As part of efforts to boost infrastructure development in the country, Rivers State Governor, Rotimi Amechi, has called on the Securities and Exchange Commission (SEC) to improve the capital market such that it becomes attractive for investors in order to boost the economy.
This he said, could be achieved by convincing Nigerians to invest in the capital market as a means of mobilising funds for business expansion and infrastructure development.
Amechi made the call yesterday at a three-day Investor/ Issuer education outreach programme, organised by SEC in Port Harcourt.
He said, “You must work hard to ensure that you convince Nigerians to come back and invest in the capital market, to convince them is not about the old story that we used to tell. If you don’t turn our economy around, invest in agriculture, infrastructure, improve on power and create jobs, we will have more problems in the country.
“The economy has to grow and be productive to impact on the lives of ordinary Nigerians, this will enable them to be convinced of what you are doing”.
On the need to grow the economy, he attributed the incidence of ‘Boko Haram’ witnessed in the country as the output of bad economy which he said, must be put to an end.
He urged the commission to raise the market from buying shares to a productive one that would help make the nation’s commodity to compete with others in the world.
“To reduce too many check points, inadequate power supply must remain the focus of government to ensure that the nation’s economy is turned around,’’ he said.
Earlier, the Director-General of SEC, Ms Arunma Oteh, commended the Rivers State government for its development initiatives geared towards improving the standard of living of the people.
She said the idea of the Rivers state government considering to access money from the capital market to fund most of its long term project was a step in the right direction.
Oteh who disclosed that Akwa Ibom, Edo and Cross Rivers State among others have accessed some fund over the years to work on some of their long term project, noted that the benefit would be in multiple effects.
“No nation can develop without long term capital and there is need to educate people on the importance of development
“The Capital market is a good source of funding for long term project and infrastructure to help improve the living standard and achieve better savings for the nation,’’ she said.
She added that the commission was working to strengthen all aspect of the market both the elementary and secondary market.
According to her, for Nigeria to meet its target of Vision 20:2020, the role of the capital market cannot be over emphasised.
Oteh said that the commission will be partnering with tertiary institutions, secondary and primary school to introduce the capital market in their curriculum.
This, she explained would be to capture in their catch them young programme adding that it would help to build the future of Nigeria and its economy.
She stated that the commission would continue to partner with all stakeholders to ensure that the capital market effectively played its role to boost the economy.
She however, implored the Rivers state governor as the Chairman, Governors Forum to convince other state governors to partner the commission in its development al initiatives.