Declining oil price, COVID-19 outbreak to affect Nigeria’s capital market – SEC

Mary Uduk, the Acting Director-General of the Securities and Exchange Commission, says the global decline in oil prices and outbreak of coronavirus will affect the country’s capital market.
Uduk told the News Agency of Nigeria on the sideline of a news conference in Abuja on Wednesday that the effect would be global on various countries’ markets.
According to her: “Our capital market is global, so whatever it is that will affect any other country of the world right now will affect the Nigerian Capital market, the oil, because it is one global entity.”
The acting director-general, who regretted that the country’s 2020 budget had been threatened by the fall in the price, said concerted efforts were required to tackle the issue.
Uduk said: “This thing is everywhere and our capital market is global just like any other capital market.
“You will recall that the other day in New York, they had to shorten the period of trading because of the amount of losses.
“Whatever it is that will affect any other country of the world right now will affect the Nigerian Capital market, the oil, the coronavirus.
“It is one global entity; it is a global thing so it will affect all the markets.
“In CBN now, the government has convened a conference that is looking at how these things are affecting the economy of Nigeria and you know that the budget 2020 is already seriously threatened because the benchmark was at N57 but now, oil price has gone down.
“It is a serious thing, so all of us need to sit down and say what can we do, it is not just one sector, it has to be concerted efforts by all.
“Right now as we speak, it is being done in CBN.”
NAN.