MIKE OCHONMA
With the hydra-headed problem of infrastructural deficit in Nigeria and across West Africa becoming a recurring decimal, the Nigeria’s Securities & Exchange Commission (SEC) said experts and egg-heads with deep understanding on infrastructural developments will be meeting in Lagos on October 25-26, 2023 inside the Eko Hotels & Suites during the forthcoming West African Capital Market Conference (WACMaC) with the theme, ‘Infrastructural deficit and sustainable financing in an integrated West Africa Capital Market’.
Infrastructure deficit refers to a situation where there is insufficient infrastructure relative to the needs of rising population like Nigeria.
In many parts of the world and especially in West Africa battling with high level of poverty and insecurity and insurgency and endemic corruption, problems and challenges posed by infrastructural deficit in the region has over the years overwhelmed governments in power necessitating the intervention of players in the private sector.
This year’s conference is particularly significant, as over 300 stakeholders will converge at the Eko Hotels to hold discussions around the general theme with a view to contributing significantly to infrastructural development in Nigeria.
Addressing newsmen in Lagos on Thursday, Lamido Yuguda, director-general, Securities and Exchange Commission (SEC) and chairman, West Africa Securities Regulators Association (WASRA).
According to the SEC boss, “The West Africa Securities Regulators Association (WASRA) comprising the Securities and Exchange Commission (SEC) Nigeria, Ghana, and Autorite de Marche’s Financiers or AMF-UMOA, in collaboration with Economic Community of West African States (ECOWAS), the West Africa Capital Market Integration Council (WACMIC), and the West African Monetary Institute (WAMI) are jointly organizing the 3rd biennial West Africa Capital Market Conference (WACMaC) 2023.
The SEC DG believed that, the availability of infrastructure, such as power, telecommunications, roads, rail, schools, hospitals, shopping malls, hotels etc is crucial to raising the living standards of the people.
In many countries he noted, the responsibility for the provision of infrastructure has been steadily moving away from government to the private sector owing to increasing demand and reduced ability of the government to fund infrastructure alone.
“This deficit also poses a significant challenge to the region’s sustainable development. To address this gap, 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.
The 2-day conference will bring together experts, regulators, policymakers, and industry leaders who will share their insights, experiences, and strategies to proffer solutions to the region’s massive infrastructure deficit.
The WACMaC 2023 provides a unique platform to engage in meaningful discussions, share insights, and forge partnerships that will help shape the future of West Africa’s Capital Markets where Nigeria is a very strong critical stakeholder.
