• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Friday, August 8, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home News

SEC seeks quick economic diversification

The Matters Press by The Matters Press
March 21, 2020
Reading Time: 2 mins read
0
e-IPO hits stock market in March

SEC

SEC

The Securities and Exchange Commission (SEC) says the current COVID-19 pandemic calls for urgent diversification of the nation’s economy.

RELATED POSTS

‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎

National Single Window initiative, a major step for efficient cross-border trade – TMSG

‎Group celebrates 45% increase in federal revenue in just one month

Ms Mary Uduk, SEC Acting Director-General, stated at the Capital Market Correspondents of Nigeria (CAMCAN) forum, sponsored by the commission in Lagos.

Uduk, represented by Mr Okey Umeano, SEC Head, Office of the Chief Economist, said the present consequences of COVID-19 was a wake-up call for Nigeria to truly and quickly diversify its economy.

“The current COVID-19 pandemic, with its dire consequences on our economy, is a wake-up call for us to truly and quickly diversify the economy.

“This can only happen if we as individuals, institutions, operators and the media work together in the true belief that mutual help is the best form of self-help,” she said.

Uduk noted that the world as a whole had a common challenge as posed by globalisation.

The director-general stressed the need for the country to work out a framework that would enable it gain and prosper from challenges of globalisation.

She, however, commended the Federal Government and the Central Bank of Nigeria for interventions aimed at cushioning the effects of the Coronavirus on the economy.

Speaking on Collective Investment Scheme (CIS) or Mutual funds, she said the size of the fund in the capital market was expected to hit N1.5 trillion before the end of the year.

CIS, also known as Mutual Funds, is an arranged pool of funds managed on behalf of investors by a professional money manager.

The professional money manager may invest in ventures capital, portfolio of stocks Bonds and other securities.

Uduk said SEC was setting up more strategies to develop the mutual fund segment in the Nigerian capital Market.

She stated that the segment, which currently stands at N1.2 trillion, was growing and urged retail investors to use the funds as a means to access the market.

“In any advanced market, the Collective Investment Scheme form a very big part of the market.

“We at the commission have discovered that some of the investors who lost their savings during the crisis in 2008 are low on confidence.

“That is the reason why we are encouraging retail investors to go through these mutual funds because they are set up and approved by capital market operators and the SEC and the SEC regulates them (operators).

“Currently the size of the segment stands at N1 trillion but we expect it to grow much higher.

“So we are urging retail investors and high networth investors to use the mutual funds route to enter the market,” Uduk said.

Corroborating her views, Divisional Head, Economic, Research and Policy Management, SEC, Dr Afolabi Olowookere, noted that the commission expects to see a significant rise of N1.5 trillion or N2 trillion in mutual funds.

Olowookere noted that about 480,000 investors had keyed into the investment segment.

“We still expect that size to get to N1.5 or N2 trillion and the reason is because it provides an avenue for retail investors to buy.

“The mutual fund may not have very high return, but definitely it won’t have low return.

“With the SEC at the forefront of financial inclusion, we are pushing collective investment scheme, because it brings some form of stability for investments.

“The number of units of account in that segment currently stands at 480,000 investors and it would likely increase”, he said.

Tags: SEC
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Obi, PDP candidate advises Buhari to increase tempo
Economy/Technology

‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎

August 7, 2025
Importers face delays, higher costs on Red Sea woes
Economy/Technology

National Single Window initiative, a major step for efficient cross-border trade – TMSG

August 4, 2025
Chatham House stance on Nigeria’s economy, a non-biased assessment of  reforms
Economy/Technology

‎Group celebrates 45% increase in federal revenue in just one month

July 28, 2025
POLICY STATEMENT 027 BY THE INDEPENDENT MEDIA AND POLICY INITIATIVE (IMPI)
Economy/Technology

Alleged Wasteful Turn Around Maintenance (TAM) of Refineries: Setting the records straight

July 25, 2025
Dangote Fertilizer in gas supply deal
Economy/Technology

IMPI seeks forensic audit of refineries from 2000 to 2023 ‎ ‎

July 25, 2025
Nigeria’s Dangote refinery will cut Africa’s petrol import by 36%
Economy/Technology

‎ADC erred, APC administrations never spent $18bn on refineries-IMPI ‎

July 25, 2025
Next Post
Gas cylinder plant for inauguration

Nigeria in 28 investment deals

Nigeria, nine others fail to sign air market deal

Travel agencies lose N180bn to COVID-19

Recommended Stories

UNECA urges media to pressure govts on policies

Free movement of people will boost African trade — ECA

April 1, 2023
Lagos train begins passenger carriage in January

Lagos train begins passenger carriage in January

August 8, 2022
NBS reports increase in Inflation

CardinalStone Securities calls for investments in stocks to fight inflation

October 5, 2022

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • ‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎
  • National Single Window initiative, a major step for efficient cross-border trade – TMSG
  • ‎Group celebrates 45% increase in federal revenue in just one month

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us