Mariam Sanni
The Securities and Exchange Commission (SEC) says the amount of money required to develop the country could only be sourced from the capital market.
Dr Emomotimi Agama, the Director-General of SEC, said this at an engagement with newsmen in Abuja .
Agama said that there was a need to mainstream the capital market into every sector of the economy to facilitate the development of the country.
According to him, the amount of money required to develop this country is huge.
”Nigeria is a construction site, it is not short-term money that can develop this country. What can develop this country is long-term money.
”The only place you can access long-term money is the capital market.
”There is no way that this country can develop without mainstreaming the capital market into every facet of the Nigerian economy, be it transportation, housing, agriculture, health,” he said.
He said that the best way to develop would be through the capital market.
“The emphasis on the development of the capital market or the strength of the market is a necessity in our collective national development,” he said.
Agama said the commission had engaged the Toronto Centre of Canada to help build the capacity of the staff to meet with the dynamism of the market.
On SEC’s outlook for 2025, Agama said that focus remained enhancing market transparency and confidence, and leveraging financial technology to drive inclusion.
He said that innovation, as well as strengthening collaboration with domestic and international stakeholders to maintain financial stability were also part of the outlook. .
The director-general said the commission was speaking with the World Bank and International Monetary Fund (IMF) to see how they could help build the country’s capital market.
”As you are aware, the African Development Bank (AfDB) is supporting us with the acquisition of a market surveillance system,” ge said.
Agama said that the engagement was to promote transparency, awareness and confidence in the capital market.
