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SEC targets top 20 spot by 2024

By on March 28, 2014

The Securities and Exchange Commission says its target is to make the Nigerian capital market to be one of the top 20 markets in the world in the next 10 years.

The Director-General, SEC, Ms. Arunma Oteh, who said this, announced that efforts were being put in place to ensure that the Nigerian market become a well-developed market in the next few years.

She spoke in Lagos on Wednesday at the Capital Market Committee meeting, where she reeled out plans geared towards further strengthening the Exchange to make it to contribute meaningful to the development of the economy.

Oteh added that strategies were in place to ensure that the capital market was strengthened with the necessary regulation and processes.

She said, “We have a plan and a target to make the Nigerian capital market one of the top 20 markets in the world in the next 10 years; this we know is a tall order, but it is also doable, and we have set up the necessary committees and processes to ensure that we meet this target.

“Already, we have been enjoying global notice from various international organisations, such as the International Finance Corporation and we hope to build on this achievement, to ensure that the Nigerian market is one that contributes meaningfully to the growth and development of the economy.”

Oteh explained that SEC was involved in a number of meetings with various parastatals with the aim of ensuring that the Exchange contributed largely to the Gross Domestic Product.

She said, “We are set to establish a stronger regulatory framework in the market that would ensure that we can drive economic growth. Currently, the Nigerian capital market contributes only about 27 per cent of the nations GDP, and we are looking to increase this monumentally.

“We have decided that we want our market to contribute over 130 per cent to the nation’s GDP within the next few years, and we are going to focus all our resources on this. Our market has the level of sophistication that is needed to drive these goals, and we plan to leverage that to build a world-class market.”

Also speaking, the NSE’s Executive Director, Market Operations and Technology, Mr. Ade Bajomo, said the plans to demutualise the Exchange was underway.

He explained that the NSE was seeking the assistance of experts that would help to ensure that the process was seamless, adding that this would in turn improve the lots of the market and the investors.

“The council of the Exchange has requested that we proceed with the process and we are seeking for expert-advisers who would collaborate with the local advisers to advise the NSE on the process of demutualisation, it is ongoing and would be for the overall good of the Exchange,” he said.

[Punch]