The acting Director-General, Securities and Exchange Commission, Ms Mary Uduk, has said major capital market products remain untapped.
Uduk, while speaking during a capital market conference held in Lagos on Wednesday, said capital markets across the world had products and mechanisms to stimulate economic growth and development.
She said many of such products were available in Nigeria and remained untapped, thereby limiting the realisation of the nation’s potential.
According to her, one major initiative to tap the potential is the development of a 10-year Capital Market Master Plan, which was launched by the commission in 2014.
Uduk said, “The plan has over 100 initiatives to spring–board the capital market as one of the world’s deepest and most liquid, as well as the largest in Africa by 2025.
“It is also aimed at ensuring that the market contributes much more to the socio-economic development of the nation, particularly in facilitating capital-raising for sustainable development and transformation of key sectors.”
Uduk stated that despite successes recorded from the initiatives, the commission recognised that much more still needed to be done for the capital market to contribute its desired quota and take its rightful place in issues and discussions of Nigeria’s economic growth and development.
She said, “As we move into the future, we need to continuously embrace innovation in the way we carry out our market operations and regulations.
“Beyond the conventional capital market products of equities and bonds, as well as manual regulatory processes, the players and regulators in the Nigerian capital market are introducing new and innovative processes and products.”
The Governor of Lagos state, Mr Babajide Sanwo-Olu, said the state government was interested in the growth and development of the capital market.
Sanwo-Olu, who was represented by the Director, Special Duties Office, Dr Shamsudeen Allison, said the event was strategic in promoting business and development in Lagos state.