The Securities and Exchange Commission (SEC) has stated its intention to make the capital market more appealing to all Nigerians, particularly the youth.
This was revealed by Mr Lamido Yuguda, Director-General of the Securities and Exchange Commission, during a meeting with a team led by the British Deputy High Commissioner in Abuja.
According to him, the commission is taking steps to ensure that market items and offerings are available to both young and old people, thereby broadening the market.
Given the average age of 50, he discovered that the majority of young Nigerians were uninterested in participating in the Nigerian capital markets.
“The average age of that account holder was over 50,” Yuguda explained, “and that made us realize that young people were not participating in this market, and when young people are not participating in any market, that market is doomed to fail.” And nowadays, young people prefer to do things on their phones; if you have to fill out a stack of forms manually, they will not do it. We want to make investing in the stock market enjoyable.”
According to him, the capital market experience begins with the opening of a bank account.
“So we decided to examine the entire process to determine what is turning off young people.” “We’ve started the process, and we’ve seen how tech companies are providing much-needed relief to the kind of bureaucracy that occurs in the capital market,” he said.
Yuguda also stated that the SEC recently accepted an e-offer for MTN, expressing delight on behalf of the commission. He claimed that because of the e-offers, many Nigerians would be willing to participate in the capital market, discouraging people from supporting illegal enterprises.