Ms Arunma Oteh , the Director-General of the Securities and Exchange Commission (SEC), says the commission is targeting mutual funds investments of one trillion naira between 2018 and 2019.
Oteh said this at the Centenary Capital Market Committee meeting held in Lagos on Wednesday.
She said that the Nigerian capital market’s contribution to the Gross Domestic Product (GDP) would increase by 100 per cent by 2024.
Oteh said that the target would be achieved through effective utilisation of the market for medium and long-term funding for infrastructure development.
She said that the market’s current contribution to the GDP stood at 27 per cent, stressing that the market should be a barometer for economic development.
Oteh also said that the Nigerian capital market would be rated among the top 20 most performing markets in the world by 2024.
The director-general said that the major challenge of the market was inadequate understanding by policy makers on its rudiments and benefits.
Oteh said that the commission would continue with its advocacy programme to ensure increased participation and listing of more multinationals to achieve the target.
According to her, Nigerians want to participate in wealth created by privatised oil and information technology companies.
Also speaking, Mrs Sa’adatu Bello, SEC Commissioner, Legal and Enforcement Directorate, said that the literacy committee would get across to 40 million Nigerians and get at least 20 per cent of them to participate in the market.
Bello said that there would be vigorous enlightenment and education for people to understand and appreciate participation in the market.
This, according to her, will be against the current five million investors participating in the market. (NAN)
© anu for Royal Times of Nigeria Newspaper, 2014. |
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