The Securities and Exchange Commission (SEC) has reiterated the capability of the capital market to provide the necessary infrastructure to support the government’s developmental efforts.
A statement by the management of SEC in Abuja on Sunday, said Mr Lamido Yuguda, the Director-General of the Commission, said this when a team from the Nigerian Economic Summit Group (NESG) visited him.
Yuguda restated the role the capital market played in the development of any country through the provision of long term funds for infrastructure development.
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”Our collective economic power is bigger than the government and in many countries you find out that the capital market is actually funding the government.
”When you save, the finance is used to create economic value that actually enhances your standard of living and this is a win-win.
”You get financial returns and also get utility from the investments and this is actually achievable,” he said.
Yuguda welcomed the collaboration of the NESG saying that both organisations would do more for the economic development of the country.
According to him, it is a welcome development that we are talking with the NESG because when you look at our policy environment, in many areas, it is not conducive for the return of capital to investors.
Yuguda said the commission was committed to tackling the challenge.
Earlier, the Chief Executive Officer of NESG, Mr Laoye Jaiyeola, emphasised the need to get the Investments and Securities Act passed to ensure that the needed funding for development of the country were given priority. (NAN)
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