Take Advantage Of Govt’s Initiatives, Osinbajo Tasks Capital Market Stakeholders

Caption: From left: Vice Chairman, Senate Committee on Capital Market, Sen. Foster Ogola; Vice Chairman Senate Committee on Lands and Transport, Sen Philip Aduda; Acting Director-General, Securities and Exchange Commission (SEC), Ms Mary Uduk; Deputy Chief Whip, House of Representatives, Rep Pally Iriase; and Chairman, House of Representatives committee on Capital Market and other institutions, Tajudeen Yusuf, during National Assembly 2nd Capital Market Stakeholders Forum, in Abuja on Monday

Vice President Yemi Osinbajo, on Monday in Abuja, urged investors to take advantage of the Federal Government’s various incentives and improved business environment, with medium to long term capital in the form of bonds, equity and loans.

Addressing participants at the 2nd Capital Market Stakeholders Forum organised by the National Assembly with the theme: Capital Market as a Catalyst for Growth and Development,” spoke of the need for stable long-term funds for the actualisation of the vision of economic growth and development.
Represented by Ms. Patience Oniha, Director General, Debt Management Office (DMO), Osinbajo said the present administration introduced a number of strategies and policies which contributed to the exit from recession and remains committed to their continued implementation in order to achieve economic development.

He therefore spoke of the urgent need to sustain the nation’s present growth trajectory, while ensuring that it translates to development with positive impact on the lives of Nigerians.
In a keynote speech, Acting Director General of the Securities and Exchange Commission (SEC), Ms. Mary Uduk said the Forum and its theme are very relevant and timely, given the pressing needs to grow the economy and also achieve sustainable development.
There is no doubt, she continued, that the capital market can serve as catalyst for national economic growth and development, since it offers a credible platform for obtaining long-term financing.

Economic growth, she stressed, “can be seen as increase in the production of goods and services in a country, (and it is) often measured by changes in real Gross Domestic Product (GDP).
“However, the concept of economic development is larger as it includes improvement in the quality of life and living standards of the citizens. These include improvements in literacy, health and life expectancy, better savings- investment culture as well as improved wealth distribution, housing and environment,” the DG added.

Continuing, Uduk spoke of the multiplicity of capital market instruments that can help stimulate economic development in Nigeria like bonds, equities and commodities, a role she acknowledged, has been played over the year’s by Nigerian Capital Market.
That notwithstanding however, she agreed that the market still has some yet untapped potentials, following which a 10-year Capital Market Master Plan (CMMP) was developed and launched by the Commission in 2014.

“The Plan has over 100 initiatives to spring–board the Nigerian capital market as one of the world’s deepest and most liquid as well as the largest in Africa by 2025.
“It is also aimed at ensuring that the market contributes much more to the socio- economic development of the nation, particularly in facilitating capital-raising for sustainable development and transformation of key sectors” Uduk said.

She said some of these initiatives include the e-Dividend payment, Direct Cash Settlement, Dematerialization, Financial Literacy, Non-interest Capital Market, Complaints Management Framework, Liquidity Enhancement and Equity Listing Enhancement.
Uduk expressed delight that already, each of these initiatives is contributing to the growth and development of the Nigerian capital market, and by extension, the economy.

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