SEC designs 10-year capital market plan

By The Citizen

The Securities and Exchange Commission (SEC) has designed a 10-year master plan to reposition the capital market and double the size of the market capitalisation of the Nigerian Stock Exchange.

The Director-General, SEC, Ms. Aruma Oteh,said on Wednesday at the Capital Market Committee retreat in Abuja that given the current biting economic conditions facing the country, the time had come for Nigerians to begin to consider innovative ways to create wealth.

She said, 'It is good that we will have a guide for the next ten years like what Malaysia did by doubling the size of its market with a master plan and now they are focused on another one.

'It is an important initiative and the technical session should come up with creative ideas to move our country forward over the next ten years with the master plan.

'This is the time to think about creating wealth and one of the challenges is that there are not just enough ideas even when there is growth that touches every one of us particularly the ordinary citizens.'

On the importance of generating a ten year master plan, Oteh explained that the innovation, if well utilised, would lead to a positive transformation of the Nigerian economy.

She said, 'This new venture is even more important for us as we continue to look for ways that we can make sure we transform society by focusing on what is important which is really supporting the real sector and those who are making a difference.

'One of the things I find that is particularly unique about the CMC retreat is that it focuses on the capital market master plan on what would be our guide for the next 10 years.

'For me, seeing where we are now; where there is a value around the capital market in transforming the economy, where there is an alignment as to what we can do as a community to make sure that we can help Nigeria realise its potential.'

The capital market master plan, expected to cover the period from 2015 and 2025 is expected to be unveiled at the retreat, which has the theme, 'Capital market - Creating wealth and opportunity.'

The CMC is an industry-wide committee comprising representatives of Securities and Exchange Commission, market operators, trade groups and other stakeholders.

It was mainly established to serve as a medium for exchange of ideas among market stakeholders as well as receiving feedbacks on previous policies and setting agenda for the future.

This year's retreat, which is scheduled to end on Friday, is expected to bring into focus strategies for converting the gains of the GDP re-basing into wealth distribution through the capital market.

The CMC had explained in a statement that the retreat, which would start fully on Thursday (today), would have the ministers of Finance and Federal Capital Territory, Dr. Ngozi Okonjo-Iweala, and Sen. Bala Mohammed, as special guests.