Securities Exchange Commission boss says capital market can fund Nigeria's infrastructural deficit

NIGERIA'S capital market has the capacity to generate enough revenue to fund the country's infrastructure deficit and provide the government with breathing space to focus on other issues according to the Securities Exchange Commission (SEC) boss.

According to the Africa Development Bank, Nigeria has an annual infrastructural investment deficit of $100bn in core areas like power supply, transport, healthcare provision, housing, water, etc. Lamido Yaguda, the SEC director-general, said the country's capital market could easily generate this revenue, allowing the government to focus its attention on other areas of national development.

Speaking during a meeting with the new executives of the Chartered Institute of Stockbrokers (CIS) in Abuja yesterday,  Mr Yaguda said the capital market is capable of attracting finance that would assist the nation bridge the current infrastructure deficiency. He called on relevant stakeholders to co-operate and collectively champion the of the capital market as pivot bridging the infrastructure gap in the country.

Mr Yaguda  added: “We have huge infrastructural deficit in the country like insufficient power and the lack of good roads among others. We want our country to have good infrastructure and I know this is possible with the help of the capital market and other stakeholders.

“It requires adequate planning and financing and we can achieve it as a nation. The capital market through the private sector can fund road construction while government focuses on other issues.”

He pointed out that for the capital market to attain full potential, all stakeholders need to ensure they carry out their functions with integrity and fairness in a bid to restore investor confidence. He praised the new leadership of CIS and assured them of the support of the SEC management for a successful tenure.

CIS president Oluwole Adeosun, added: “Thank you always because you have embraced the institute and made it clear that you desire a very harmonious relationship and we are happy about it. You have shown this in your actions since you came into office and we appreciate you for all your efforts  and we pray that investors benefit greatly from their investments in the capital market."