The Securities and Exchange Commission (SEC) says technology, innovative financial instruments and the impact of the COVID-19 pandemic are transforming the operations of the capital market.
SEC said this while applauding the Nigerian Exchange Limited, the Central Securities Clearing System, and other capital market stakeholders that worked to develop the market while having to deal with the challenges brought to the fore by the COVID-19 pandemic and its variants.
The Director-General, SEC, Mr Lamido Yuguda, who spoke at a meeting with these stakeholders in Abuja on Wednesday, said, “The past two years have been challenging for the Nigerian capital market, which is largely a reflection of the pandemic-related unexpected challenges in global markets.
“However, the NGX has continued to deploy capable resources to tackle elements militating against the market’s growth. You will agree with me that the efforts made and gains achieved in this regard are as a result of the collective efforts of various stakeholders in the Nigerian capital market, including the commission and the NGX Ltd, This emphasises the importance of collaboration on the growth of our market.”
He said, “We all have a common interest in developing a healthy, viable and world-class capital market. At the bottom of the work we do at the SEC is investor protection, While trying to look at the rules, we should not forget that the ultimate goal of the commission is to have a fair and transparent market that is fair to investors.”
The Chief Executive Officer of NGX Limited, Mr Temi Popoola, said the strong growth and market interactions in recent times could be said to come from the collaborative efforts of stakeholders.
He said, “A lot of opportunities exist for the capital market. Technology can be used to address the capital formations in the market and we are making progress in tapping that.
“We are on a digitalization drive and we have started with the MTN offer which was done electronically, we need to improve on that going forward. That is the only way to unlock the demography of young Nigerians that are technology savvy. We are collaborating with relevant stakeholders to ensure what’s best for the ecosystem. We are exploring ways to strengthen the entire market infrastructure.”
