Harness capital market potential, SEC urges stockbrokers

The Director-General of the Securities and Exchange Commission, Dr Emomotimi Agama, has challenged stockbrokers and other capital market stakeholders to harness the full potential of the capital market to achieve a prosperous and sustainable future.

Agama gave the charge at the 28th annual conference of the Chartered Institute of Stockbrokers themed, ‘Capital Market as a Catalyst for the $1tn Economy’ held in Ibadan, Oyo State, Thursday.

According to the SEC DG, the capital market is not only a platform for raising funds but also a vital engine for wealth creation, economic diversification, and infrastructure development.

He added that by effectively channelling resources into productive sectors, the capital market can stimulate industrial growth and technological advancement.

“This conference provides an opportunity to identify and address key barriers that have hindered optimal capital market performance, such as regulatory challenges, market liquidity, and investor confidence. Additionally, the role of technological innovations in the market cannot be overstated. Embracing fintech solutions, blockchain, and digital assets will further enhance market efficiency and transparency.

 “The success of the $1tn economy vision largely depends on the collective efforts of all stakeholders in the financial ecosystem. By fostering collaboration between regulators, market operators, and policymakers, we can create a more resilient and inclusive market,” he stated.

The SEC DG also commended the CIS for their relentless efforts in promoting knowledge sharing and professional development through the conference saying their contributions are crucial in equipping market players with the necessary skills and insights to drive the economy forward.

He described as commendable the hosting of the conference in Oyo State, a hub for some of Nigeria’s leading blue-chip companies adding that it not only highlights the economic significance of the region but also its rich cultural heritage, offering participants a well-rounded experience.

He said, “The planned factory visits add a practical dimension to the conference, allowing brokers and stakeholders to witness firsthand the operations of notable companies. This initiative will foster deeper industry engagement and understanding.

“As the regulator of the capital market, the SEC fully supports this conference. We recognise its importance in shaping the future of our capital market and are committed to contributing actively. We encourage our members to participate and derive maximum benefit from the insights shared. I look forward to the rich discussions and collaborations that this conference will undoubtedly foster. Together, we can unlock the full potential of the Nigerian capital market for sustained economic prosperity.”

In his address, the President and Chairman of the Governing Council of the CIS, Mr. Oluropo Dada said the theme was deliberately crafted to serve as the Institute’s contribution towards achieving one of the Federal Government of Nigeria’s cardinal objectives which is growing the GDP of Nigeria to $1tn.

Dada said the capital market plays a pivotal role in any nation’s economy, especially as government and private organisations at various levels harness it to mobilise capital for their broad and varying needs, making people with ideas become entrepreneurs and helping small businesses grow into big companies.

“Likewise, it is an avenue to democratise assets through wealth creation and distribution, since individuals, corporates, and even governments can participate in the fortune-making and distribution, as they provide opportunities to save and invest for our future.

 “It is our conviction that after carefully studying the paths taken by the developed countries of the world, achieving a trillion dollar economy necessarily requires a comprehensive exploration of the capital market’s role as a potent and proven engine of growth.”