Director General of the Securities and
Exchange Commission Mr. Lamido Yuguda who stated this at the First Nigeria
Employers Summit organized 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, the 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.
He however noted that the capital market is
making efforts to do more in the areas of provision of long-term funds to
develop infrastructure for the country and support developmental projects,
canvassing the need to further deepen the Nigerian capital market for it to
contribute the required long-term capital that Nigeria needs for business
investment, infrastructure and other innovative financing.
“The gains of capital market development
will be macroeconomic development, lower transaction cost, greater liquidity,
improved productivity and infrastructure development. The development of the
capital market will facilitate a housing finance revolution. It will facilitate
improved allocation of capital and provide small, medium and large companies
access to the market to raise funds; facilitate foreign inflows of capital;
raise productivity growth and lower unemployment. Capital market development is
a spur for growth; improved living standards and efficiency.
“The impact of these efforts will be
superior economic performance of the Nigerian economy” he added.
Yuguda stated that Since its formation in
1957, NECA has earned a reputation as a viable platform for interaction between
private sector employers, government, labour and other relevant stakeholders.
We at the Securities and Exchange Commission, identify with NECA’s commitment
and drive towards promoting a favourable environment for businesses to thrive
and contribute maximally to national development.
According to him, the theme for this year’s
summit “The Private Sector – An Engine for National Development” would not have
come at a better time than now, when nations are working to manage their
economies amidst the devastating effects of Covid-19 and unraveling global
political developments.
He said. “I must also mention that the
topic, “Building a Collaborative Regulatory Environment for Enterprise
Competitiveness, Job Creation and National Development” is a tacit reminder
that building a viable economic system requires cooperation and commitment of
all relevant stakeholders operating in a robust regulatory environment.
“I am therefore thrilled to speak on a
topic consistent with our professional engagements at the Securities and
Exchange Commission especially as the Commission harps on developing and
regulating a Dynamic, Fair, Transparent and Efficient Capital Market that will
contribute to the nation’s economic development”.
0 comments:
Post a Comment