The Securities and Ex
change Commission (SEC) says it is targeting to increase the depth of the capital market.
This, the commission plans to achieve through the inauguration of a 10-year capital market master plan in November 2014 which would run between 2015 and 2025.
SEC made this known in a press statement issued by the Head of Public Relation Unit of the Commission, Mr Yakubu Olayele.
The statement said that SEC’s Executive Commissioner Corporate Services, Zakawanu Garuban revealed this at the International Organization of Securities Commissions (IOSCO) annual meeting in Riode Janeiro, Brazil.
According to the statement, the market master plan is also aimed at ensuring the guided growth of the Nigerian capital market up to 2025.
Garuba also noted that the 10-year plan seeks to diversify the sources of capital and enable all the stakeholders in the Nigerian capital market to plan ahead.
The statement said that SEC’s capital market committee last year inaugurated three committees to achieve its 10-year master plan.
The three committees include, Master plan committee, Non-interest committee and the Literacy committee.
According to Garuba, the committee members were saddled with the responsibility of ensuring investor protection and education, professionalism, product innovation, as well as expansion of the role of the capital market in economic development.
SEC also acknowledged the report from the various committee last month, adding that the reports would be collated during the November retreat which will form the basis of the commission’s operation in the next 10 years.
The statement further noted that the long-term development committee considered relevant factors that would impact market growth and development strategies for rabust governance for improved efficiency, transparency and enhancement of the market stability.
Lilian Peters
