The Federal Government at the weekend restated its commitment to strengthening the capital market as a desirable step towards wealth creation for Nigerians and sustainable national development.
The Minister of State for Finance, Dr. Doris Uzoka-Anite, made this promise during a meeting with members of the board of the Securities and Exchange Commission (SEC) in Abuja.
Uzoka-Anite said the Ministry had been given the mandate by Mr. President to ensure a vibrant capital market with a view to improving its performance and contribution to national development.
The minister said: “If we are to achieve the renewed hope mandate of a $1 trillion economy, it has to be through the capital market. It has to be private sector driven and that private sector drive is the capital market.
“A number of investors we had met previously in my former role were interested in the capital market. They want the market to be resilient enough to accommodate primary offers for them to exit when they come in. We are here to say that the market is open to accommodate them and we are committed to strengthening the capital market to make it more robust and ensure that investor confidence returns to the market. That is one area you need a lot of support and I think we can do that as it is fundamental for you”, she added.
In his remarks, the Board Chairman of the SEC, Mr. Mairiga Katuka, explained that the purpose of the meeting was to solicit for the collaboration of the Ministry and the commission to build a resilient and vibrant capital market in the country.
Katuka emphasized the need for strengthened collaboration between the SEC and its supervising authority, adding that this is necessary to ensure the entrenchment of a policy environment conducive to sustainable growth in the capital market.
He said: “The capital market is key in achieving the current administration’s Renewed Hope Agenda and harnessing available potentials in the market to boost national economic development.
“As the apex regulator of the Nigerian capital market, the SEC is saddled with the dual responsibility of regulating and developing the market with a view to attracting investments for wealth creation and supporting Nigeria’s developmental objectives”, Katuka added.
He explained that the commission was currently going through reforms which were necessary to make it attain world-class status and maintain its pride of place amongst its peers, adding that the Board will be counting on the support of the Minster in driving the reforms in order to achieve the targeted outcomes.
The Chairman further clarified: “Please be assured of the commitment of the Board of the Commission to support the Federal Government’s economic diversification and financial inclusion agenda.
“As a Board, we shall look forward to engaging in sustained dialogue and partnership to drive growth and investor confidence in the Nigerian capital market and the economy generally. I thank you for receiving the Board of the Commission and solicit for your continued support of the SEC and its initiatives”, Katuka stressed.
Photo Caption
L-R: Executive Commissioner, Legal and Enforcement Securities and Exchange Commission (SEC), Ms. Frana Chukwuogor; the commission’s Director-General, Dr. Emomotimi Agama; Minister of State for Finance, Dr. Doris Uzoka-Anite; board Chairman SEC, Mr. Mairiga Katuka; a member of the board, Mr. Kasimu Kurfi; and the commission’s Executive Commissioner Corporate Services, Mrs. Samiya Usman; during a meeting with the minister at the weekend in Abuja
