August 13, 2022

Finance Minister pledges commitment to growing capital markets

Finance, Budget and National Planning Minister Zainab Ahmed said she is committed to strengthening the Securities and Exchange Commission (SEC) to reposition the country’s capital market to be at the same level as its global peers.

The Minister made the commitment in Abuja on Monday when she received the revised Nigerian Capital Market Master Plan (2021-2025).

The plan was submitted to the minister by the Capital Markets Master Plan Implementation Board headed by SEC Chief Executive Lamido Yuguda.

She said the master plan review underscores that capital market growth resonates with the current administration’s unwavering commitment to deepening and repositioning the country’s financial markets as a key anchor for achieving a development of the economy led by the private sector, as encapsulated in the Objectives of the National Development Plan.

Ahmed said that under his leadership, the Ministry of Finance has supported efforts to implement the capital market master plan since its inception, adding that the master plan represents the collective aspirations of the capital market community which focuses on driving initiatives to grow and deepen the market. .

She said the initiatives are being implemented with the ultimate goal of accelerating Nigeria’s emergence as one of the world’s top 20 economies by 2025.

“Our capital market is growing and evolving. To sustain this growth and eventually transform into a world-class capital market, transparency and investor confidence are essential.

“Investor confidence will accelerate the growth of our market and increase the participation of domestic and foreign investors. To this end, we will continue to support and strengthen the regulator to effectively carry out its work of regulating and developing the capital market.

“I view the capital market as an important driver of our economic growth goals and we will continue to support efforts to position our market where it deserves to be – a capital market that will expand access to economic prosperity. by enabling the emergence of financially responsible citizens, accelerating the creation and distribution of wealth, providing capital to small and medium enterprises and catalyzing housing finance,” she said.

Yuguda said the master plan document recommends periodic review of the plan’s assumptions, goals and objectives to better align it with current realities and innovations in the global financial system.

As part of the review, he said the Commission had undertaken a comprehensive review of the plan, led by PriceWaterHouseCoopers with financial support from Financial Sector Deepening Africa (FSDA).

The main objective of the master plan review, he noted, is to produce an updated version of the document primarily to engage stakeholders on the current level of market development and future growth opportunities of the market. capital ; review and update the assumptions and vision of the CMMP and develop objectives for the different thematic areas of the CMMP.

He said the revised blueprint is designed to chart the strategic position and future direction of capital markets, while providing both the SEC and market participants with clarity on the capital markets vision and roadmap needed to facilitate a business environment conducive to innovation. , investment, growth and expansion of economic and employment opportunities in our country.