• Sunday, June 23, 2024
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Capital market to bridge the investment gap in Nigeria


A proper functioning capital market is capable of attracting sufficient long term funds to bridge Nigeria’s ballooning infrastructural deficit, according to the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN).

“The necessity for critical long-term investment by both public and private players to boost the productive capacity of the country becomes essential. To achieve this, the capital market has a critical role to play” Peter Ashade, managing director, Africa Prudential Plc, represented by Catherine Nwogu.

Speaking at the ICSAN company secretaries and registrars’ forum with the theme “company secretaries and registrars: a functional partnership for capital market development” held in Lagos on Wednesday, Ashade said, capital market plays the crucial role of mobilising fund for long term investment in infrastructure, manufacturing, services and other critical sectors of the economy.

“Development of the capital market is critical to bridging the investment gap in the country and highlights the importance of the 10 years Capital Market Master plan being implemented by the Securities and Exchange Commission which is aimed at deepening the capacity of the Nigerian capital market.

“To build a robust capital market capable of supporting the economy for sustainable growth, Company secretaries and registrars have important roles to play; these seemingly inter-related functions are vital to improving investors’ confidence in the Nigerian capital market” Ashade said.

Samuel Kolawole, President governing council, ICSAN in his welcome address said that over the years the institution have consistently promoted the ideals of corporate governance through periodic issuance of policy paper and guidance material on corporate and public administration.

“back to 2018, this is a very apt theme that underscores the overlapping function of the corporate secretaries and registrars and the imperative for synergy between these two classes of professional and who play positive and remarkable role in the economic life of the nation,” Kolawole said.

According to the chairman of the occasion Asue Ighodalo, founding partner, Banwo & Ighodalo said an effective and well developed capital market catalyses the growth of a nation’s economy.

“It assures efficient capital formation and mobilisation, and optimal resource allocation. A market will only properly develop where you have well governed participants, well-structured instruments, reliable and free information flow and an appropriately regulated environment.

“I would like to appeal to all our economic Regulators especially those who regulate the capital market, industrial sectors and the flow of investments, to see themselves as market enablers, enhancers and developers and not as gate keepers,” Ighodalo said.

Nkechi Onyenso, Registrar governing council ICSAN said the forum is a programme conceived as an avenue to expose participants to modern day practices and practical solution to problems on company secretarial practices and related issues.

“This shows the predilection of our Institute to always engage contemporary issues with a view to aggregative, positive, pragmatic views for national growth and development,” Onyenso said.