SEC takes step at improving financial literacy in Nigeria

The Securities and Exchange Commission (SEC) is set to improve the financial literacy of Nigerians as poor financial literacy has been identified as one of the factors responsible for the low level of financial inclusion in the country.

This was disclosed by Director General of the Securities and Exchange Commission (SEC) Mounir Gwarzo at the launching of the Nigerian Journal of Securities Market (NJSM) in Lagos Thursday.

Gwarzo said the launch of the journal is one of the steps being taken by the Commission to address this gap.

According to him “As part of the SEC mandate to develop the Nigerian capital market and by implication the economy, the Commission is putting all energy, resource and time into implementing the Nigerian Capital Market Master Plan

“The SEC has focused on several financial literacy initiatives as part of its market development drive”

The DG said efforts are being made to boost financial literacy among young people with school programmes, literacy week and a capital market curriculum.

He said the journal represents another milestone in the endeavour of the SEC to fulfil its Capital Market literacy master plan whose major recommendation is developing a regular and up to date publication and journal on capital market operations.

Gwarzo said “The Nigerian Securities Market Journal (NSMJ) is a periodic multi-disciplinary journal that will serve as a platform for disseminating information and research on the Nigerian Capital Market. The journal will publish original evidence-based papers on capital market activities

“It aims to revamp capital market information, serve as evidence point and re establish SEC as the knowledge bank of the capita market. The journal will provide an avenue to disseminate critical insights into some of the main problems facing the securities market

” It will provide an avenue to present and analyse emerging trends and contemporary issues as they affect the Nigerian Securities market” he added.

Launching the journal, Managing Director Financial Derivatives Ltd, Mr. Bismarck Rewane commended the SEC on its efforts at financial literacy as he said it is important for Nigerians to be financially literate especially given the current economic recession.

He however expressed optimism that the country will experience early symptoms of recovery by late 2017 and urged the SEC to sustain its efforts at educating Nigerians on financial issues.