Capital market development 499. The CSAR notes the rapid growth of the capital market with satisfaction. The number of registered operators on the NSE grew from 290 in 1999 to 581 in 2006, and the number of listed securities increased from 268 in 1999 to 288 in 2006. The value of new issues (debt and equities) rose rapidly from N12.04 billion in 1999 to N702.15 billion in 2006. 500. Furthermore, the ratio of market capitalisation to GDP more than trebled from 9.4 per cent in 1999 to 28.3 per cent in 2006. The NSE all-share index, which is a true barometer of the health of the economy, also rose almost tenfold between 1999 (5,266) and 2007 (over 47,000). 501. The CSAR acknowledges these impressive gains but notes that the capital market is still narrow and shallow and leaves enormous potential for growth and creating wealth. Pension scheme 502. A new pension scheme in Nigeria was introduced as the fourth pillar of financial system reforms. The CSAR observes that introducing the Pension Reform Act (2004) helped to address the previously disorganised and uncoordinated pension arrangements in the country. After a fully funded contributory system was introduced, pension fund custodians now take custody of the proceeds, while pension fund administrators invest the funds. At least N600 billion has already been contributed under the scheme. 503. However, the CSAR believes that the scheme remains undeveloped and requires sustained awareness and advocacy campaigns in order to gain the confidence of workers and employers alike. States also need to be encouraged to adopt the scheme so as to extend the benefits to state and local government personnel. It is also important that the Pension Commission (Pencom) enforces the rules in order to be credible. Progress towards sustainable development in selected indicators 156 504. The CSAR gives a mixed picture of performance with regard to Nigeria’s socioeconomic development. On the one hand, Nigeria has made good progress with increasing access to health care (by reducing the ratios of physicians/nursing staff to the population), and with increasing the levels of secondary and primary school enrolment. However, progress in adult literacy, life expectancy and the primary pupil-teacher ratios has stagnated. Moreover, the secondary school pupil-teacher ratio and the ratio of people to hospital beds have deteriorated, and budgetary allocations to the education and health sectors have dropped. 505. Unemployment has reached unacceptable levels. It is compounded by the phenomenon of graduate unemployment and an informal sector that harbours a substantial portion of the underemployed. However, the Quick National Employment Generation Survey (QNEGS) of 2006 recorded rapid