NAN quoted Mustapha as saying this on Thursday when he spoke at a workshop of the Chartered Institute of Stockbrokers (CIS) in Abuja.
The theme of the workshop was ‘Leveraging the Financial Market to Achieve Double-Digit Economic Growth for Nigeria’.
Represented by Andrew Adejo, permanent secretary, economic and political affairs office, the SGF said the government is fully aware of the plight of citizens and would remain focused on delivering on its mandate of securing lives and property.
“Vibrant economic growth begins from an efficient financial market that is capable of pooling funds from surplus area to deficit, thereby boosting investment inflow and contributing optimally to the economy,” he said.
“It is, therefore, imperative that economic growth in a modern society hinges on an efficient and effective financial sector that pulls domestic savings, encourages foreign direct investment to formalise capital for productive projects in support of the nation’s development agenda.
“Government recognises the importance and the crucial role of the CIS in improving financial literacy and providing the necessary training and support.”
On his part, Olatunde Amolegbe, president and chairman of the council of CIS, said although Nigeria is blessed with abundant natural resources, it is still listed as a poor country, in terms of per capita income.
“Just recently, in 2020, the country fell into its second economic recession in five years, although largely attributed to the COVID-19 pandemic, which affected all countries in the world,” Amolegbe said.
“Historically, it has been observed that poorer countries need a much faster rate of GDP growth than the advanced economies of the world to maintain standards of living as well as keep up with higher population growth rate relative to the developed economies.”