SEC partners stakeholders to raise $360bn for infrastructure

The Securities and Exchange Commission is partnering with the National Planning Commission and other stakeholders on infrastructure delivery in the country.

A statement from the SEC yesterday said the intervention aimed at finding remedy for Nigeria’s inadequate infrastructural stock.

According to the statement, the participants are expected to engage the all important issue of how to raise on a sustainable basis estimated at $360bn, which is needed to plug Nigeria’s infrastructural gap.

Participants at the conference coming up next week include a representative of the Rand Merchant Bank, Infrastructure Concessions Regulatory Commission, ARM Infrastructure Fund and Perchstone and Gray, an infrastructure finance specialist law firm.

“A final panel made up of frontline capital market operators will provide insight into the climatic / environmental factors which will enable investment in infrastructure.

“This panel is the forte of seasoned capital market operators who will share insights on the policy and circumstantial issues that will activate capital and finance flow towards infrastructure,” the statement said.

It explained that the relevance of the capital markets in providing sustainable funding for the infrastructure needs which would have been given definition by the infrastructure ministers will be examined by a second panel featuring largely principal officers of multilateral financial institutions such as the African Development Bank and International Finance Corporation.

The Chief Executive Officer of the Nigerian Stock Exchange, Mr. Oscar Onyema had said in June that the Exchange has assisted many corporations to raise capital through the issuance of equity and fixedincome products.

He pointed out that the NSE has provided a platform for the Federal Governemnt, individual, states and local governments, and other government entities to raise funds for various types of projects through the issuance of debt. Onyema said, “The objective of the NSE is to be the Gateway to African Markets.

To achieve this vision, the Exchange has embarked on a transformation program to compete effectively in the global marketplace, while meeting the changing needs of our clients, and facilitating the mid- to long-termfinancing needs of the nation.”

Meanwhile, the board of Infrastructure Development Bank Plc recently approved the recapitalisation of the bank to the tune of N29bn, as part of efforts to enhance operations and record improved performance.

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