The Securities and Exchange Commission (SEC) has reaffirmed the capital market’s ability to fund the government’s development objectives by providing the required infrastructure.
Mr Lamido Yuguda, the Director-General of the Commission, revealed this when a team from the Nigerian Economic Summit Group (NESG) visited him, according to a statement released by the SEC management.
Yuguda reaffirmed the importance of the capital market in a country’s development by providing long-term money for infrastructure development.
What SEC is saying
- He said, ”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.
- He stated that the funds in the savings account can have multiple benefits beyond the interests payment. He said, ”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 added.
- Yuguda praised the NESG’s alliance, adding that both organizations will contribute more to the country’s economic progress.
- According to him, the fact that we are engaging with the NESG is a positive step because our policy environment is not favourable to the return of money to investors in many areas.
- Yuguda stated that the commission was dedicated to addressing the issue.
- Earlier, NESG’s Chief Executive Officer, Mr Laoye Jaiyeola, emphasized the importance of passing the Investments and Securities Act in order to ensure that the country’s development needs are prioritized.