The Chairman, Senate Committee on Capital Market, Senator Ayo Adeseun, on Monday, said the capital market had the capacity to provide the necessary funding to run the nation’s economy if effectively managed.
Adeseun stated this when his committee commenced the screening of the Acting Director-General, Securities and Exchange Commission, Mounir Gwarzo, for confirmation as the substantive DG.
He charged the SEC management to rise up to the challenge caused by the fall in the prices of crude oil in the international market, which had been affecting the country’s economy.
Adeseun explained that the oil that had been sustaining the country might dry up in the next 25 years.
He, therefore, charged SEC to provide an alternative by making the business environment attractive for investors to take advantage of.
The senator said, ‘’The capital market is the most critical element for our economic development. Oil is exhaustible, and from the information available to us, it may dry up in the next 25 years if we continue on this path.
“So, the capital market, through SEC, may bail the over 170 million Nigerians out.”
Members of the committee sought to know from Gwarzo how he would turn the commission around to enable it play a critical role in boosting the nation’s economy.
Responding, Gwarzo said the capital market could boost the nation’s economy if appropriate steps were taken.
“When we cut down costs, more investors will be encouraged to invest, thereby injecting money into the system,” he said.
He also stated that the commission, under his watch, would encourage the multinationals, especially those in the telecommunications sector, to get listed on the Nigerian Stock Exchange.
Gwarzo said the government could help by giving a condition that the companies that were listed on the Exchange would be the first to be considered for contracts.
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Source : Punch