The federal government has said it would strengthen the Securities and Exchange Commission to reposition the Nigeria’s capital market to be at par with its peers globally.
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed made the commitment in Abuja Monday, when she received the Revised Nigerian Capital Market Master Plan (2021-2025).
The Plan was submitted to the Minister by the Capital Market Master Plan Implementation Council led Director-General of SEC, Lamido Yuguda and other top officials of the Commission.
The minister said the review of the Capital Market Masterplan underscores the fact that capital market growth resonates with the current administration’s unwavering commitment to deepening and re-positioning the country’s financial markets as a key anchor to achieving a private sector led development of the economy as encapsulated in the National Development Plan objectives.
The SEC DG who spoke at the event said through the implementation of the 10-year Nigeria Capital Market Master Plan (2015 – 2025), the Commission and other stakeholders have recorded significant milestones over the years.
Yuguda listed some of them to include full dematerialization of certificates, direct cash settlement, recapitalization of CMOs, E-Dividend Mandate Management System, National Savings Strategy to grow domestic risk capital formation, the Roadmap on Enhancing Commodities Trading Ecosystem, Establishment of the West African Securities Regulators Association (WASRA) to encourage integration of capital markets in West Africa, among others.