Goodie Ibru, a former President of the Nigerian Stock Exchange, on Thursday urged the Securities and Exchange Commission to seek ways to deepen the capital market.
Ibru told the News Agency of Nigeria in Lagos that the downturn experienced in the market between 2009 and 2011 was in line with the global trend and the realities of the global economy.
According to him, the positive performance of the market since the second quarter of 2012 till May 2013 was as a result of the reform embarked upon by SEC.
He said: “Stock exchange is as good as the volume of stocks that is traded.
“So the deepening of the capital market will help to sustain it.
“SEC should continue to keep a good watch over what is happening in the capital market to avoid any malpractices.
“Although, the commission has been creating some reform, it needs to do more and it is very important that it should not relax.”
Ibru said that since 2012, the reform had assisted the growth of the capital market.
He said that the fixed income market, the bonds and treasury bills, had also followed similar trend.
The former NSE president said that for a long time, bonds in the capital market had not been successful.
He said that recently, the bonds had been accepted and this had helped to deepen the stock market.
Ibru said that the growth of the capital market was good for the nation’s developing economy because no economy could grow without a virile Stock Exchange.
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