The Securities and Exchange Commission (SEC), announced on Monday that it is willing to automate Nigeria’s capital markets, bringing Nigeria to the 21st century of technological innovations.
SEC Chief, Mr Lamido Yuguda disclosed this in a meeting in Abuja with Nigeria’s Minister of Communication and Digital Economy, Dr Isa Pantami.
The SEC announced that the automation of Nigeria’s capital markets would make Nigeria a favourable destination for investors and contribute to Nigeria’s FDI.
”Presently, we have a lot of documents and papers being brought to the Commission for one approval or the other.
”We think that if we can digitise our processes and these documents are transmitted to us electronically, it will make it easier for the market that we regulate and also stimulate growth,” the statement said.
The SEC said automation will enable a cost reduction and an increase in capital market efficiency, and urged collaboration with the Ministry of Communication and Digital economy to make the goal achievable.
The regulatory body admitted that the global pandemic has shown the importance of technology in managing efficiency, as capital markets globally were left unaffected as they still worked efficiently.
The Ministry of Communication and Digital economy urged that it is willing to work with the SEC to automate Nigeria’s capital markets, as they are also willing to promote the nation’s digital economy and contribute to Nigeria’s economy.