The Securities and Exchange Commission (SEC) has restated its commitment to further educate and enlighten investors in the Nigerian capital market to enhance their ability to make informed investment decisions.
The acting director-general of SEC, Ms. Mary Uduk, stated this at the planning and writing workshop for the development of Capital Market Studies Curriculum (CMSC) for Basic and Senior Secondary Schools levels held in Lagos, yesterday.
Uduk said that the Commission has been in the vanguard of inculcating financial literacy for quite a long time because the SEC has realised that it was very important for students to imbibe the culture and habit of being financial literate and to be familiar with the operations of the capital market.
According to her, this partnership with the Nigerian Educational Research and Development Council (NERDC), to actualise this groundbreaking capital market literacy programme was part of the SEC’s effort at vigorously pursuing the implementation of one of the essential initiatives of the 10-year Nigerian Capital Market Master Plan.
Uduk said the implementation programme kick-started with the signing of a Memorandum of Understanding (MoU) between the Commission and the NERDC in 2016, to develop a Standalone Capital Market Studies (CMS) curriculum for infusion into basic and senior zecondary schools.
“I am happy to announce that, after a successful workshop for contents selection, the stage is now set for the planning and writing of the standalone curriculum.
“The Commission recognises the efforts required for other stages of the programme and remain confident that with the active support and commitment of our stakeholders we will complete this project,” she stated.
She said the Commission recognises the efforts required for other stages of the programme and remains confident that with the active support and commitment of all stakeholders the project would be completed.
Also, executive secretary, National Educational Research and Development Council (NERDC), Prof Ismail Junaidu, said the capital market connects the financial sector with the real sector of the economy and in the process, facilitates real sector growth and economic development.
He said a nation’s economic growth is expected to promote an efficient and effective financial sector that pools domestic savings and mobilises capital for productive purposes.
According to him, an economy that is not growing can hinder stock market development, and engender such problems as low capitalisation, which limits the savings function of the stock market; and illiquidity of the market which is a disincentive to investment.
Junaidu described capital market education as a strategic imperative which requires a comprehensive curriculum run by competent academic and professional personnel.