Thursday, September 12, 2019 / 08.00AM / Bukola Akinyele for Proshare WebTV / Header Image Credit: WebTV
This was revealed by the Acting Director-General of SEC, Ms Mary Uduk at the 2019 two-day capital market conference hosted at the University of Lagos yesterday.
The conference which had as its theme "Leveraging the Capital Market for Economic Growth and Development" was described as apt by the Acting DG given the pressing needs to grow the nation's economy and achieve sustainable development.
Ms Uduk noted that the implementation of the 10-year capital market Master plan is already contributing to the growth and development of the Nigerian capital market, and by extension, the economy.
Speaking further she said "Beyond capital market's contribution to economic growth, we aim at the larger goal of economic development. Added to increased production, the latter entails advancement in the quality of life and living standards of citizens in areas such as improvements in literacy, health and life expectancy, better savings/investment culture, financial inclusion, as well as improved wealth distribution, housing and environment".
The conference which is a collaboration between the capital market and local academia brought together students, lecturers and stakeholders in the market.
The Acting DG SEC believed financial innovation is important for the conception and delivery of a dynamic industrial society.
She made a strong case for market participants and regulators to continually familiarize themselves with the rapid and ever-changing economic, regulatory and business environment.
Looking at the market ecosystem, Uduk emphasized the need to continuously embrace innovation, to enable seamless market operations and regulation.
Representative of the Lagos state Governor, Dr Shamsudeen Allison, the Director, Special Duties Office reiterated the interest and commitment of the state to the growth and development of the Nigerian capital market.
Dr Allison also stated that the capital market conference keyed into the Lagos economic agenda of promoting and scaling business and economic development.
The Deputy Vice-Chancellor of the University of Lagos Professor Oluwole Familoni representing the Vice-Chancellor lauded the conference, describing it as an avenue to discuss and proffer solutions to some of the problems faced by the investing public.
Professor Familoni welcomed the conference as an opportunity for the academia to gain further insight and learn more about the capital market.
Familoni expressed optimism that the Nigerian Capital Market will be well positioned to develop the Nigerian economy, at the end of the forum.
Keynote speaker and Group CEO of Emerging Africa Capital Mrs Toyin Sanni in her presentation echoed the need for broadening of financial literacy in the country.
Mrs Sanni said that with an increase in financial literacy , Nigerians can experience a reduction in their exposure to scams and ponzi schemes.
The event was hosted by the Department of Finance of the University of Lagos, with the Head of Department, Professor Ayo Olowe, relishing a strategic partnership between the academia and the domestic capital market.