SEC DG Wants Focus on Policy Framework to Grow Economy

By Aduragbemi Omiyale

The Director-General of the Securities and Exchange Commission (SEC), Mr Lamido Yuguda, has called for special attention on policy framework as this remains the pillar to growing the economy of Nigeria.

Mr Yuguda made this suggestion when he joined the management of the Nigerian Exchange (NGX) on a visit to the team of the Lagos Free Zone.

He said the country has all the major ingredients to become a full powerhouse and economic hub in Africa, but a policy framework.

The SEC DG used the occasion to commend the Lagos Free Zone for making investment opportunities available to Nigerians, assuring the organisation of required regulatory support.

“We have the labour, raw materials and the market. Nigeria is a big market and if we can focus on this as a policy framework, we will be able to grow our economy and create wealth for our citizens

“I am very impressed with what is going on here, this place holds promise for the future of Nigeria. I am sure this kind of place will give others the hope and courage to make useful investments in this country.

“The capital market is open for business and we are willing to provide all the necessary support for companies like this to access the capital market,” he said.

Mr Yuguda said the whole goal of the SEC is to see how the capital market can aid investors who are willing to set up companies that produce goods Nigerians can patronise and use.

“We will work with the NGX to ensure you come to the capital market quickly. Nigerians need to own a part of businesses like this.

“We have to plan for the future with projects like this, these investments are what we should do now for a better future,” he added.

In his remarks, the Chief Executive Officer of LFZ, Mr Dinesh Rathi, expressed the hope that the operations of the company would assist Nigeria to solve some of the problems relating to industrialisation.

Mr Rathi said the LFZ is reassured by the words of the SEC which shows the management is on the right path and promised that the organisation will ensure it achieves set milestones for the benefit of Nigerians.

“We desire regulatory support to succeed and we believe that in the end, we will assist to drive industrialisation for this country and help stop forex flight. Nigeria gains from this in the long run because employment will be generated as well as taxes among other benefits,” he added.