As part of strategies to harness the potential inherent within the various states for wealth creation, the Securities and Exchange Commission is embarking on investor education for State governments across the Federation.
The Director General of the Securities and Exchange Commission, Emomotimi Agama, disclosed this during a weekend meeting with a team from the World Bank Group and the International Finance Corporation (IFC) in Abuja.
Agama stated that the Commission would approach the state governments to help them understand the many opportunities in the capital market, and strive to enhance their understanding of financial markets, investment strategies, and regulatory frameworks.
“Imagine setting up factories to produce goods that can be exported and earning foreign exchange. A lot of Nigerians would be employed and that would lead to wealth creation and economic development.
The Director General added that the strategic approach will commence soon with the Executive Council of a state in northern Nigeria, to speak to them about the opportunities in the capital market.
“We will create guides, reports, and policy briefs that explain capital market opportunities for state governments, we will translate complex financial concepts into simple, actionable insights and we will use case studies from Nigerian states that have successfully raised capital through bonds or attracted investments in the capital market.
“We believe strongly that if we go out and speak to these people, get them into understanding exactly the benefits and how it is important, get them to manage their assets meaningfully well, and harness them for greater economic growth for the states, things will begin to change, it is our responsibility to change the narratives, and we will keep at it”.
Speaking earlier, Tom Ceusters, Director of Treasury Market Operation IFC, said the delegation of the World Bank Group and IFC were on a two-week mission to Nigeria to have deep conversations with regulators and organisations in the financial sector with a view to coming up with plans to help their endeavours. – Inside Business