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Capital Market Master Plan Already Adding To Nigeria’s Growth – SEC

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The Securities and Exchange Commission (SEC) has disclosed that the implementation of its 10-year capital market Master plan is already contributing to the growth and development of the Nigerian capital market, and by extension, the economy.

This was disclosed by acting director-general of SEC, Ms. Mary Uduk during the opening ceremony of a two-day international capital market conference held in Lagos, yesterday.

Uduk described the theme of the conference, “Leveraging the Capital Market for Economic Growth and Development” as apt and timely, given the pressing needs to grow the nation’s economy and achieve sustainable development.

According to her, there is no doubt that the capital market can serve as a key catalyst for Nigeria’s economic growth and development, as it offers a credible platform for obtaining long- term financing.

“As we all know, long-term and affordable funds are required for businesses to thrive and in turn contribute to employment, growth and development,” she said, adding, “Beyond capital market’s contribution to economic growth, we aim at the larger goal of economic development. Added to increased production, the latter entails advancement in the quality of life and living standards of citizens in areas such as improvements in literacy, health and life expectancy, better savings/investment culture, financial inclusion, as well as improved wealth distribution, housing and environment.”

The acting DG stated further that capital markets across the world have products and mechanisms to stimulate economic growth and development.  She said although many of such products are available in Nigeria, there are aspects that are still untapped, thereby limiting the realisation of the nation’s potentials.

In his remarks, Governor of Lagos state, Mr Babajide Sanwo-Olu said the state government is interested in the growth and development of the capital market. Sanwo-Olu, represented by director, Special Duties Office, Dr Shamsudeen Allison said the event is strategic in promoting business and development in Lagos state.  Deputy vice chancellor of University of Lagos, Prof Oluwole Familoni said the conference is a good fora to discuss and proffer solutions to some of the problems being faced by the investing public and also an avenue for Nigerians to learn more about the capital market.  Familoni expressed the hope that at the end of the conference, the Capital Market will be better positioned for the development of the economy.

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