Capital market master plan receives 30% implementation, says PWC
PWC Nigeria has disclosed that the level of implementation achieved in the 10- year Capital Market Master Plan ( CMMP) introduced in 2014 was 30 per cent. The CMMP was designed to reposition the Nigerian capital market as an attractive investment destination and a key facilitator of capital formation for accelerated growth of the market.
At the unveiling of the Revised CMMP, held in Lagos, yesterday, Senior Associate, PWC Nigeria, Bolanle Adekoya, said out of the 111 proposals identified for implementation on the various themes of the master plan, only 30 initiatives were completed.
She said implementation of the initiatives was constrained by various factors, which include: limited collaboration among stakeholders, definition not properly given to key performance indicators, and low investor confidence in the market due to weak corporate governance practice among others.
According to her, in response to the changing socioeconomic trend and low implementation of the CMMP, PWC was engaged by FSD Africa to review and update the existing master plan.
Earlier, Minister of Finance, Budget and National Plan - ning, Zainab Ahmed, de - scribed investor confidence as a major factor that will accelerate growth and stimulate activities in the capital market.
Represented by the Director General, Debt Management Office, Ms. Patience Oniha, Ahmed pledged Federal Government’s commitment to continue to support the SEC in performing its regulatory function in a more efficient manner. According to her, the market should be characterised by high level of compliance, ethical standards, in- depth liquidity, good corporate governance and a strong domestic investor base to boost confidence.
“Nigeria needs a capital market that broadens access to economic prosperity by enabling the emergence of financially responsible citizens, accelerating wealth creation and distribution, while providing capital for small and medium- scale enterprises.
“I consider the revised capital market master plan a veritable tool, which the capital market must use as it drives key initiatives towards achieving the country’s economic growth objectives,” she said.