The Director General of Securities and Exchange Commission Mr. Lamido Yuguda has said that the development of a credible and stable capital market is an essential precondition for a well-functioning economy.
Yuguda who stated this at the First Nigeria Employers Summit organized by the Nigeria Employers Consultative Association in Abuja, stated that such credibility and stability are not guaranteed by market mechanisms alone, but regulation too.
The SEC DG said the Commission brings significant regulations to the capital market and has over the years, continued to put in place clear and consistently applied regulatory frameworks to reduce regulatory and operational impediments and engender the smooth functioning of the market.
He said, “As the apex regulator of the Nigerian capital market, the SEC has executed several initiatives to build a collaborative regulatory environment for enterprise competitiveness, job creation and national development. Through its ten-year Capital Market Master Plan (2015-2025), which serves as the primary roadmap for the development of the Nigerian capital market, the Commission has mapped out strategies to build a capital market that is the largest on the continent of Africa and one of the world’s deepest by 2025. The Masterplan’s implementation has been admitted as the 246th programme and project in the recently approved National Development Plan 2021-2025 (NDP2515033).
