to bear.

“This is why we must pay close attention to the performance of our capital market—it is the ultimate measure of our economic prosperity.”

Shettima pointed out that the inaugural lecture holds particular significance, not because of its prestigious legacy but also because of the distinguished scholar at its centre.

He noted that Uwaleke’s dedication to capital market studies and policy development over the decades had shaped critical conversations on the Nigeria’s economic growth, adding “We are fortunate to have thought leaders like him, whose contributions continue to illuminate our path forward.”

He said, “Professor Uwaleke’s contributions exemplify the intellectual rigourrequired to enhance our capital market. His research, policies, and advocacy are instrumental in shaping its trajectory.

“We must join him in reflecting on our shared responsibility to sustain and deepen the market and to strengthen collaboration between the government, private sector players, and academia.”

Shettima said, “Nigeria’s capital market is our ticket to economic stability. Its performance, despite global and domestic uncertainties, speaks volumes.

“In January 2025 alone, the market capitalisation of the Nigerian Exchange Limited (NGX) appreciated by N1.95 trillion, reflecting growing confidence in our economic trajectory.

“Compared to January 2024, we recorded an impressive N14.44 trillion increase. These figures are not just statistics; they are indicators of the steady hand guiding our economy under the leadership of President Bola Ahmed Tinubu.

“Our vision of a $1 trillion economy is not a distant dream; it is a deliberate destination. Through bold and strategic reforms, we have embarked on a journey to deepen our financial markets, strengthen investor confidence, and unlock opportunities for sustainable growth.

“The ongoing banking sector recapitalisation has already yielded results, with the NGX Banking Index increasing by 9.76 per cent year-to-date.”

However, Uwaleke, in his lecture, said unlocking the country’s hidden wealth through the capital market will involve leveraging the market’s potential to mobilise, allocate resources and grow the entrepreneurial knowledge ecosystem.

To achieve this, he said governments at all levels should deploy the right approach to incentives for capital formation, privatisation of public enterprises via the capital market as well as optimisation of resources in ways that guarantee value for money.

He said, “Only then will Nigeria be seen to be on the sure path to unlocking her massive hidden wealth.”

Among other things, he said the government should also encourage investments in Real Estate Investment Trusts (REITs) to unlock capital for housing development as well as develop a robust secondary mortgage market to improve access to affordable housing finance.

Uwaleke said, “Nigeria is considered ‘rich’ yet ‘poor’. Nigeria is considered rich largely because of her abundant natural resources and youthful population.

“Yet, the country is also considered poor chiefly because majority of her citizens are multidimensionally poor.

“Nigeria is classified as a Lower-Middle-Income Country (LMIC) by the World Bank- a classification that only reflects the income per capita but does not capture Nigeria’s hidden wealth.”

He said, “In this lecture, I argue that the country’s immense idle resources can be unlocked by mobilizing funds from the capital market to develop the requisite skills and supportive environment, which I have collectively referred to as the entrepreneurial knowledge ecosystem.”

Other dignitaries at the occasion included former Governor of Imo State, Mr. Emeka Ihedioha, who described Uwaleke as an asset to the country, and urge the government to make better use of him. 

James Emejo

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