Former President Olusegun Obasanjo has advised President Muhammadu Buhari on the best way for Nigeria to sail through the economic quagmire it is currently going through.
The former president posited that the country’s economy cannot thrive without a strong and virile capital market.
He stressed the need for the Federal Government to source medium and long-term funds from the nation’s capital market to execute capital projects.
Obasanjo said that the capital market had always been a platform where individuals could undertake capital formation, while corporate organisations and governments at all levels could mobilise medium and long-term funds for development projects.
He said these in a closed-door meeting with the principal officers of the Chartered Institute of Stockbrokers in Abeokuta, Ogun State, on Friday.
His words: “No economy can thrive without a strong and virile capital market because there is a correlation between the development of an economy and its capital market.”
He advised the Federal Government to take advantage of the capital market to revive the economy by sourcing for cheap funds to finance budget deficit and execute the capital projects in the 2016 fiscal budget.