The Revised Capital Market Master Plan 2015-2025 (RCMMP), developed by the Securities and Exchange Commission (SEC) Nigeria in collaboration with stakeholders, has been described as capable of providing a blueprint to harness these opportunities to better position the capital market as the engine of our economic growth and development.
Director General of the Securities and Exchange Commission, Mr. Lamido Yuguda who stated this recently, disclosed that the Master Plan captures the challenges of the capital market in actualizing its role to drive national economic growth and also proffers solutions to enable the capital market attain its full potential.
To position the Nigerian capital market as a key market in Africa, SEC Nigeria developed the 10-year CMMP in 2015. The CMMP is a blueprint for positioning the Nigerian capital market as an efficient and internationally competitive market that can support Nigeria’s emergence as a top 20 global economy in line with Vision 20:2020.
Yuguda stated that Nigeria in the last decade has firmly emerged as one of the leading frontier markets in Africa with immense potential for significant growth as the aspiration of the Government to create opportunities for the private sector to be a major engine of growth that guarantees improvement in the welfare and standard of living of the citizens of our great country has been diligently articulated in Nigeria’s Medium-Term National Development Plan (MTNDP) 2021-2025.
According to him, “The MTNDP emphasises development of a deep, broadened and competitive financial system that is better positioned to support private sector growth and economic diversification. Capital Markets provide a useful means to mobilize capital and harness economic interests in an efficient manner to drive innovation and growth.”
The SEC boss said the first five years of the original Capital Market Master Plan 2015-2025 (CMMP) implementation focused on market and governance reforms in the aftermath of the global financial crises of 2008 and the Nigerian market correction that continued into 2009, with significant success.
While commending the Minister of Finance, Budget & National Planning Mrs. Zainab Ahmed for her unflinching support, Yuguda assured that together with market stakeholders, the SEC intends to lead the implementation of the RCMMP over the next four years and in-line with the objectives of the MTNDP. This he said is a critical success factor in the quest to fulfil the dream of a prosperous and peaceful Nigeria for all citizens.
