Emomotimi Agama, the director general of the Securities and Exchange Commission (SEC), says Nigeria requires over $50 billion to address its infrastructural deficits while noting the role of the capital market in raising the necessary funds.
Speaking on Thursday at a stakeholders’ programme in Lagos, Agama said the capital market has been underutilised in addressing the country’s financial needs.
Agama said the regulator and operators need to further strengthen the capital market where funds are raised, noting that market-creative initiatives must be encouraged.
“We have the capacity. Debt in the Nigerian capital market has not been fully explored. People are unaware of this, which is why we are working to educate them about the capital market. The capital market is the barometer of any economy,” he said.
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“Nigeria has the capacity to fund the capital market. To achieve this goal and mainstream the capital market into the national economy.
He further highlighted that Nigeria infrastructure needs are huge, in every aspect. Considering that we have 36 states in the country and the FCT, which require funds for roads, health services, airports, education, and agriculture. It is all-encompassing, so we are looking beyond $50 billion to deal with these infrastructure deficits.
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