Infrastructure development will tackle ‘Japa’ syndrome – SEC D-G

The Securities and Exchange Commisson (SEC) has identified availability of infrastructure as crucial to raising the living standard of Nigerians.

The Director-General of SEC, Mr Lamido Yuguda, said this at a pre-event news conference on the forthcoming West Africa Capital Market Conference (WACMAC) on Thursday in Lagos.

The conference with the theme: “Infrastructural Deficit and Sustainable Financing in an Integrated West Africa Capital Market,” will hold in Lagos on Oct. 25 and Oct. 26.

It is being organised by West Africa Capital Market Integration Council (WACMIC).

Yuguda said that availability of infrastructure such as power, telecommunications, roads, railways, schools, hospitals, shopping malls and hotels was crucial to improving the living standard of the people.

According to him, increased population of the country has called for enhanced investment in infrastructure.

“The population is increasing, and we need adequate infrastructure in Nigeria to raise living standard,” Yuguda said.

Yuguda said that the “Japa” syndrome (emigration) would reduce to the barest minimum with enhanced infrastructure development.

According to him, the brain drain in the country will also reduce with increased investment in infrastructure.

He called on the private sector to rise up to the challenge of sourcing long-term financing from the capital market to fund the infrastructure deficit in the West African sub-region.

“In many countries, provision of infrastructure has been steadily moving away from government to the private sector, owing to increasing demand and reduced ability of the government to fund infrastructure alone.

“Infrastructure deficit refers to a situation where there is insufficient infrastructure relative to the needs of the population,” Yuguda said.

He said that the need to tackle infrastructure deficit in the sub-region as well as the need to embrace principles of sustainable finance to promote economic development would be among the issues to be discussed as the conference.

“This deficit poses a significant challenge to the region’s sustainable development.

“To address this gap, there is a growing need to adopt innovative financing mechanisms and sustainable financing options to mobilise the desired funds to meet the region’s critical infrastructure needs, foster economic growth and achieve Sustainable Development Goals,” he said.

Yuguda said that the conference would bring together experts, regulators, policymakers and industry leaders who would share insights, experiences and strategies to proffer solutions to the region’s infrastructure deficit.

“The WACMAC 2023 provides a unique platform to engage in meaningful discussions, share insights and forge partnerships that will help shape the future of our capital markets,” he added.

Yuguda said that more than 300 stakeholders would be attending the conference to deliberate on ways to tackle infrastructure deficit in the West Africa region.

It was reported that WACMIC is organising the conference in partnership with the West Africa Securities Regulators Association, comprising SEC Nigeria, the Securities and Exchange Commission Ghana and Autorite de Marche’s Financiers or AMF-UMOA, as well as the Economic Community of West African States and the West African Monetary Institute.