Commission restates commitment to widen depth of capital market

According to various media reports, Mr. Mounir Gwarzo, Director-General, Securities and Exchange Commission (SEC) has reaffirmed the Commission’s commitment to expand the depth of the nation’s financial market along with promoting financial inclusion in the country, at a High Level Regional Roundtable on Non-Interest Capital Market in Kano on Monday.

According to the SEC DG, “Our role is to boost non-interest capital market product innovation so that the segment can be at least 25 per cent of the overall market capitalisation. We intend to build a strong regulatory regime for non-interest products, encourage stakeholders in the non-interest capital market."

“In addition, we intend to ensure the emergence of Nigeria as a prominent non-interest capital market hub, both at the regional and global levels,’’ Gwarzo said.

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Gwarzo also affirmed that for the potential in the country to be harnessed, proper planning was necessary: “This is why at the SEC we set up a committee of experts last year to produce a 10-year master plan. We are confident that our own master plan objectives will be achieved.”

The theme of the workshop was “Financing development through Islamic Capital Market – A viable alternative.”