The Securities and Exchange Commission (SEC) has said that it will partner with the Institute of Capital Market Studies to build a vibrant market in Nigeria.
Speaking at the flag-off of the Institute of Capital Market Studies at the Nasarawa State University Keffi, Director General, SEC Lamido Yuguda, Friday said the flag-off of the Institute marks a significant step forward in fostering financial literacy and investment knowledge in the country.
The Institute of Capital Market Studies (ICMS), the first of its kind in Africa, is a department in the Nasarawa State University (NSUK) that will be solely dedicated to capital market studies, and it will be research based.
“A vibrant capital market rests upon the foundation of an informed and engaged citizenry. This Institute embodies the very essence of that principle. By equipping students with the knowledge and acumen to navigate the intricacies of the market, you are nurturing future investors, savvy participants who will propel the Nigerian economy to even greater heights.
“A well-informed and engaged investor base is crucial for a thriving capital market. The Institute of Capital Market Studies at Nasarawa State University has the potential to play a vital role in achieving this goal,: the SEC DG said.
He said the Commission is working with the Nigerian Educational Research and Development Council (NERDC) to come out with a financial literacy curriculum for schools.
He said, “In that vein, the Commission would be happy to collaborate with institutions like Nasarawa State University to develop curriculum standards for financial education programs. We believe that by working together, we can create a vibrant and dynamic capital market that benefits all Nigerians.
This is in line with our objectives, as The SEC Nigeria 10-year (2015-2025) Capital Market Masterplan, which was revised in November 2022, requires the SEC to inculcate the culture of financial literacy and specifically to introduce capital market studies in schools in the country.
“Overall, the SEC acts as a central body that works towards creating a well-informed investor base and a healthy, transparent capital market environment in Nigeria. In this endeavor, I particularly enjoin the new Institute to establish a strong working relationship not only with the SEC, but also with our very own Nigerian Capital Market Institute (NCMI).
“This collaboration will foster a comprehensive approach to financial education, leveraging the expertise of both institutions for the benefit of Nigerian students and investors. The SEC stands ready to provide its support and expertise to ensure the Institute’s success.”
He assured stakeholders that it would continue to collaborate with stakeholders across the financial sector to promote financial inclusion and leverage the capital market’s potential.
“We are also committed to fostering market development and innovation, maintaining a regulatory framework that ensures stability and fairness.
“I commend the leadership of Nasarawa State University for taking this initiative. I have high hopes that the Institute of Capital Market Studies will become a leading center for financial education in Nigeria, he added.
In his welcome address, Director of the Institute, Prof Uche Uwaleke, said the ICMS would be solely driven by the desire to solve Nigeria’s albeit Africa’s economic challenges through evidence based research.
“This Institute is being established to also help identify those challenges in a bid to proffer evidence based solutions to various challenges in the capital market.
“Developing economies face numerous challenges, and this institute will focus on evidence based research. The institute will be coming up with policy recommendations that will assist the economy and the government. We hope to see students from Ghana, South Africa, and other countries.
“We will only be admitting people who already have knowledge of the capital market so that they can conduct evidence-based research that can solve problems.”
While thanking the Vice Chancellor and the Senate of the University for the support, Uwaleke stressed that the Institute would be purely research based.
“I want to thank the VC for approving the institute. Our major focus is on research, particularly in the financial markets,” he said.
Dignitaries present at the event included the Senate Committee Chairman on Banking, Senator Tokunbo Abiru; the Senate Committee Chairman on Science and Tech; the Director-General of the Securities and Exchange Commission Lamido Yuguda; the Auditor-General for the Federation, the Chairman of the Nigerian Exchange Group; former Special Adviser to Nigeria’s President Magnus Kpakol among others.
