The Securities and Exchange Commission (SEC) has restated its dedication to enhancing the capital market, aligning with the ambitious $1 trillion economic target set by the President Bola Tinubu-led federal government.
President Tinubu unveiled this ambitious economic growth plan at the 29th edition of the Nigeria Economic Summit in Abuja. The goal is to propel the economy to $1 trillion by 2026, with a subsequent increase to $3 trillion by the end of the decade in 2030.
Lamido Yuguda, the Director-General of SEC, expressed confidence in the achievability of this target through strategic harnessing of the capital market. Speaking at the third-quarter post-Capital Market Committee (CMC) press briefing in Lagos, Yuguda revealed that the commission had established a dedicated group within the capital market to support this ambitious goal.
Yuguda emphasized that the SEC’s focus would shift towards collaborating with the federal government to unlock the capital market’s full potential in addressing the nation’s infrastructure deficit for sustained economic growth and development. This initiative, he noted, would not only create a conducive business environment but also enhance the production capacity of Nigerians.
“The sorry state of much of our infrastructure is one of the most glaring problems in the country. The commission’s goal in 2024 is to refocus attention on channeling capital market funds into financing infrastructure,” Yuguda stated.
In preparation for this pivotal role, the commission plans to launch an extensive investor education campaign in 2024. The aim is to empower and enlighten investors about the capital market’s potential and intricacies, fostering a market that is both literate and resilient. Yuguda stressed that an informed market results in investors who comprehend their pursuits and are content with the associated risks, contributing to a robust and dynamic capital market landscape.
