SEC to be strengthened to reposition Nigerian capital market, says finance minister

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The federal government has said it will strengthen the Securities and Exchange Commission (SEC) to reposition the Nigerian capital market to be on par with its peers around the world.

The Minister of Finance, Budget and National Planning, Zainab Ahmed made the pledge today in Abuja when she received the revised Nigerian Capital Market Master Plan (2021-2025).

The plan was submitted to the minister by the Capital Markets Master Plan Implementation Board, headed by SEC Chief Executive Lamido Yuguda and other senior Commission officials.

The minister said the review of the capital market master plan underscored that the growth of the capital market resonates with the current administration’s unwavering commitment to deepening and repositioning the country’s financial markets as key anchor for achieving private sector-led economic development. in the objectives of the National Development Plan.

She said that under her leadership, the Ministry of Finance had supported efforts to implement the master plan since its inception, adding that the plan represented the collective aspirations of the financial market community.

Aspirations, she said, were geared towards driving growth-oriented initiatives and deepening the market.

She said the initiatives were being implemented with the ultimate goal of accelerating Nigeria’s emergence as one of the world’s top 20 economies by 2025.

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Ahmed congratulated the implementation committee and other stakeholders in the implementation process, particularly in the areas of dematerialization of share certificates, electronic dividend mandate, facilitation of access to alternative investments like Sukuk and specialty funds, CAMA review and ongoing ISA review, demutualization of the Nigeria Stock Exchange, improvement of the commodity ecosystem and the design of a national savings strategy, among others.

The Minister of Finance 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 essential.

“Investor confidence will accelerate the growth of our market and increase the participation of domestic and foreign investors. To this end, we will continue to support and strengthen the regulator to effectively carry out its work of regulating and developing the capital market.

“I view the capital market as an important driver of our economic growth goals and we will continue to support efforts to position our market where it deserves to be – a capital market that will expand access to economic prosperity. by enabling the emergence of financially responsible citizens, accelerating the creation and distribution of wealth, providing capital to small and medium enterprises and catalyzing housing finance”.

Yuguda said at the event that during the implementation of Nigeria’s Ten Year Capital Market Master Plan (2015-2025), the Commission established the Commodities Trading Ecosystem and the West African Association. of Securities Regulators (WASRA) to encourage the integration of capital markets in West Africa.

He added that the blueprint document recommends periodic review of the plan’s assumptions, goals and objectives to better align it with current realities and innovations in the global financial system.

The primary objective of the Master Plan Review is to produce an updated version of the document primarily to engage stakeholders on the current level of market development and capital growth opportunities; review and update the assumptions and vision of the CMMP and develop objectives for the different thematic areas of the CMMP.

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The SEC chief executive said the full master plan review has been completed and a revised capital market master plan has been produced.

He said: “The revised plan incorporated the views and aspirations of our market stakeholders, as well as globally integrated best practices to produce a well-articulated strategic plan for the next four years.

“The Revised Capital Markets Master Plan is designed to chart the strategic position and future direction of the capital markets, while providing both the SEC and market participants with clarity on the vision for the capital markets and the roadmap necessary to facilitate a business environment conducive to encouraging innovation, investment, growth and the expansion of economic and employment opportunities in our country.

“Our vision is to be Africa’s most modern, efficient and competitive marketplace that catalyzes Nigeria’s economic growth and development. We believe the Plan provides a solid roadmap to achieve this vision as we work together with all of our stakeholders under your continued support and proven leadership.


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