Speaking at 18th Annual Conference of the Chartered Institute of Stockbrokers held in Lagos, the Director-General of the commission Ms. Arunma Oteh, said the capital market is structured to provide long-term funding as opposed to the short to medium-term loans that banks provide.
She stated that theme of the conference : ‘The capital market: The key catalyst to the development of the entertainment industry, was apt as it explained that not only was the nation’s capital market positioned to provide companies with long-term funds, it also helped to distribute funds to sectors where they were needed such as the entertainment industry.
According to her, “The capital market and the creative industry are natural partners; there is no doubt that the creative industry stands to benefit from the Nigerian capital market. Together, we can do a lot. I commend the Chartered Institute of Stockbrokers’ leadership for the vision to select this theme.”
She explained that the commission was aware that the activities of the entertainment industry had had a positive impact on the nation and its image over the years, hence its decision to work with the industry long before now.
She said, “SEC started very early to collaborate with the entertainment industry to educate the investment community and leverage on the industry to grow our capital market. Nigeria has ever been celebrated across the globe because of the works which the entertainment industry does and its contribution to our GDP. I believe that the challenges which the industry faces are surmountable.”
Also speaking at the event, the President, CIS, Mr. Albert Okumagba, explained that the industry had the potential to become a major contributor to Nigeria’s gross domestic product.
He, however, stressed that this would only be possible if it received the needed support and was backed by good policies.