13 December 2012

Nigeria: Without a World Class Market, Nigeria Can't Solve Infrastructure Problems - Oteh

Abuja — Ms Arunma Oteh, the Director-General, Securities and Exchange Commission (SEC),on Thursday said the reforms in various sectors of the economy would help to revamp the capital market in 2013.

Oteh made the observation at the opening ceremony of SEC's Journalists' Academy for 2012 in Abuja.

She said that the commission was following the reforms in the power sector.

According to her, SEC is monitoring the reforms to ensure that the privatised companies are listed on the Nigerian Stock Exchange.

Oteh said that the commission was working tirelessly to ensure listing of upstream, downstream, telecommunication companies on the Exchange.

She said that the nation's bourse had been recognised internationally as the world most performing capital market.

Oteh said that the capital market had recorded over 30 per cent year-to-date growth and the best any market could offer in the world.

According to her, it is now known that without a world class market, Nigeria cannot solve its infrastructure problems and transition in agricultural sector.

"The capital market is not driven by euphoria, but by fundamentals of different sectors of the economy represented on the Exchange," she said.

The director-general said that the Barclays Global Investors Index would admit the Federal Government bond in its index by March, 2013.

She commended the Federal Government for stockbrokers' forbearance package and the removal of value added tax and stamp duty on capital market transactions.


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