14 December 2012

Nigeria: The Nation Needs World Class Capital Market to Transform Economy - Oteh

Lagos — The Director General of the Securities and Exchange Commission (SEC), Ms Arunma Oteh, has said that Nigeria's capital market must upgrade to world class for it to solve its infrastructure problems and transition in agricultural sector.

She said this yesterday in Abuja at the opening session of the maiden edition of the SEC Journalists Academy.

She said: "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 noted that the Nigeria capital market has been recognised internationally as the world's most performing capital market. Oteh said the capital market has recorded over 30 per cent year-to-date growth and the best any market could offer in the world.

"The reforms in various sectors of the economy would help to revamp the capital market in 2013," she said.

She stressed that the Commission was following the reforms in the power sector.

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