The Securities and Exchange Commission (SEC), has urged the federal government to lead the drive for the listing of multi-national institutions in the country, through the fast tracking of the power sector reform, towards achieving the objective of building a world class capital market.
Speaking in keynote address at the opening of the maiden Journalists Acedemy, in Abuja organised by the Commission, the Director of SEC, Ms. Arunma Oteh noted that Nigeria remains the investment destination in the African continent, as well as among committee of nations of the world stating, which has necessitated the need for the country to achieve the objective of having a world class capital market.
The SEC boss stated the country may not be able to overcome the challenges of lack of the desired infrastructure and the under development of the key sectors like the agriculture, which makes up 42 and 70 percents of the country’s gross domestic products (GDP), respectively, as the capital market was yet to be fully leveraged as the platform for the development of the economy, in terms of solving the sig nificant desire of having a world class market, to provide the desired short to long term funds needed for that purpose.
According to Oteh, the effort of the Commission at creating a world class market, through its vigorous pursuance of transformation the listing agenda, to accomodate multinational organisations in the major sectors like the downstream petroleum and telecoms, must be complimented by the speedy conclusion of the divestment from the power sector to enable the unbundled units of the present PHCN listed on the NSE.
She commended the federal government’s effort for its transformation of the economy and the fiscal system, through the floating of the $1 billion Sovereign Wealth Funds, which will act as a catalyst for the attraction of other Sovereign funds outside the country to invest in Nigeria stating, that a number of such funds have already indicated interest to invest along the nation’s fund in the country.
The DG also said commended the National Pension Commission (PenCom), for its effort its effort at identifying a huge N3 trillion investible assets, out of which 10 per cent would be invested in the capital market stating, that the transformation of the capital market, which is aimed at raising the integrity of the financial atmosphere has seen a significant development of the bond market.
She said the stock market will witness significant investment inflow, with the initiative of the Nigeria Insurance Commission (NAICOM), to embark on compulsory of insurance for every Nigerians.