The House of Representatives has highlighted the need for further strengthening of the regulatory framework as well as a secured and transparent environment to enable the capital market attract investments.
Chairman House Committee on Capital Markets and Institutions, Babangida Ibrahim, made the remarks at a stakeholders’ meeting on the Investments and Securities Bill held in Lagos on Monday.
According to Ibrahim, this is imperative due to the vital role capital markets play in the growth and development of the economy.
Ibrahim said: “Our presence at this meeting today is to review the current developments in the Nigerian capital market and also dissect the content of the Investments and Securities Bill, 2021 and make appropriate contributions towards strengthening and enhancing the regulatory and supervisory framework of the SEC as the umpire of the capital markets.
“We, as stakeholders, must offer our valued ideas and bring in our expertise and professionalism to this piece of legislation. We should note that for this bill to pass through the legislative activities successfully in the National Assembly, it must be holistic, comprehensive and have global flesh in international investments and securities.”
The lawmaker said the National Assembly will continue to give its support especially in the areas of legislation to enable the Securities and Exchange Commission (SEC) to actualise the vision of boosting investment and securities businesses in Nigeria.
The Director-General of the SEC, Lamido Yuguda, urged the legislators to address challenges constituting disincentive to investment and prepare the Nigerian capital market for the prospective changes that are likely to come in the near future.
Yuguda said the significance of the capital markets cannot be over-emphasised, stating that it serves as an avenue for government to showcase its goods and services
The Chief Executive Officer, Nigerian Exchange Limited, Temi Popoola, emphasised that most of the developmental challenges the country presently face could be solved through the capital market.
He said the capital market stimulates economic growth, mobilises savings, creates wealth, contributes to infrastructure development, reduces scarcity of foreign currency, aids financial inclusion, and promotes transparency and good governance.
Therefore, he underscored the need for the market to become more innovative in product development and attract a more diversified array of market players both in the listing and trading segments.
According to him, the nation would witness more investment inflow if the market is deepened and made more vibrant.
