The Security and Exchange Commission (SEC), has lamented the neglect of the capital market by young Nigerians, saying they are not interested in it.
Speaking during a meeting with a team led by the British Deputy High Commissioner in Abuja, Director-General, SEC, Lamido Yuguda stated that due to the fact that a lot of young Nigerians are not interested in the capital market, it is limiting the potential of the Nigerian bourse.
“The average age of that account holder was over 50, and that made us realise that the young people were not participating in this market and when young people are not participating in any market, that market is doomed to fail.
“And young people today prefer to do things on their phones; if you have to fill a stack of forms manually young people won’t do it. We want to make investing in the capital market a fun experience,” a statement quoted Yuguda as saying at the meeting.
To address this challenge, the SEC boss disclosed that the commission is currently implementing various initiatives to fully deepen the capital market.
“So we decided to look at the whole process and find out what is turning young people off. We have started the process and seen how the tech companies are providing much-needed relief to the kind of bureaucracy that happens in the capital market,” he added.
Can capital market enhance the economy’s growth?
When it comes to the creation of wealth and making investors safe with their capital, the role of the stock market in the economy cannot be overemphasised. Amongst other things, the capital market can leverage Nigeria’s financial inclusion plan by capturing new products and services that are tailored to attract investors and sustain their interests for risks and returns.
To leverage investments volume, the capital market increases mobilisation of savings, which would also deepen the economy.
