Lamido Yuguda, the Director General of the Securities and Exchange Commission (SEC), emphasized the importance of a robust capital market for the economy during the flag-off ceremony of the Institute of Capital Markets Studies at Nasarawa State University, Keffi.
Yuguda stressed that research conducted at such institutes aids investors in navigating the ever-changing dynamics of the capital market. He urged strong collaboration between the institute, SEC, and the capital market to provide essential expertise and develop financial education programs.
The Commission is actively engaged with educational research institutes to design curricula for financial education programs. Collaborating with NSUK’s capital market institute aligns with the SEC’s ten-year capital masterplan, which aims to foster a vibrant capital market.
Prof. Uche Uwaleke, the institute’s director and Nigeria’s first professor of Capital Markets, highlighted its focus on training and research. He underscored the significance of evidence-based research in addressing challenges faced by developing economies and providing policy recommendations for the financial services sector.
Stakeholders, including Sen. Tokunbo Abiru and Magnus Kpakol, emphasized the need for partnerships to drive Nigeria’s capital markets forward. Abiru stressed the private sector’s pivotal role in achieving a robust financial market, which is essential for Nigeria’s economic growth ambitions.
Dr. Umaru Kwairanga, Chairman of NGX, urged collaboration with the Chartered Institute of Stockbrokers to enhance public understanding of the capital markets and encourage investment. He echoed the sentiment that strong institutions are vital for economic development.
In a related development, the House of Representatives is poised to facilitate the establishment of a maritime bank to address challenges in Nigeria’s shipping industry. This initiative, championed by Abdulsalam Dasuki, aims to curb capital flight and promote local investment in the maritime sector, ultimately enhancing economic efficiency and growth.
The NSC’s role as the Port Economic Regulator is gaining traction, with legislative efforts underway to empower the agency further. This move aligns with efforts to optimize the maritime and blue economy sectors for sustainable development, ensuring a conducive environment for business growth and capital retention within the country.
