Securities and Exchange Commission (SEC) said non-interest capital market sector in Nigeria has potentials to deepen the financial system and spurring the growth of the Nigerian economy.
The director-general of the SEC, Lamido Yuguda, disclosed this on Monday, March 29, during a 4-day Executive Programme on non Interest (Islamic) Capital Market Products and Basic Accounting Treatment.
Yuguda said the recent sovereign issuances of Sukuk by the Nigerian Debt Management Office, which were all oversubscribed, stresses the need to enhance the SEC’s regulatory capacity
He added that the Sovereign Sukuk issuances set the benchmark for other corporates to issue Sukuk for various developmental activities.
According to him, “It is worthy of note that whilst the Non-Interest Capital Market sector in Nigeria is nascent and unique, it is a market full of potential to facilitate the objective of deepening the financial system and spurring the growth of our economy.
“Thus, as you are aware, the SEC in its efforts to deepen the Nigerian Capital Market, developed a 10-year (2015 – 2025) Masterplan with various strategic recommendations, one of which is to drive the Non-Interest Capital Market segment of the market to enable it contribute not less than 25% to the total market capitalization.
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“Although, we can confidently report some remarkable achievements recorded in the segment, six years into the implementation of the Masterplan, the Non-interest Capital Market (NICM) segment is still facing challenges in terms of innovation, awareness, acceptance and coverage.
“These challenges underscore the need to provide focused training, capacity building and vigorous stakeholder engagement and awareness programs”.