The Securities and Exchange Commission (SEC) has expressed optimism about the growth of the capital market in 2022 due to its various initiatives.
SEC chief executive Lamido Yuguda said this in a statement released by the Commission in Abuja on Sunday.
He expressed hope that as restrictions on COVID-19 and its variants are relaxed, the market will experience an expected boost in confidence to introduce investment from domestic and foreign investors.
Yuguda added that the SEC will also inaugurate the revised 10-year capital market master plan at its next conference.
He added that the plan would reflect market dynamism and FinTech developments, among others.
“As we await improvements in economic activities and capital markets, we must remain committed to developing the market in accordance with the 10-year master plan,” Yuguda said. “Some of the key initiatives to be pursued in 2022 are the repeal of the Investment, Securities Act (ISA) 2007 and the passage of the Investment and Securities Bill 2021.”
He added that in conjunction with the National Association of Investment Dealers (NASD) platform, the SEC would provide the necessary incentives and support to attract SMEs to listing.
“Already, rules on crowdfunding to encourage new sources of finance for SMEs have been developed. The SEC will continue to improve the existing regulatory framework guiding market operations by keeping pace with changes in market practices, ”he said.
Mr. Yuguda further mentioned that the commission would improve coordination with other stakeholders such as the National Assembly, CBN, PENCOM, NAICOM, DMO and FIRS to create synergies aimed at ensuring the achievement of the objectives of the master plan.
He added that the SEC would conduct advocacy efforts with relevant government agencies to get their shares listed.
He explained that policies would also be defended to encourage companies, like the new Dangote refinery, to offer its shares to the public and register on one of the commission’s registered platforms.
“We also plan to provide additional support to registered commodity trading platforms to complement the government’s renewed efforts to diversify into agriculture,” he said.