Stakehokders in the nation’s capital market have described Infrastructure development as critical for the achievement of economy prosperity, sustainable growth and development of Nigeria.
They expressed the need to attract private and domestic capital to fund and support critical infrastructure is paramount.
They stated this at the Securities and Exchange Commission, SEC yearly budget seminar with the theme ‘Leveraging the 2020 Budget and Finance Act for the Growth of the Nigerian Capital Market’.
Participants at the seminar recommended the provision of conducive business environment and credit enhancements for the Small and Medium Scale Enterprises (SMEs) to thrive, because the SME sub-sector is one of the critical pillars for economic growth and national prosperity;
According to the Communique at the end of the seminar, “There is need to create more hedging opportunities in the Nigerian capital market, as this have implication for market liquidity and efficiency;
“The government needs to work towards encouraging the participation of the private sector in the Nigerian business environment. The power and agricultural sectors are key sectors where in-depth reform and partnership with the private sector are important. There should be partnership with the private sector to mobilize domestic resources, create quality jobs and lift people out of poverty”.
Participants agreed on the need to leverage technology for trade and focus on adding value to the agricultural sector which is currently very low-paying. This sector they posited needs to become more beneficial to those involved and can be done through means such as provision of power for crop preservation, thus eliminating post-harvest losses.
Earlier in her opening address, Acting Director General of the SEC, Ms. Mary Uduk emphasised the important role that budgets play in an economy, and by extension in the capital market.
In his remarks, Former Chairman of the SEC, Mr. Suleyman Ndanusa OON, and Chairman of the occasion, said the annual budget cycle is important particularly in countries like Nigeria where government expenditure has significant impact on the economy.
Ndanusa said the budget sets the tone for the direction of the economy each year which presents opportunities and risks.