Infrastructure development will tackle ‘Japa’ syndrome – SEC DG

The Securities and Exchange Commission (SEC) has identified the availability of infrastructure as crucial to raising the living standards of Nigerians.

The Director-General of the SEC, Mr Lamido Yuguda, mentioned this at a pre-event news conference on the forthcoming West Africa Capital Market Conference (WACMAC) in Lagos on Thursday.

The conference, themed “Infrastructural Deficit and Sustainable Financing in an Integrated West Africa Capital Market,” will take place in Lagos on Oct. 25 and Oct. 26.

It is being organised by the West Africa Capital Market Integration Council (WACMIC).

Yuguda stated that the availability of infrastructure such as power, telecommunications, roads, railways, schools, hospitals, shopping malls, and hotels was crucial to improving the living standards of the people.

He emphasised that the increased population of the country necessitates enhanced investment in infrastructure.

“The population is increasing, and we need adequate infrastructure in Nigeria to raise living standards,” Yuguda said.

He also pointed out that the “Japa” syndrome (emigration) would be reduced to the barest minimum with enhanced infrastructure development.

Additionally, he highlighted that the brain drain in the country would decrease with increased investment in infrastructure.

Yuguda urged the private sector to rise to the challenge of sourcing long-term financing from the capital market to fund the infrastructure deficit in the West African sub-region.

He highlighted that in many countries, the provision of infrastructure has been steadily moving away from the government to the private sector due to increasing demand and the reduced ability of the government to fund infrastructure alone.

“Infrastructure deficit refers to a situation where there is insufficient infrastructure relative to the needs of the population,” Yuguda explained.

He stated that tackling the infrastructure deficit in the sub-region and embracing the principles of sustainable finance to promote economic development would be discussed during the conference.

He also emphasised that this deficit poses a significant challenge to the region’s sustainable development.

“To address this gap, there is a growing need to adopt innovative financing mechanisms and sustainable financing options to mobilise the desired funds to meet the region’s critical infrastructure needs, foster economic growth, and achieve Sustainable Development Goals,” he added.

Yuguda mentioned that the conference would bring together experts, regulators, policymakers, and industry leaders who would share insights, experiences, and strategies to propose solutions to the region’s infrastructure deficit.

“The WACMAC 2023 provides a unique platform to engage in meaningful discussions, share insights, and forge partnerships that will help shape the future of our capital markets,” he concluded.

Yuguda also mentioned that more than 300 stakeholders would be attending the conference to deliberate on ways to tackle the infrastructure deficit in the West African region.

The News Agency of Nigeria (NAN) reported that WACMIC is organising the conference in partnership with the West Africa Securities Regulators Association, comprising SEC Nigeria, the Securities and Exchange Commission Ghana, Autorite de Marche’s Financiers, or AMF-UMOA, as well as the Economic Community of West African States and the West African Monetary Institute.

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