The Securities and Exchange Commission (SEC) has called for strategic measures to attract more investments in the capital market.
In a statement dated November 17, 2023, Lamido Yuguda, director-general of SEC, made the call while addressing the third quarter Capital Market Committee (CMC) meeting held on Thursday.
Yuguda, who doubles as CMC’s chairman, said there is a need for strategic measures to attract more investments into the capital market as high-interest rates impact government treasury securities.
He expressed optimism in unlocking the full potential of the capital market, aligning it with the renewed hope agenda of the President Bola Tinubu administration.
According to Yuguda, in spite of lower foreign portfolio investment inflows, the Nigerian stock market reached a positive milestone with the all-share index reaching an all-time high — crossing the 70,000-point mark.
This, he said, reflected a more than 30 percent increase this year.
In the statement, Yuguda highlighted the disparity in economic performance across countries and regions, lower global growth projections, and the impact of interest rate hikes on economic activity.
On the domestic front, he highlighted key economic indicators, including Nigeria’s headline inflation rate, GDP growth rate, and market performance.
On his part, Osita Izunaso, chairman of the senate committee on capital market, said the committee is committed to fostering a robust market environment.
The senator urged the commission to enhance public awareness of the capital market’s benefits, expressing optimism that the envisioned one trillion-dollar economy could be realized, with the help of collaborative efforts and productive actions in the capital market.