Regulators hinge investment inflow on robust collaboration
The Securities and Exchange Commission (SEC), has charged capital market players to collaborate with policymakers in their efforts to create conducive environment for market stability.
The Commission also tasked stakeholders to increase their investment portfolio in the local bourse to galvanise wealth creation and attract more foreign inflow.The Chairman, Board of SEC, Olufemi Lijadu, while addressing participants at the 2019 PEARL Awards Nite, in Lagos, at the weekend, said policymakers have a role to play in market development, but argued that stakeholders must be involved to ensure all-inclusive growth.
He pointed out that some developed countries of the world at one point or another have used capital market instruments, including bonds and equities for national development.
He described the bourse as the engine room for national economic development, and assured stakeholders that the Commission will continue to introduce initiatives tailored at stabilising the market and restoring it to the path of sustainable growth.
This is just as Chief Executive Officer, The Nigerian Stock Exchange (NSE), Oscar Onyema, said the creation of a robust capital market will unlock huge investment in Nigeria. He said the Exchange is revving up strategies to ensure that the market is developed even in the Fintech space, to spur market growth.
“NSE would continue to champion sustainable and inclusive growth to deepen the market. Strong collaboration from all stakeholders would drive growth and healthy competition among quoted companies.” Lijadu had earlier said: “The gap of seeing a long term capital market product is a big gap, and if we want to attract FDI, we must come together to galvanise wealth and invest in the capital market.“If the country fails to grow by about 10 per cent in the next 30 years, there will be a problem. We need to be focused if not, there will be a big problem in the country.”
Furthermore, he urged stakeholders to support the PEARL Awards initiative, aimed at complimenting the regulators efforts to restore confidence in the market.
The President, Pearl Awards Nigeria, Tayo Orekoya, said it is imperative for government to strategise on how to deepen the market, which he said has been relatively unstable over the years, and contributed in no small way to low investors’ confidence. “Developments in the capital market are propelled by macroeconomic stability, including ability to withstand external shocks, especially as relates to crude oil, which has remained our nation’s main source of income.”
No comments yet