Nigeria plans to grow its stock market capitalisation to about 50 per cent of the country’s Gross Domestic Products (GDP) over the next three years, as part of efforts to deepen the role of the market as an enabler for national development.
Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC), yesterday stated that it was working to meet targets set for the Nigerian capital market by the President Bola Tinubu’s administration in addition to other goals being pursued by the Commission.
Director General, Securities and Exchange Commission (SEC), Mr. Lamido Yuguda said the Commission has set a target of growing the stock market-to-GDP ratio from its current level of 30 per cent to 50 per cent over the next three years.
He said the 50 per cent target would be achieved alongside other targets set for the market by the government.
“Going forward, the Commission has a few targets it would like to reach. One is to fulfil its assigned presidential targets. We take these targets seriously and would like to assure the government that we would meet and even surpass these targets,” Yuguda said.
He noted that SEC supports the economic growth of the country and the renewed hope agenda of the present leadership.
“We see our role as helping attract foreign investment into the country to help ease the foreign exchange (forex) liquidity challenges we have, which are presently having a negative impact on the value of our dear currency, the naira. Proper regulation, good market conduct, and efficient market practices will make our market attractive. We strive for these,” Yuguda said.
Yuguda spoke at a Journalist Academy organised by the Nigerian Capital Market Institute (NCMI) in Lagos. NCMI is a training and human capital development arm of SEC. Yuguda was represented by SEC’s Executive Commissioner Operations, Mr. Dayo Obisan.