Coronavirus: SEC harps on quick economic diversification

The Securities and Exchange Commission (SEC) says the current COVID-19 pandemic calls for urgent diversification of the nation’s economy.

The Commission’s Acting Director-General, Ms Mary Uduk, stated this at the Capital Market Correspondents of Nigeria (CAMCAN) forum, sponsored by the commission in Lagos.

Uduk, represented by Mr Okey Umeano, SEC Head, Office of the Chief Economist, said the present consequences of COVID-19 was a wake up call for Nigeria to truly and quickly diversify its economy.

“The current COVID-19 pandemic, with its dire consequences on our economy, is a wake up call for us to truly and quickly diversify the economy.

“This can only happen if we as individuals, institutions, operators and the media work together in the true belief that mutual help is the best form of self-help,” she said.

Uduk noted that the world as a whole had a common challenge as posed by globalisation.

The director-general stressed the need for the country to work out a framework that would enable it gain and prosper from challenges of globalisation.

She, however, commended the Federal Government and the Central Bank of Nigeria for interventions aimed at cushioning the effects of the Coronavirus on the economy.