Capital market optimistic reforms will rejuvenate economy
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Stakeholders in the capital market are optimistic ongoing reforms will rejuvenate the economy and lead to a brighter future for the country.
Director-General, Securities and Exchange Commission (SEC), Mr. Lamido Yuguda, who presented the outcome of the second meeting of CMC at the weekend, said there was a shared sense of optimism that the rigorous reforms would retoll the nation’s economy.
Not fewwr than 277 stakeholders attended the CMC meeting. They included management and senior staff of SEC, capital market operators (CMOs), representatives of relevant government agencies such as the Central Bank of Nigeria (CBN), Debt Management Office (DMO), Federal Inland Revenue Service (FIRS), Investments and Securities Tribunal (IST), National Insurance Commission (NAICOM), National Pension Commission (PENCOM), and Financial System Strategy 2020 (FSS2020).
He emphasised the need for a resolute support of the capital market to the federal government in navigating these challenges for the country’s brighter future.
He said that capital market stakeholders must be ready to make sacrifices to help drive the economic transformation that will change the nation’s fortunes for the better.
Citing the 5.23 per cent gain recorded by the stock market on the inauguration day, Yuguda assured that the capital market would play supportive roles to ensure the success of the new government’s agenda.
“The meeting underscored the Capital Market Committee’s dedication to propelling Nigeria’s economic growth, fostering collaboration, and embracing innovation to build a thriving future for Nigeria. It once again offered the capital market as a viable source of infrastructure financing for development,” Yuguda said.
He added that a round table discussion had gathered valuable inputs from market participants which would be put together for the new administration, underscoring the commitment to reposition the capital market as a driver of economic growth in line with the vision of the new government.
He also noted various efforts to strengthen the market’s attractiveness, including streamlining listing processes, advocating smoother issuances, and encouraging private equity involvement in the infrastructure sector.
According to him, to discourage the trend of companies delisting from the capital market, SEC is actively collaborating with the Exchanges to enhance approval procedures, aiming to render listing processes more streamlined, more efficient, and economically viable.
He said advocacy initiatives were underway to address hurdles related to issuances and to motivate prospective issuers to consider market-based funding options.
He, however, warned the investing public to shun unregistered platforms purporting to be offering investment opportunities, reiterating the Commission’s circulars warning the public on the activities of Binance, Luno, PaxFul, Coinbase, and other unregistered platforms, as investing in crypto-assets carries a high level of risk and may result in total loss of investments.
Source: The Nation
https://thenationonlineng.net/capital-market-optimistic-reformsll-rejuvenate-economy/