The Securities and Exchange Commission (SEC) will next month launch a10-year capital market master plan to facilitate the growth of the Nigerian capital market.
The commission’s Executive Commissioner, Corporate Services, Zakawanu Garuba, disclosed this on the sidelines of the on-going International Organisation of Securities Commissions (IOSCO) annual meeting in Rio de Janeiro, Brazil.
He said the master plan, which is designed to span 2015 to 2025, specifically aims at increasing the depth of the capital market, increasing foreign direct investment and to diversify the sources of capital.
Garuba further explained that the reason for the master plan was to enable all concerned parties in Nigeria’s capital market plan ahead.
He said the long-term development committee had considered relevant factors that impact market growth and developed strategies for robust governance for improved efficiency, transparency and enhancement of the market stability.
According to him, necessary recommendations with clear and actionable quarterly and annual milestones that will lead to a world class capital market are expected to be coordinated into a blueprint as Nigeria’s growth plan would take into consideration successful growth strategies in other jurisdictions.
He said: “The primary reason for those committees is to see how we can move the market forward, because in an attempt to deepen the market we realised that some of the terms of reference of those committees are basically needed for that.
“I think it is the plan of the current board of SEC to make sure that is realised.
“We have received reports from the various committees last month and we do hope that during the retreat in November everything will be collated and it will be the basis of our operations in the next 10 years.”
The Capital Market Committee (CMC), a body of all capital market regulators, operators and stakeholders, had last year inaugurated three committees to develop its 10-year master plan.
The aim of the CMC was also to conduct a holistic review of similar emerging markets and develop a blueprint to structure the Nigerian market for global competitiveness.
The sub-committees under the CMC are the 10-year master plan committee, non-interest products committee and literacy committee.