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SEC backs $1trn economy target, infrastructure financing

The Securities and Exchange Commission (SEC) has reaffirmed its commitment towards deepening the capital market to support the $1trillion economic target by President Bola Tinubu-led…

The Securities and Exchange Commission (SEC) has reaffirmed its commitment towards deepening the capital market to support the $1trillion economic target by President Bola Tinubu-led federal government.

Speaking at the recently-held 29th edition of the Nigeria Economic Summit in Abuja, President Tinubu set an ambitious target of growing the economy to $1 trillion by 2026 and increasing it to $3 trillion by the end of the decade in 2030.

The Director-General of SEC, Lamido Yuguda, said that the target is achievable if the capital market is properly harnessed.

Disclosing this at the third quarter post-Capital Market Committee, (CMC), press briefing in Lagos, Yuguda said that the commission had set up a group within the capital market to support the attainment of the target.

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He added that the commission will refocus its attention on ways to support the FG to unlock the full potential of the capital market in addressing infrastructure deficit for economic growth and development.

He said this would not only provide a conducive operating environment for businesses, but would also boost the production capacity of Nigerians.

“One of the most glaring problems of the country is the sorry state of a lot of our infrastructure and really the goal of the commission in 2024 is to refocus attention on how we can galvanise capital market money into financing infrastructure,” he said.

Yuguda said the commission will embark on massive investor education in 2024 to educate and enlighten investors on the potential and technicalities of the capital market.

“When you have a market that is literate, it is better; you have people who really understand what they are seeking and they are really happy with those risks.

 

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