The Federal Government has said it would strengthen the Securities and Exchange Commission (SEC) to reposition Nigeria’s capital market to be at par with its peers globally.
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, made the commitment in Abuja on Monday, when she received the Revised Nigerian Capital Market Master Plan (2021-2025).
The Plan was submitted to the Minister by the Capital Market Master Plan Implementation Council led by the Director-General of SEC, Lamido Yuguda and other top officials of the Commission.
According to a statement from the Commission, the minister said the review of the Capital Market Masterplan underscores the fact that capital market growth resonates with the current administration’s unwavering commitment to deepening and re-positioning the country’s financial markets as a key anchor to achieving a private sector-led development of the economy as encapsulated in the National Development Plan objectives.
She said under her watch, the ministry of finance has supported the Capital Market Master Plan implementation efforts since inception, adding that the Master Plan, represents the collective aspirations of the capital market community which is focused on driving initiatives geared toward growing and deepening the market.
She said these initiatives are being implemented with the ultimate goal of accelerating the emergence of Nigeria as a top 20 global economy by the year 2025.
Ahmed commended the Securities and Exchange Commission, Capital Market Masterplan Implementation Committee and other stakeholders for the laudable accomplishments so far recorded in the Master Plan implementation journey, especially in the areas of dematerialisation of share certificates, e- Dividend mandate, facilitation of access to alternative investments like Sukuk and Specialised Funds, review of CAMA and ongoing review of the ISA, demutualisation of the Nigeria Stock Exchange, enhancing the commodities eco-system, design of a National Savings Strategy among others.
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The finance minister said, “Our capital market is growing and evolving. To sustain this growth and eventually transform into a world-class capital market, transparency and investor confidence are key.
“Investor confidence will accelerate the growth of our market and increase both domestic and foreign investor participation. To this end, we will continue to support and strengthen the regulator to effectively do its job of regulating and developing the capital market.
“I see the capital market as an important driver of our economic growth objectives and we will continue to support efforts to position our market where it deserves to be – a capital market that will broaden access to economic prosperity by enabling the emergence of financially responsible citizens, accelerate wealth creation and wealth distribution, provide capital to small and medium scale enterprises, and catalyse housing finance.
“As you chart the course for the next phase of the Capital Market Master Plan’s implementation, I assure you of this Administration’s support and look forward to working with you and other stakeholders in the financial market to realize the plan’s outcomes.”
The SEC DG who spoke at the event said through the implementation of the 10-year Nigeria Capital Market Master Plan, the Commission and other stakeholders have recorded significant milestones over the years.
Yuguda listed some of them to include full dematerialization of certificates, direct cash settlement, recapitalization of CMOs, E-Dividend Mandate Management System, National Savings Strategy to grow domestic risk capital formation, the Roadmap on Enhancing Commodities Trading Ecosystem, Establishment of the West African Securities Regulators Association (WASRA) to encourage the integration of capital markets in West Africa, among others.
“Our vision is to be Africa’s most modern, efficient, and internationally competitive market that catalyses Nigeria’s economic growth and development. We believe the Plan provides a solid roadmap for achieving this vision as we collaborate with all our stakeholders under your continued support and proven leadership,” Yuguda said.
FG vows to strengthen SEC in repositioning capital market
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