Mr. Monday Usiade, Director, Business Development Department of the DMO, stated this in an interview with the News Agency of Nigeria (NAN) on Tuesday in Ibadan.
The DMO urged Nigerians to diversify their investment portfolios by purchasing various Federal Government securities. According to the DMO, it is primarily geared toward retail investors.
On the heels of DMO and CSL Stockbrokers Limited’s Federal Government Securities Issuance Awareness Program in various regions of the country, DMO spoke.
DMBs and their partner stockbroking businesses were not in direct competition with the DMO, Usiade argued in a statement.
In order to broaden their investing horizons and increase their net worth, Nigerians should be encouraged to purchase various Federal Government assets.
“We can’t undercut the DMBs’ essential role in the financial system and in carrying out our mandate. They’re indispensable.” He went on to say, “We also need the banks to carry out our mandate.”
Usiade claimed that DMO’s market expansion effort included the awareness campaign. It has been a positive response and investments in the FGN savings bond, which was designed specifically for retail investors, have been rising steadily.
We are educating the public about the benefits of fixed-income investments, he explained, and we have set our sights squarely on retail investors. In the last few months, subscriptions to the FGN savings bond have increased from about N100 million to more than N1 billion.
It’s a sign that the program is accomplishing its goals, he said.