SEC urges govts to seek financing from capital market for crucial projects

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Lamido Yuguda, the director general of the Securities and Exchange Commission, has urged all levels of government to look to the capital market for funding while developing the nation’s infrastructure.

Yuguda made this call in a statement released by the SEC on Thursday.

He also voiced the opinion that the Nigerian money sector, as an organised and specialised financial sector that mobilises money through domestic savings and foreign capital inflows, is in a good position to help the country achieve its infrastructure goals.

He said, “Government at all levels should look towards the capital market for financing of such investments.

“If we can get a well-thought-out infrastructure in this country, it will do a lot of things. It will raise the level of economic activities in the country as a whole and these activities will need people to be employed so they can carry out those activities.

“That means the youths and our people will get more employment and as you get more employment, people get more disposable income and need to find outlets to spend that income. That means people can set up small industries and be able to live decent lives.

Read Also: Senate approves nomination of Lamido Yuguda as SEC DG

“Also, people will be buying the essentials of life and the people who are in the business of producing or selling them will be in business. So you find out that there is a chain effect.”

The SEC DG expressed the hope that the nation’s economy will bounce back and thrive with the aid of the capital market.

“I have a lot of hope in our economy. Right now if you do the GDP ranking, Nigeria is about number 30, but I’m very confident that if we get our infrastructure right, our ranking will improve tremendously,” Yuguda stated.

He guaranteed that once the infrastructure is in place, usage will increase, which will in turn spur economic activity.

According to Yuguda, the capital market would help because it is an economic system for impartially determining prices.

“Once we have the right infrastructure, people will travel by road. We did in the past and I think once we have the right structures in place we can begin to enjoy good roads again” he added.

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