Business
SEC Wants Capital Market Funding For Entertainment Industry
The Director General of
the Securities and Exchange Commission (SEC), Ms Arunma Oteh, has said that the funding challenge being faced by the entertainment industry in Nigeria can be resolved with long term capital from the stock market.
Oteh made this known while speaking at the 18th annual conference of the Chartered Institute of Stockbrokers (CIS) with the theme, “the Capital Market, the Key Catalyst to the Development of the Entertainment Industry in Nigeria.”
She said, the SEC hasd been collaborating with the Nigerian Entertainment Industry to sensitise Nigerians on the importance of savings and investment.
If well-funded, she said, the industry was capable of providing lots of jobs and is capable of solving the nation’s unemployment problem.
According to her, “Our plan is to continue to leverage on the industry to teach our children the importance of savings. Since independence Nigeria has had world renowned entertainers. Nigeria is a nation that is grossly misunderstood, but the entertainment industry has continued to project a positive image for the country. At the moment, the entertainment industry contributes 4.1 per cent to the nation’s Gross Domestic Product (GDP), this tellsyou the potential of the industry faces a lot of challenges.”
One of such challenge, she noted was the absence of regulation which has resulted in a lot of self-regulation in the sector.
Ms Oteh said regulation was important in any industry, adding that is where the capital market comes in.
According to the Director General, in the United States, banks raise money from the bond market for lending to movie production houses the arrangement is typically asset based lending.
JP Morgan, one of the largest investment banks in the world has been raising funds for the film industry in the US since 1920. It has expended a $10billion credit line to the entertainment industry in 2011. There are currently about 20 banks that are raising funding for lending to Holly wood.”
Speaking earlier, president of the CIS Mr Albert Okumagba stated that the purpose of the conference was to see how the entertainment industry can interface with the capital market, “so that we can bridge the capital formation gap between both segment of the Nigerian economy. We want to ensure that those who have talent in the entertainment industry can access opportunities in the expanded platforms in the capital market.”
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FCTA, Others Chart Path To Organic Agriculture Practices
The Federal Capital Territory Administration (FCTA) and other stakeholders have charted path to improved organic agriculture practices nationwide.
At a 2024 national organic and agroecology business summit held recently in Abuja, stakeholders took turn to speak on the additional areas of promoting the practices.
The Mandate Secretary, FCT Agriculture and Rural Development Secretariat (ARDS), Lawan Geidam, advocated for sustainable practice to develop resilient food systems that will benefit people.
The event, with the theme,”Towards Policies for Upscaling Organic Agroecological Businesses in Nigeria”, is aimed at fostering growth in the organic agriculture sector.
Geidam, who was represented by the Acting Director, Agric Services, in the Secretariat, Mr. Ofili Bennett, emphasised the success of organic and agroecological farming, reling on the active involvement of farmers, businesses and consumers.
He reassured attendees that the FCT Administration, led by the Minister, Nyesom Wike, and Minister of State, Dr. Mariya Mahmoud, remains dedicated to supporting initiatives that enhance the livelihood of residents.
Geidam described the partnership between the Secretariat and the organic and Agroecology initiative for a monthly exhibition and sale of organic products in the FCTA premises as a testament to this commitment.
“The ARDS remains committed to driving policies and initiatives that align with national goals and global standards”, Geidam said.
On her part, the Chairperson of Organic and Agroecology Initiative, Mrs. Janet Igho, urged residents to embrace healthy eating habits to sustain a good lifestyle. She stressed the importance of adopting organic practices, highlighting the benefits of going organic, growing organic and consuming organic products.
Igho expressed her optimism regarding the Agricultural Revival Programmes as articulated in President Bola Ahmed Tinubu’s “Renewed Hope Agenda”, which aims at fostering food and nutrition security.
She also extended her gratitude to ARDS for graciously allocating a space in the FCTA premises for the exhibition and sale of organic products, noting that the platform has been effectively used to advance the promotion of organic agriculture in FCT.
Igho outlined several benefits of organic agriculture which includes improved soil health, increased biodiversity, availability nutritious and healthy food and a reduced carbon footprint.
Stakeholders at the summit, underscored the critical need for enhanced private sector involvement and robust capacity building initiatives for farmers.
They highlighted the importance of implementing supportive policies to foster the growth of the organic agriculture sector.
In the light of the significant challenges facing Nigeria’s agricultural landscape, stakeholders decided that organic agricultural practices present sustainable solutions and a pathway for a more resilient and productive farming systems.
The three-day summit featured exhibitions showcasing organic foods, fruits, vegetables and fertilizers, providing an opportunity for residents to better appreciate the benefits of production and consumption of organic agricultural products.
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