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SEC targets mutual funds investment of N1trn

28 March 2014, 11:33

Lagos - The Securities and Exchange Commission (SEC) is targeting mutual funds investments of N1 trillion in the next three years

Arunma Oteh, the Director-General of SEC disclosed this at the Centenary Capital Market Committee meeting held in Lagos.

Oteh said that the target would be achieved through effective utilisation of the market for medium and long-term funding for infrastructure development.

She noted that the Nigerian capital market’s contribution to the Gross Domestic Product (GDP) would increase by 100 percent by 2024.

She said that the market’s current contribution to the GDP stood at 27 percent, stressing that the market should be a barometer for economic development.

Oteh also said that the Nigerian capital market would be rated among the top 20 most performing markets in the world by 2024.

The director-general said that the major challenge of the market was inadequate understanding by policy makers on its rudiments and benefits.

Oteh said that the commission would continue with its advocacy programme to ensure increased participation and listing of more multinationals to achieve the target.

According to her, Nigerians want to participate in wealth created by privatised oil and information technology companies.

-    NAN

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