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By Chukwuma Umeorah
The Director-General of the Securities and Exchange Commission (SEC), Lamido Yuguda, the CEO of the Nigerian Exchange (NGX) Limited, Temi Popoola, and other relevant stakeholders would converge at the 2023 Capital Market Correspondents Association of Nigeria (CAMCAN) workshop to address challenges hindering economic growth and explore the role of the capital market in executing the National Development Plan.
The workshop themed, “Leveraging Capital Market in Financing the National Development Plan,” set to hold on December 2 and 3, 2023, in Lagos and will feature prominent figures in the financial sector, including the guest speaker, Uchenna Uwaleke, a Financial Economist and Professor of Capital Market at Nasarawa State University who will share insights on how the government can utilize the capital market to implement the National Development Plan.
Nigeria’s National Development Plan seeks to invest massively in infrastructure, ensure macroeconomic stability, enhance the investment environment, improve on social indicators and living conditions, implement climate change mitigation, adaptation and resilience strategies, amongst others.
It was formulated against the backdrop of several subsisting development challenges in the country including fragile economic growth, insecurity, weak institutions, insufficient public service delivery, infrastructure deficits, climate change and the need to tackle them within the framework of medium- and long-term plans.
Specifically, the plan introduced in 2021 aims to generate 21 million full-time jobs and lift 35 million people out of poverty by 2025; thus setting the stage for achieving the government’s commitment of lifting 100 million Nigerians out of poverty in 10 years.
CAMCAN, in a statement, noted that for government to achieve this, it is crucial to leverage the potential of the capital market, saying that capital market is a critical pillar to long term fund mobilisation needed for capital formation to fast track economic growth and development.
“Development planning in Nigeria over the years has been constrained by the failure of the leadership to properly envision true development plan and proper utilisation of the capital market in economic development,” hence the theme and focus of this years workshop.
“The role of the government will go beyond the normal provision of the enabling environment to include the qualitative participation in vital sectors of the economy that will open opportunities for the private sector to be a major engine of growth.”
The workshop will feature a panel of discussion from regulatory organisations and operators in the capital market, who will discuss and bring more perspectives to the guest speaker’s presentation.
BUA Group, the Platinum sponsor, would be leading other sponsors to the workshop including: Fidelity Bank Plc, United Bank for Africa, VFD Group, FMDQ Group, NGX Limited, Ardova Plc, Seplat Energy and Zenith Bank, among others.
