Finance minister to launch revised capital market master plan

Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed will launch the Revised Capital Market Master Plan this week in Lagos.

The Revised Capital Market Master Plan is expected to be the Roadmap for the capital market for the next few years.

This was announced by Securities and Exchange Limited (SEC) on Monday.

This is also as the SEC has scheduled to hold the Third Quarter Capital Market Committee meeting.

The 10-Year Master Plan which was launched in 2014 is being revised to reflect the dynamism of the market and developments in financial technology, among others.

According to SEC Director General, Mr. Lamido Yuguda, the Revised Capital Market Master Plan 2015-2025 (RCMMP), developed in collaboration with stakeholders, captures the challenges of the capital market in actualizing its role to drive national economic growth and more importantly, provides a blueprint to harness these opportunities to better position the capital market as the engine of our economic growth and development.

Yuguda said: “The first five years of the original Capital Market Master Plan 2015-2025 (CMMP) implementation focused on market and governance reforms in the aftermath of the global financial crises of 2008 and the Nigerian market correction that continued into 2009, with significant success. During that period, stock certificates were dematerialized, dividend management was automated, corporate governance standards were improved, intermediaries were strengthened through revised capital requirements and risk based supervision, amongst several other initiatives implemented under the CMMP.

“Today, we face new challenges and opportunities. The pursuit of innovation and growth requires that we are open to opportunities and risks. Our choices are limited if we only seek opportunities within our traditional boundaries. Similarly, we inhibit our ability to grow if we do not curtail the threats of unregulated risk taking. Promoting entrepreneurial and innovative outcomes, therefore, requires balancing our openness and more appetite for risk-taking with the critical need to protect investors.

“It is important to contextualize our aspirations within the fundamental objectives of market integrity and investor protection while pursuing economic growth. The RCCMP has provided a framework and outlined strategic initiatives that will help embrace and unlock these opportunities in our capital market.”

The CMC meeting which is holding with the launch of the Masterplan, is with key stakeholders in the capital market on November 24, while the usual interface with the press on the outcome of the CMC meeting, will take place on Friday, November 25.

The Commission unveiled the ten-year Capital Market Master Plan (CMMP) in November 2014 and has continued to implement the initiatives, which are designed to reposition the Nigerian Capital Market as an attractive investment destination and a critical facilitator of capital formation for the accelerated growth and development of the Nigerian economy.

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