{"id":34557,"date":"2019-09-11T18:00:13","date_gmt":"2019-09-11T17:00:13","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=34557"},"modified":"2019-09-11T18:00:13","modified_gmt":"2019-09-11T17:00:13","slug":"master-plan-initiatives-already-contributing-to-nigerias-growth-sec","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/master-plan-initiatives-already-contributing-to-nigerias-growth-sec\/","title":{"rendered":"Master Plan Initiatives Already Contributing to Nigeria\u2019s Growth – SEC"},"content":{"rendered":"

The securities and Exchnage Commission, SEC has disclosed that the implementation of its 10-year capital market Master plan is already contributing to the growth and development of the Nigerian capital market, and by extension, the economy.<\/span><\/p>\n

This was disclosed by Acting Director General of the SEC, Ms. Mary Uduk during the opening ceremony of a Two-day international capital market conference held in Lagos, Wednesday by the SEC, in collaboration with the University of Lagos.<\/span><\/p>\n

Uduk described the theme of the Conference, \u201cLeveraging the Capital Market for Economic Growth and Development\u201d as apt and timely, given the pressing needs to grow the nation\u2019s economy and achieve sustainable development.\u00a0<\/span><\/p>\n

According to her, \u201cThere is no doubt that the capital market can serve as a key catalyst for Nigeria\u2019s economic growth and development, as it offers a credible platform for obtaining long- term financing. As we all know, long-term and affordable funds are required for businesses to thrive and in turn contribute to employment, growth and development.<\/span><\/p>\n

\u201cBeyond capital market\u2019s contribution to economic growth, we aim at the larger goal of economic development. Added to increased production, the latter entails advancement in the quality of life and living standards of citizens in areas such as improvements in literacy, health and life expectancy, better savings\/investment culture, financial inclusion, as well as improved wealth distribution, housing and environment\u201d.<\/span><\/p>\n

The acting DG stated further that Capital markets across the world have products and mechanisms to stimulate economic growth and development.\u00a0<\/span><\/p>\n

She said although many of such products are available in Nigeria, there are aspects that are still untapped, thereby limiting the realization of the nation\u2019s potentials.<\/span><\/p>\n

\u201cOne major initiative to tap this potential was the development of a ten-year Capital Market Master Plan (CMMP), launched by the Commission in 2014. The Plan has over 100 initiatives to spring\u2013board the Nigerian capital market as one of the world\u2019s deepest and most liquid, as well as the largest in Africa by 2025.\u00a0<\/span><\/p>\n

\u201cIt is also aimed at ensuring that the market contributes much more to the socio-economic development of the nation, particularly in facilitating capital-raising for sustainable development and transformation of key sectors\u201d she said.<\/span><\/p>\n

She said the successes recorded from these initiatives notwithstanding, the SEC recognises that much more still needs to be done for the Nigerian capital market to contribute its desired quota and take its rightful place in issues and discussions of Nigeria\u2019s economic growth and development.<\/span><\/p>\n

\u201c As we move into the future, we need to continuously embrace innovation in the way we carry out our market operations and regulation. Financial innovation is germane for the conception and delivery of a dynamic industrial society. Market participants and regulators have to continually familiarize themselves with the rapid ever-changing economic, regulatory and business environment.<\/span><\/p>

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Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

\u201cBeyond the conventional capital market products of equities and bonds as well as manual regulatory processes, the players and regulators in the Nigerian capital market are introducing new and innovative processes and products\u201d.<\/span><\/p>\n

Uduk noted that some of the SEC\u2019s processes that were previously manual and inefficient are being automated. For instance, with the dematerialization process completed, investors no longer need to not worry about the loss or damage to their physical share certificates as they are now electronically stored.<\/span><\/p>\n

Further more, she said the current e-Dividend system enables shareholders\u2019 dividend to be paid directly into their bank account without the stress of dealing with physical dividend warrants. Also, the Direct Cash Settlement protects investors from funds mismanagement by ensuring that the proceeds of their shares sales are credited directly into their own account as against.<\/span><\/p>\n

Uduk stated that while the current initiatives and efforts are to improve the past towards a better future, there is need to be more innovative to face the dynamic future, both as regulator and operators adding, \u201cfuture belongs to those that are currently adopting relevant technologies and other improvements for efficiency.<\/span><\/p>\n

In his remarks, Governor of Lagos state, Mr. Babajide Sanwo-Olu said the state government is interested in the growth and development of the capital market.\u00a0<\/span><\/p>\n

Represented by Dr. Shamsudeen Allison, Director, Special Duties Office, Sanwo-Olu said the event is strategic in promoting business and development in Lagos state.\u00a0<\/span><\/p>\n

Also speaking, Deputy Vice Chancellor of Unilag, Prof Oluwole Familoni said the conference is a good fora to discuss and proffer solutions to some of the problems being faced by the investing public and also an avenue for Nigerians to learn more about the Capital Market.\u00a0<\/span><\/p>\n

Familoni expressed the hope that at the end of the conference, the Capital Market will be bette positioned for the development of the economy.\u00a0<\/span><\/p>\n

Photo Caption: From Left—Mr. Ayokunle Adaralegbe <\/span>Chief Risk Officer,\u00a0 Central Securities Clearing System, CSCS, Acting Director General, Securities and Exchnage Commission, SEC, Ms. Mary Uduk, and Vice Chancellor Unilag Prof Oluwatoyin Ogundipe at the opening of a Two-day international conference on the Capital Market held in Unilag, on Wednesday in Lagos<\/strong><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The securities and Exchnage Commission, SEC has disclosed that the implementation of its 10-year capital market Master plan is already contributing to the growth and development of the Nigerian capital market, and by extension, the economy.<\/p>\n","protected":false},"author":6,"featured_media":34558,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,1593,17,624],"tags":[575,57],"coauthors":[2391],"class_list":["post-34557","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-metro","category-news","category-politics","tag-sec","tag-unilag"],"yoast_head":"\nMaster Plan Initiatives Already Contributing to Nigeria\u2019s Growth - SEC - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/master-plan-initiatives-already-contributing-to-nigerias-growth-sec\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Master Plan Initiatives Already Contributing to Nigeria\u2019s Growth - 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