The Director-General of Securities and Exchange Commission (SEC) Nigeria, Mr. Lamido Yuguda, has advised investors in Nigeria to explore the opportunities in the nation’s capital market to grow their businesses, create wealth and improve their standards of living.
The capital market regulator gave this advice on Wednesday during the opening session of the Maiden Gombe State Investment Summit with the theme ‘Industrialisation: The Pathway to Innovation, Transformation, and Development of Gombe’ held in the state capital.
Yuguda told the participants that the capital market could play a great role in growing their businesses as they could approach the market for primary offers as well as the secondary market, which small enterprises can also access due to the less stringent disclosure requirements.
He explained: “The capital market is available to provide funding to businesses. With crowdfunding, a small business can raise money based on certain principles as the SEC has approved this to happen for a certain number of investors and certain amount at a time.
“There are also huge opportunities available for businesses especially the agro-allied businesses. They can use the commodities market to access high calibre customers that require agric produce in large quantities. We have licensed six commodities exchanges in Nigeria and they are very active”, Yuguda added.
He expressed his happiness that the private sector had ventured into critical sectors like railways, power, and communication, among others which were hitherto dominated by the government.
According to him, before now, the government mainly provided a lot of these infrastructure and services, but today we can see the private sector taking over while the government provides the necessary regulatory oversight.
The Director-General commended the state government on the resuscitation of the state-owned Gombe State Investment and Property Development Company Limited to serve as a one-stop shop for all investment-related issues in order to facilitate ease of doing business, adding that small businesses can be prepared to access the capital market through such companies.
Yuguda expressed the readiness of the commission to working with the state government and other stakeholders to create the necessary awareness about investment opportunities in the capital market.
In his remarks, the State Governor, Alhaji Muhammadu Inuwa Yahaya, maintained that the state government had been committed to human capital development and was working to leverage on digital skills to further develop the state.
Yahaya disclosed that his administration was also working to provide solid infrastructure to serve as a catalyst for industrialisation and growth.
He explained: “We realized that in order to put our state on the path of sustainable progress and long-term prosperity, we must strategically invest in both human capital and infrastructural development. On one hand, human capital development will enable us to equip our teeming youth with the requisite skills, knowledge and expertise to succeed in our rapidly changing digital world.
“To this end, we are working to leverage on digital skills and opportunities to develop Gombe into a regional ICT hub in order to harness the creative energies of our youth. On the other hand, solid and resilient infrastructure is being put in place to serve as catalyst for industrialization and growth, unlock opportunities and deliver sustainable prosperity to the people.
“For businesses to thrive, we need collaboration with relevant stakeholders, innovation, risk reduction, as well as sound regulatory framework and sustainable wealth creation. We are harmonising taxation, improving efficiency, stamping out corruption, ensuring security of lives and property and empowering the judiciary to work better”, Yahaya added.
The governor expressed his delight over the responses from investors and the business community as hundreds of investors have expressed interest to operate from the Muhammadu Buhari Industrial Park even as others are willing to do so.
He expatiated: “In the course of this summit, we will sign memoranda of understanding with some leading local and international brands to further demonstrate the success of our efforts. I want to thank all investors and partners for your trust and confidence in us, and for taking the bold steps to tap into the amazing potentials abound in our state.
“Investments are guaranteed in Gombe and we hope to serve as a model to the rest of the country and a source of pride to the nation. We are committed to delivering on our promises”, the governor assured.
