SEC DG: Embracing fintech solutions, digital assets will enhance capital market efficiency

Emomotimi Agama, director-general (DG) of the Securities and Exchange Commission (SEC), says embracing financial technology (fintech) solutions and digital assets would enhance capital market efficiency.

Agama spoke on Thursday at the 28th annual conference of the Chartered Institute of Stockbrokers (CIS) themed, ‘Capital Market as a Catalyst for the $1.0trn Economy’, held in Oyo state.

According to the SEC DG, focusing on the capital market to reach the ambitious $1 trillion target highlights the crucial role financial markets play in national development.

He said the critical review of sectors, investment strategies, market regulations, and technological innovations that the conference promises would provide a roadmap for the capital market’s contribution to Nigeria’s economic transformation.

Agama said the capital market serves as a fundraising platform and also a crucial driver of wealth creation, economic diversification, and infrastructure development.

He said by effectively directing resources into productive sectors, the capital market can boost industrial growth and foster technological progress.

“This conference provides an opportunity to identify and address key barriers that have hindered optimal capital market performance, such as regulatory challenges, market liquidity, and investor confidence,” Agama said.

“Additionally, the role of technological innovations in the market cannot be overstated. Embracing fintech solutions, blockchain, and digital assets will further enhance market efficiency and transparency.

“The success of the $1.0 trillion economy vision largely depends on the collective efforts of all stakeholders in the financial ecosystem. By fostering collaboration between regulators, market operators, and policymakers, we can create a more resilient and inclusive market.”

‘WE CAN UNLOCK FULL POTENTIAL OF CAPITAL MARKET TOGETHER FOR SUSTAINED ECONOMIC GROWTH’

The SEC DG commended the stockbrokers for their dedicated efforts in fostering knowledge sharing and professional development through the conference.

He said the contributions of the CIS are essential for equipping market players with the skills and insights needed to advance the economy.

Agama also commended the choice of Oyo state for hosting the conference, adding that location highlights the region’s economic importance and showcases its rich cultural heritage, providing participants with a comprehensive experience.

“The planned factory visits add a practical dimension to the conference, allowing brokers and stakeholders to witness firsthand the operations of notable companies. This initiative will foster deeper industry engagement and understanding,” he said.

“As the regulator of the capital market, the SEC fully supports this conference. We recognise its importance in shaping the future of our capital market and are committed to contributing actively. We encourage our members to participate and derive maximum benefit from the insights shared.

“I look forward to the rich discussions and collaborations that this conference will undoubtedly foster. Together, we can unlock the full potential of the Nigerian capital market for sustained economic prosperity.”

Agama expressed confidence that the conference would generate valuable insights and strategies to drive the capital market and economy forward, urging everyone to fully leverage the full potential to build a prosperous and sustainable future.

In his remarks, Oluropo Dada, president and chairman of the governing council of the CIS, said the theme was intentionally chosen to support one of the government’s key goals: increasing Nigeria’s gross domestic product (GDP) to $1 trillion as quickly as possible.

The CIS president stressed the capital market’s essential role in any nation’s economy, noting that both government and private organisations use it to gather capital for diverse needs.