The Securities and Exchange Commission (SEC) has restated the vital role the capital market plays in the development of any country through the provision of long-term funds for infrastructure development among others.

The Director General of the SEC, Mr. Lamido Yuguda stated this when a team from the Nigerian Economic Summit Group (NESG) visited the Commission in Abuja, to collaborate with the SEC towards the development of the economy.

The SEC DG said that the capital market can actually do more in the areas of provision of necessary infrastructure for the country in a bid to support the government in its developmental efforts.

He said, “our collective economic power is bigger than the government and in many countries you find out that the capital market is actually funding the government. When you save, the finance is used to create economic value that actually enhances your standard of living and this is a win-win. You get financial returns and also get utility from the investments and this is actually achievable.”

In his remarks, Chief Executive Officer of NESG, Mr. Laoye Jaiyeola, expressed worry that the banking sector is being over stressed urging Governments and Corporates organisations to look towards the capital market for their funding needs.

Jaiyeola stated that transactions can be restructured to raise bonds, bills and all of those things that will fund whatever it is that needs to be funded without going through banks.

He said, “The securities market needs to take the bull by the horn otherwise we are going to be in perpetual debt as a Nation and that will not help us. That is one of the reasons we say let’s re-engage, how can we get an Investments and Securities Act that will ensure that the needed funding for development in Nigeria is given priority and then we can fund Nigeria for a longer term. The short term funding cannot help us; we need to begin to move to long-term. We are passionate about it and we need to raise these funds for the needed development funding for Nigeria.