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Monday, Sep 27, 2021 / 5:45 a.m. / by SEC Nigeria / Header image credit: SEC Nigeria
The Securities and Exchange Commission has again asserted that the capital market has the potential to fill the infrastructure gap in the country as well as help economic development.
This was stated by the Executive Commissioner of Operations of the SEC, Mr. Dayo Obisan at the annual conference / 30e anniversary of the Finance Correspondents Association of Nigeria on the theme: Financing Infrastructure and SMEs for Inclusive Growth in the Post-Covid-19 Economy, held in Lagos over the weekend.
Obisan said there are a number of options that can be explored, one of which is Sukuk which is directly related to each project and deployed to extend credit to close the gap.
According to him, “There are a number of options that can be explored to fill the infrastructure gap. One of them that has been used in the past is Sukuk. Over the past three or four years, Sukuk has been used to raise funds for critical projects in various sectors of the economy.
“We also have collective investment programs, these are individual funds maybe by some institutions, and over 100 billion naira has been made. We have about three infrastructure focused funds in Nigeria totaling almost 100 billion naira. naira and some are registered programs. One of them has a 200 billion naira program and they only launched 76 billion naira, so there is still plenty of room for growth. “
“We have enabled crowdfunding platforms, it means people who don’t even know each other can get together and fund a business, that’s the kind of thing we have, not only for government but also for individuals. “.
While admitting that there are a number of instruments available in the capital market, the SEC commissioner said the main thing to note is that infrastructure development is a long-term thing.
“While in developed countries they still have constant discussions not only about maintaining but also improving the level of infrastructure they have, it is essential for us in Nigeria to connect the right gift of money that is long term capital and that is what the capital market provides.
He reiterated the SEC’s commitment as a regulator to create an enabling environment for everyone to access the capital market.
“We know that one of the problems we have in this country is the lack of confidence, if someone invests money in a company and it goes down, it affects the confidence that people have in the market. .
“And that is why we take investor protection, transparency and fairness in the capital market very seriously. There is a need for synergy in policy. Predictability of results is key, when someone does. one knows that if he puts his money somewhere, he is certain of the returns, this breeds confidence in the capital market. “
He urged a FICAN to join the government in seizing these opportunities available in the capital market, especially for foreign investors.
Let’s all see this as an issue that needs to be addressed in our writing of these questions. We need to do more research to find out the effects of these government interventions on Nigerians, â€he added.
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