The Securities and Exchange Commission has launched the Nigerian Capital Market Development Fund (NCMDF) as part of efforts to improve the Nigerian capital market.
At the inauguration ceremony of the board in Abuja, the Director General of the commission, Mr Mounir Gwarzo explained that the initiative aims to boost investors’ confidence.
“Part of the 10-year capital market capital market development initiative that we said we were going to implement – Objectives of the fund largely, is in line with our market development initiatives and I call upon all of us to strongly support such initiatives,” he said.
On his part, the former Director General of the SEC, Mr Suleiman Ndanusa, wants the committee to commit more effort to financial inclusion.
“The primary purpose of establishing the Nigerian Capital Market Development Fund is to fund relevant market development initiatives that will spur growth of the market and the Nigerian economy.
“Equally, the fund seeks to facilitate the introduction and proper understanding of new products to deepen the market, provide capacity building to tackle emerging challenges and create an industry-wide synergy through a partnership with government and non-governmental agencies and corporate bodies with similar objectives,” he stated.
