Capital market can provide funding for infrastructure devt

The Securities and Exchange Commission (SEC) has outlined its desire to provide through the country’s capital market the needed funds to drive infrastructure development.

Briefing newsmen after the third quarter Capital Market Committee meeting in Lagos, SEC’s Director General Lamido Yuguda said the Commission would focus on driving investors education as well as mobilize capital market funds for development.

With dwindling revenue, analysts say the capital market can provide the needed fund to drive Nigeria’s huge infrastructure gap.

He said, “The meeting underscored the Capital Market Committee’s dedication to propelling Nigeria’s economic growth, fostering collaboration, and embracing innovation to build a greater future for our nation.

“It once again offered the capital market community an opportunity to rededicate its efforts towards further deepening of the market to serve as a veritable tool for infrastructure financing in the country.”

Yuguda noted that in spite of lower foreign portfolio investment inflows, the Nigerian stock market had reached a positive milestone with the All-Share Index reaching an all-time high, crossing the 70,000-point mark. This, he said, reflected a more than 30 percent increase this year.

According to him, there is a need for strategic measures to attract more investments into the capital market.

He also underscored the Commission’s efforts in digitization, market modernization, HR restructuring, and collaboration with other stakeholders, domestic and foreign.

The Chairman expressed optimism about unlocking the full potential of the capital market in line with the vision of the President Bola Ahmed Tinubu’s administration.

Chairman Senate Committee on Capital Market, Osita Izunaso reiterated the committee’s commitment to fostering a robust market environment.

Sen Izunaso stressed the committee’s resolve to ensure the repeal of the Investments and Securities Act (ISA) 2007, which has already passed 1st and 2nd Reading at the House of Representatives and 1st Reading at the Senate.

He urged the Commission to enhance public awareness of the capital market’s benefits, expressing optimism that the envisioned one trillion-dollar economy could be realized, with the help of collaborative efforts and productive actions in the capital market.

The Senator pledged to help expedite the process, aiming for submission to the President for assent by Q1 2024.