State Governments urged to embrace Capital Market for Infrastructural Development

 

State governments have been urged to take advantage of the numerous benefits inherent in the capital market to bring about desired development to Nigerians.

The Director General of Securities and Exchange Commission, SEC, Mounir Gwarzo, who stated this at the ongoing 18th Katsina Trade Fair, in Katsina State, said such advantages can be accessed through equities, bonds or mortgage bond securities.

Represented by Head Kano Zonal office of SEC, Malam Adamu Sambo, Gwarzo, said the Nigerian capital market has the capacity to provide long term funds needed to solve the infrastructural challenges in the country and act as a springboard that would fast track development of their states.

He added that both the federal and state governments in the last dispensation tasted the potential of the market as over N500 billion was raised from the nation's bourse through bonds by various states for infrastructure development between 1999 and 2013.