SEC to set up new development strategy for Nigeria's capital market
In an effort to strengthen Nigeria's capital market, the Securities and Exchange Commission (SEC) inaugurated on Monday in Lagos a "10-year Capital Market Master Plan Committee".In an effort to strengthen Nigeria's capital market, the Securities and Exchange Commission (SEC) inaugurated on Monday in Lagos a "10-year Capital Market Master Plan Committee".
The objective is to define a development strategy for the nation's capital market, covering key areas such as investor protection and education, professionalism, product innovation and expansion of the role of the capital market in economic development, This Day reports.
The Committee will examine successful growth strategies in other jurisdictions and consider relevant factors that impact market growth and develop a strategy for robust governance for improved efficiency, transparency and enhancement of market stability.
Speaking at the inauguration ceremony, SEC's Director Arunma Oteh said the SEC was working hard to ensure the capital market
the Nigerian economy realise its potential. "We are very committed to our plan to make the Nigerian capital market a world-class market," she said.
This unveiling follows an announcement from the International Finance Corporation (IFC), which said in August that it had concluded plans to work with the SEC to launch the first long-term, local-currency bond programme. The corporation will issue a series of local-currency bonds totalling $1 billion (€751 million) to deepen domestic capital markets and support private sector development in Nigeria.