SEC to create new office for SME funding

Securities and Exchange Commission (SEC) has said it is at an advance stage of establishing a new office for small businesses’ capital formation as part of efforts towards addressing the financing challenges faced by MSMEs.

According to the commission, the office will assist companies seeking to raise capital through smaller offerings, providing tailored solutions that enable small businesses and their investors to grow and succeed through the capital markets.

The Director General of SEC, Dr Emomotimi Agama, who stated this in a goodwill message at the 2024 National MSME Conference, said the theme: ‘Grow Nigerian: Sustaining a Digital and Innovation-Driven Economy’, would champion practical initiatives aimed at fostering the development of great companies by leveraging capital market opportunities.

He said SEC would work closely with small businesses and their investors, offering education and outreach to address their capital formation needs, in line with its role of market development.

Represented by the Executive Commissioner, Corporate Services at the Commission, Mrs Samiya Hassan Usman, Agama noted that as MSMEs remained the backbone of economic growth in Nigeria, fostering their development was crucial to creating innovative business-driven enterprise.

According to him, SEC is committed to fostering a conducive environment for MSMEs to access capital, scale their businesses and leverage financial technology for growth.

He pointed out that the commission would continue to empower these enterprises to thrive in the digital age and contribute meaningfully to Nigeria’s long-term economic prosperity by providing transparent, secure, and innovative financial instruments.

Agama commended the Ministry of Industry, Trade, and Investment, and SMEDAN for their unwavering commitment to the MSME sector expressing the confidence that as they worked together, the outcomes of the conference would lead to the development of new strategies and partnerships that empower MSMEs and secure Nigeria’s future.