As part of strategies to harness the potential inherent within the various states for wealth creation, the Securities and Exchange Commission (SEC) said it will embark on investor education for State governments across the Federation.
The director-general of SEC, Dr. Emomotimi Agama disclosed this during a meeting with a team from the World Bank Group and the International Finance Corporation (IFC) at the weekend in Abuja.
Agama stated that the Commission would approach the state governments to help them understand the many opportunities in the capital market, and strive to enhance their understanding of financial markets, investment strategies, and regulatory frameworks.
According to him, imagine setting up factories that will produce goods that can be exported and earning foreign exchange. A lot of Nigerians would be employed and that would lead to wealth creation and economic development.
“That is why the Commission will continue to emphasise education, because if they do not know, there is little they can do until they know. Sometimes it is not because they don’t want to do it, it is just because they don’t know and it is our responsibility to give this vital knowledge for wealth creation. There are some states in the country that are so rich but nothing is happening there.
All of their wealth is in the ground.”
SEC DG added that the strategic approach will commence soon with the Executive Council of a state in northern Nigeria, to speak to them about the opportunities in the capital market.
“We will create guides, reports, and policy briefs that explain capital market opportunities for state governments, we will translate complex financial concepts into simple, actionable insights and we will use case studies from Nigerian states that have successfully raised capital through bonds or attracted investments in the capital market.
“We believe strongly that if we go out and speak to these people, get them into understanding exactly the benefits and how it is important, get them to manage their own assets meaningfully well, and harness them for greater economic growth for the states, things will begin to change, it is our responsibility to change the narratives and we will keep at it,” he explained.
The director, Treasury Market Operation, IFC, Tom Ceusters said the delegation of the World Bank Group and IFC were on a two weeks mission to Nigeria to have deep conversations with regulators and organisations in the financial sector with a view to coming up with plans to help their endeavours.
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