The Securities and Exchange Commission has announced plans to sensitise state governments on investment opportunities in the capital market as part of efforts to drive wealth creation and economic growth.
The Director-General of SEC, Emomotimi Agama, disclosed this during a meeting with a delegation from the World Bank Group and the International Finance Corporation in Abuja over the weekend.
Agama stated that the Commission aims to enhance the understanding of financial markets, investment strategies, and regulatory frameworks among state governments to help them maximise their economic potential.
He noted that many states have untapped resources that could be harnessed for development through investments in the capital market.
“There are some states in the country that are so rich, but nothing is happening there. All of their wealth is in the ground. Imagine setting up factories that will produce goods for export, earning foreign exchange, creating employment, and driving economic growth,” Agama said.
He added that the SEC would begin engagements with the Executive Council of a northern state as the first step in its strategic approach.
“We will create guides, reports, and policy briefs that explain capital market opportunities for state governments. We will translate complex financial concepts into simple, actionable insights using case studies of states that have successfully raised capital through bonds or attracted investments,” he said.
Speaking earlier, IFC’s Director of Treasury Market Operation, Tom Ceusters, said the delegations from the World Bank Group and IFC were in Nigeria on a two-week mission to engage with regulators and financial sector organisations to develop strategies for investment growth.
SEC reiterated its commitment to working with state governments to boost capital market participation and drive sustainable development.
The PUNCH reported that the Securities and Exchange Commission has announced plans to enhance the regulatory framework for borrowing by governments and corporations, emphasising sustainability and efficiency in the financial system.
