Creative financing method needed to close infrastructure gap, says SEC
By Patience Ikpeme
The Securities and Exchange Commission (SEC) has called for new and creative methods of financing to address infrastructure deficit in West Africa.
The SEC expressed concerns that the lack of necessary infrastructure in West Africa is hindering the sub-regions sustainable development.
The Director General of the SEC, Mr. Lamido Yuguda, has argued that innovative financing mechanisms and sustainable financing options will help gather the required funds to fulfill the region’s crucial infrastructure requirements.
By doing so, Yuguda explained that it will not only promote economic growth but also aid in achieving the sustainable development goals of the region.
These views are contained in a statement the SEC issued in Abuja yesterday ahead of the 3rd biennial West Africa Capital Market Conference (WACMaC) 2023.
‘’The WACMAC 2023 provides us with a unique platform to engage in meaningful discussions, share insights, and forge partnerships that will help shape the future of our capital markets.
An array of experts, regulators, policymakers, and industry leaders will share their knowledge, experiences, and strategies to proffer solutions to the region’s infrastructure deficit from 25- 26 October 2023.
The SEC Director-General, said “infrastructure deficit posed a significant challenge to the region’s sustainable development”.
To address this gap, he stated that “there is a growing need to adopt innovative financing mechanisms, and sustainable financing options to mobilize the desired funds to meet the region’s critical infrastructure needs, foster economic growth, and achieve sustainable development goals”.
Mr. Lamido Yuguda who is also Chairman of the West Africa Securities Regulators Association (WASRA), said the conference was jointly hosted by WASRA, the Economic Community of West African States (ECOWAS), the West Africa Capital Market Integration Council (WACMIC), and the West African Monetary Institute (WAMI).
