The Nigeria Securities and Exchange Commission (SEC) has signed a Memorandum of Understanding with the Capital Market Authority of Rwanda to deepen cooperation and support the development of capital markets in both countries.
The agreement was signed in Abuja on Monday and provides a framework for collaboration on investor education, capital market development, information sharing, capacity building, technical assistance, and enforcement matters.
According to the SEC, “each party shall, within its respective mandate and Applicable Laws, cooperate with the other party in areas including but not limited to: investor education and capital market development; exchange of information on regulatory and market developments; capacity building, training, and technical assistance; and cooperation on enforcement and supervisory matters of mutual interest.
“The parties recognise the importance of cooperation in fostering confidence, innovation, market development, and sound practices within their respective capital markets, as well as in supporting regional and international engagement where relevant.”
Speaking at the signing ceremony, Director-General of the SEC, Emomotimi Agama, said the partnership reflects the need for greater collaboration among African countries to strengthen capital markets across the continent.
“We are excited about this opportunity to help you develop your capital market. We need to cooperate in Africa, invest in each other’s markets, and grow our continent. In so doing, we will build collaboration so that, as Africans, we can have a focus and build a strong interconnection. The time is now for us to look inwards,” he said.
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Agama stressed that the Nigerian capital market was ready to work with other African countries to harmonise regulations, encourage cross-border listings, and improve investor protection.
“The capital market is an enabler to the development of the economy, and we believe there is so much for you to learn from us to help strengthen your own market. We are excited about what the future holds for us; we are willing to assist in contributing to the success of other nations,” he said.
He believes that stronger ties among African regulators would help mobilise long-term capital for infrastructure development and support economic growth across the continent.
“Our relationship and Integration will go a long way in building both markets and making life better for our citizens. As we forge a common front, we encourage government to use long-term capital for long-term projects. The capital market is the solution to raising funds for long-term infrastructure development,” Agama added.
On his part, the Chief Executive Officer of the Capital Markets Authority of Rwanda, Romeo Ngaranbe, welcomed the agreement and described Nigeria’s market as a valuable model for Rwanda.
“We are here to learn from you, as you have a more advanced capital market, and we are sure we will gain some useful lessons that have aided the development of your capital market. Whatever you give us, we will make good use of it, and we look forward to a fruitful partnership,” he said.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X