SEC seeks coverage help to drive $1tn financial system

The Securities and Change Fee has emphasised the necessity for coverage help to drive Nigeria’s $1tn financial system, citing the position of the capital market in facilitating sustainable financial progress.

The Director-Normal of the Securities and Change Fee, Emomotimi Agama, made this statement in the course of the SEC Journalists Academy held in Lagos on Tuesday.

Agama added that attaining this financial goal calls for a concerted effort from varied stakeholders, notably policymakers and companies.

“The journey calls for collective effort from policymakers making certain an enabling setting, to companies leveraging market alternatives, and, importantly, to journalists who talk the market’s worth to the broader public,” Agama mentioned.

He pressured that whereas the Nigerian capital market has confirmed instrumental in supporting financial improvement by progressive financing options, a number of challenges proceed to hinder its full potential. These embrace restricted investor participation, regulatory bottlenecks, and macroeconomic uncertainties.

Additionally, the Chief Government Officer of Arthur Steven Asset Administration Restricted, Olatunde Amolegbe, pressured that attaining financial diversification and industrialisation will stay troublesome with out the precise coverage interventions to help the capital market.

“Nigeria should improve the capital market to enhance funding for companies, entice overseas funding, and promote monetary inclusion.

These are the cornerstones for driving industrial progress and positioning Nigeria on the trail to a $1tn financial system,” Amolegbe mentioned.

He famous that focused investments in infrastructure, expertise, and innovation will unlock new alternatives throughout key sectors like agriculture, manufacturing, and providers.

“Infrastructure improvement, notably in power, transport, and concrete programs, will enhance connectivity, minimize prices for companies, and drive industrial progress. This can’t be completed with out mobilising capital by the market,” Amolegbe added.

Additionally talking, the Chief Government Officer of Marble Capital Restricted, Akeem Oyewale, emphasised the significance of participating the youth demographic to deepen capital market participation. He famous that fintech options and social media platforms are essential instruments for monetary literacy and inclusion.

“Nigeria has a younger, tech-savvy inhabitants with excessive web penetration. We should leverage digital platforms to advertise monetary training, simplify entry to investments, and entice younger traders,” Oyewale mentioned.

He highlighted limitations resembling an absence of belief, low monetary training, and financial challenges that forestall many younger Nigerians from taking part available in the market.

“Lowering these limitations by coverage incentives, fintech options, and consciousness campaigns will go a great distance in democratising wealth creation,” he said.