SEC tasks capital market stakeholders on new products

The Director-General of the Securities and Exchange Commission  (SEC), Mr. Mounir  Gwarzo, yesterday urged the capital market stakeholders to introduce new products that would aid the implementation of the 2017 budget.

Gwarzo made the remark in an address at the 2017 budget seminar organized by the commission in Lagos.

He said that capital market stakeholders needed to strategize and come out with new investment products that would be beneficial for the 2017 budget financing and subsequent implementation.

Gwarzo said that the Nigerian capital market needed new products, policies, and incentives that could boost investors’ confidence for economic growth and development.

He stated that the role of the capital market in addressing infrastructure deficit could not be underestimated, adding that the market needed new products to address the problem.

“The capital market plays very important role in every country even in raising funds for the budget,” he said.

Gwarzo said that the 2017 budget figure of N7.29 trillion was the biggest in the history of the country, noting that budget deficit often led to increasing in debt profile and affected inflation and interest rates.

The Director-General added that the market was very paramount for simulation of economic growth and development by the provision of the right framework.

He said that the market stakeholders should develop products that would boost Small and Medium Enterprises with the government’s decision to concentrate more on the development of the non-oil sector for revenue generation.

Gwarzo said that the commission would continue to provide a framework in terms of rules and the enabling environment for the market to thrive.

He said that the stakeholders had been yearning for the inclusion of the capital market in the budget drafting and implementation.

Gwarzo said that the seminar, the first in the history of the commission, was organized to help the government in using the capital market to achieve the needed growth and recovery.

He stated that the country was going through challenging times, noting that the last recession was 20 years ago.

He said that the commission would ensure regular engagement of the Federal Government and the capital market community for proper co-ordination. (NAN)