The federal government has said it would strengthen the Securities and Exchange Commission (SEC) to reposition the Nigeria’s capital market to be at par with its peers globally.
The minister of Finance, Budget and National Planning, Mrs Zainab Ahmed made the commitment in Abuja, yesterday, when receiving the Revised Nigerian Capital Market Master Plan (2021-2025). The plan was submitted to the minister by the Capital Market Master Plan Implementation Council led by director-general of SEC, Lamido Yuguda and other top officials of the commission.
The minister said, the review of the Capital Market Masterplan underscores the fact that capital market growth resonates with the current administration’s unwavering commitment to deepening and re-positioning the country’s financial markets as a key anchor to achieving a private sector led development of the economy as encapsulated in the National Development Plan objectives.
She said, under her watch, the ministry of finance has supported the Capital Market Master Plan implementation efforts since inception, adding that, the Master Plan, represents the collective aspirations of the capital market community which is focused on driving initiatives geared towards growing and deepening the market. She said this initiatives are being implemented with the ultimate goal of accelerating the emergence of Nigeria as a top 20 global economy by the year 2025.
Ahmed commended the Securities and Exchange Commission, Capital Market Masterplan Implementation Committee and other stakeholders for the laudable accomplishments so far recorded in the Master Plan implementation journey especially in the areas of dematerialization of share certificates, e- Dividend mandate, facilitation of access to alternative investments like Sukuk and Specialized Funds, review of CAMA and ongoing review of the ISA, demutualization of the Nigeria Stock Exchange, enhancing the commodities eco-system, design of a National Savings Strategy among others.
Also, the director-general of SEC, Lamido Yuguda stated the the commission and other stakeholders have recorded significant milestones over the years, listing some of them to include full dematerialization of certificates, direct cash settlement, recapitalization of CMOs, E-Dividend Mandate Management System, among others.