New Telegraph

Yuguda: Stable capital market key to vibrant economy

For any country to be among the most economically advanced in the comity of nations, serious attention must be paid to the development of a credible and stable capital market, which is an essential precondition for a well-functioning economy.

Director General of the Securities and Exchange Commission (SEC), Mr. Lamido Yuguda, who stated this at the First Nigeria Employers Summit organised by the Nigeria Employers Consultative Association in Abuja, stated that such credibility and stability are not guaranteed by market mechanisms alone, but regulation too. The SEC boss said the Commission brings significant regulations to the capital market and has, over the years, continued to put in place clear and consistently applied regulatory frameworks to reduce regulatory and operational impediments and engender the smooth functioning of the market.

He said: “As the apex regulator of the Nigerian capital market, SEC has executed several initiatives to build a collaborative regulatory environment for enterprise competitiveness, job creation and national development. Through its ten-year Capital Market Master Plan (2015-2025), which serves as the primary roadmap for the development of the Nigerian capital market, the Commission has mapped out strategies to build a capital market that is the largest on the continent of Africa and one of the world’s deepest by 2025. The masterplan’s implementation has been admitted as the 246th programme and project in the recently approved National Development Plan 2021-2025 (NDP2515033).

“The Commission continues to enhance its regulatory framework through the issuance of Rules to keep pace with market trends. Recent ones include rules on Investment-based Crowdfunding, which created an enabling environment for capital raising by start-ups and on Annual Renewal of Registration of Capital Market Operators to ensure only fit and proper persons operate in the Nigerian Capital Market.” The SEC DG said the Commission has continued to strive to fulfill its mandate of protecting investors and creating an enabling environment for market operations and has remained consistent in its mandate of ensuring that the market provides an important channel of financing for the real sector to drive economic growth; allocate risk appropriately; support financial stability and smoothen transmission of monetary policy.

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