Determined to ensure it is not left out in the battle to ensure the nation’s economy swims out of the Coronavirus (COVID-19) murky waters with minimal scars as possible, stakeholders in the Nigerian capital market, on Tuesday announced the launch of a N1bn initiative.
The amount is to be raised “within the shortest possible time,” according to a statement by the Securities & Exchange Commission (SEC).
The statement by Efe Ebelo, spokesman of the commission, quoted the SEC’s Acting Director-General, Ms. Mary Uduk as disclosing in Abuja, that the fund will help to cushion effects of the pandemic on poor and venerable Nigerians as well as providing some critical medical supplies.
According to her, “the committee has commenced work and has set a target to raise the sum of N1.0bn from market participants and stakeholders within the shortest possible time. The money will be used to provide palliatives to the impoverished and medical equipment to designated hospitals and isolation centres.”
While acknowledging on-going efforts at providing critical medical supplies and palliatives to Nigerians, Uduk added that the Nigerian capital market community recognises that more still needs to be done, especially for the vulnerable and less privileged in the society.
“To this end, the Nigerian capital market community, led by the Securities and Exchange Commission, on Thursday, April 16, 2020, inaugurated a market-wide Committee, the Capital Market Support Committee on COVID-19, to coordinate the capital market community’s effort in mitigating the medical and economic impact of the pandemic on the vulnerable and the less privileged.
” This is a challenging time for everyone and the capital market community cannot afford to stay on the side-lines in the fight against COVID-19.
“We urge fellow Nigerians to continue to take all necessary safety precautions and abide by all directives issued by the Federal Government and its relevant agencies. Together, we will overcome this pandemic” she added.
Uduk recalled that following the confirmation of the COVID-19 index case in Nigeria on February 27, 2020 and the subsequent identification of other cases, the Federal and State Governments have introduced several measures to contain the spread of the disease. The private sector has also thrown its weight behind the Government in an effort to contain its spread and alleviate the economic and medical hardship brought about by the pandemic.