The Securities and Exchange Commission (SEC) has announced plans to redirect its focus toward harnessing capital market funds for infrastructure financing in 2024, aiming to spur economic growth and development. Mr. Lamido Yuguda, the Director-General of SEC, highlighted infrastructure development and investor education as the key priorities for the commission in 2024. The SEC aims to collaborate with the Federal Government to address the infrastructure deficit and unlock the full potential of the capital market.
Yuguda expressed confidence in achieving the Renewed Hope Agenda’s goal of a one-trillion dollar economy by the end of 2026 through effective utilization of the capital market. He emphasized the importance of retaining and attracting talents, proposing that the right initiatives and strategies could encourage individuals to contribute to the country’s growth.
The commission has established a group within the capital market to outline necessary steps for accomplishing these goals. Additionally, SEC plans to embark on extensive investor education in 2024 to enhance market literacy, empowering investors with the knowledge of the capital market’s potential and intricacies.
Yuguda provided updates on the E-Dividend Mandate Technical Committee’s collaborative project with the Institute of Capital Market Registrars and NIBSS to enhance the e-dividend portal. The enhanced portal is set to launch on or before November 30, 2023. He also noted the stock market’s performance, highlighting the dominance of domestic investors and attributing the NGX All-Share Index’s 36.67% performance to factors such as attractive stock yields, improved sentiments among domestic retail investors, and shifts in fiscal and monetary policies.