SEC says reforms will revitalise Nigerian economy

President Bola Ahmed Tinubu, has been commended for the reforms so far embarked on which are meant to rejuvenate the nation’s economy and improve the standard of living of Nigerians.

Lamido Yuguda, Director General, Securities and Exchange Commission (SEC) who made the commendation in an interview disclosed that on assumption of office of the President, there was a remarkable 5.23percent surge in market capitalization at the NGX on his first day, driven by optimistic anticipation of market reforms.

According to Yuguda, “It is a fact that there are prevailing challenges arising from demanding macroeconomic conditions, constrained consumer spending, and rising operational costs. Despite these challenges, there remains a shared sense of optimism that ongoing rigorous reforms will rejuvenate the nation’s economy. I therefore pledge the resolute support of the Capital Market to the Federal Government in navigating these challenges for the country’s brighter future”.

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Yuguda stated that Nigeria had outperformed global indices on gains in the All Share Index (ASI) and market capitalization in the first half of 2023, an indication that the economy is being reflated.

He cited that the exceptional performance is attributed to several factors, such as; the appealing dividend yields offered by certain stocks, the recovery of corporate earnings, and a notable improvement in sentiments among domestic retail investors.

‘All the indicators reflecting investors’ involvement – including volume, value, and the number of transactions – had demonstrated consistent month-on-month increases throughout the first half of 2023,” he said.

The Director General also stated that the Investments and Securities Bill (ISB) 2023 which aims to align regulations with the modern dynamics of the market is presently being considered by the 10th National Assembly and expressed the hope that if passed into law, it will enable optimal contribution of the capital market to national development.

He acknowledged that the road ahead is undeniably challenging, stating that the capital market must step forward in whatever way to lend its helping hand to the current economic reforms, adding that the market must make sacrifices to help drive the economic transformation that will change the nation’s fortunes for the better.