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Business News of Monday, 25 April 2022

Source: punchng.com

SEC seeks NESG’s partnership on economic devt

The Securities and Exchange Commission has emphasised the vital role the capital market plays in the development of any country through the provision of long-term funds for infrastructure development.

A statement said the Director-General, SEC, Mr Lamido Yuguda, said this when a team from the Nigerian Economic Summit Group visited the commission in Abuja to collaborate with SEC on economic development.

The SEC DG said the capital market could actually do more in the areas of provision of necessary infrastructure for the country to support the government in its developmental efforts.

He said, “Our collective economic power is bigger than the government and in many countries you find out that the capital market is actually funding the government.

“When you save, the finance is used to create economic value that actually enhances your standard of living and this is a win-win. You get financial returns and also get utility from the investments and this is actually achievable.”

While welcoming the collaboration with the NESG, Yuguda said both organisations could do more for the economic development of the country.

He said, “On the capital market, it is a welcome development that we are talking with the NESG for there is something that really needs to happen in this country.

“When you look at our policy environment, in many areas it is not conducive for the return of capital to investors and we are working hard to tackle this.

“The SEC DG noted that the telecommunications companies were successful because no one was getting the services for free as everyone paid.”