SEC kicks off review of 10-year capital market masterplan

The Securities and Exchange Commission (SEC) Thursday declared it had initiated a joint review of Nigeria’s 10-year capital markets master plan in collaboration with Financial Sector Deepening Africa to boost Nigeria’s economic resilience in the face of challenges like lower oil prices and the coronavirus pandemic.

SEC stated in a statement in Abuja that the appraisal would bolster Nigeria’s capital markets and their potential for capital mobilisation by providing a roadmap with objectives to meet it.

The review would will involve an evaluation of the progress recorded since the execution of the strategy to date and will require partnership with stakeholders for input.

SEC noted that the decision would lead to the introduction of more stringent tools to evaluate the success of the plan vis-à-vis the objectives and the inclusion of the new opportunities, challenges and risks associated with the current environment in the plan.

“The review of the CMMP comes in response to changes in the economic and market circumstances upon which the plan was originally based on when launched in 2015, that needed updating to match the current environment,” SEC said.

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“These include the effects of lower oil prices on Nigeria’s economy as well as a slowdown in economic activity due to the COVID-19 pandemic. The introduction of new initiatives and products will help to improve the liquidity and depth of Nigeria’s capital markets.”

The capital market regulator disclosed that the introduction of the initiatives and products would help enhance the liquidity as well as the depth of the country’s capital markets.

Lamido Yuguda, SEC’s director-general, said “the implementation of the Capital Market Master Plan will deepen our market and improve the capital market’s contribution to our economic growth and national development.

“To this end, the review of the Capital Market Master Plan better positions the SEC to deliver on these objectives in these very challenging times. The FSD Africa and SEC Nigeria’s laudable partnership underscores our mutual goals to build financial markets that are robust, efficient and above all inclusive.”

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