No doubt countries with well-developed capital markets experience higher economic growth. It is on this note that the Chief Executive Officer, Nigerian Exchange Limited, Temi Popoola, addressed capital market stakeholders at the Investment and Securities Bill (ISB) Lawmakers’ Retreat convened by the Securities and Exchange Commission (SEC) on January 30, 2021.
Speaking at the session, Popoola stated, “A significant number of the developmental challenges the country presently faces could be solved through the capital market. This is supported by the fact that 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. It is, therefore, crucial that the market becomes more innovative in product development to attract a more diversified array of market players both in the listing and trading segments.”
Read also: Nigeria’s SEC lauds NGX, CSCS, others on market development
In his presentation, Popoola highlighted three priority areas for deepening the capital market stating, “For the capital market to effectively contribute to sustainable economic growth, the following must be looked into critically: legislation and effective legal frameworks; macroeconomic and political stability; and flow of capital. It is, therefore, a delight to see key capital market enablers come together to analyse the Investment and Securities Bill, and identify how it can be properly harnessed to create a healthy environment for capital market growth. It is through collaborative efforts such as these that we will be able to reap the emerging opportunities – particularly in technology – available in our economy.”
