Nigeria's SEC Pushes for African Market Collaboration with Rwanda MoU

Dr. Emomotimi Agama, Director-General of Nigeria's Securities and Exchange Commission (SEC), has called for increased collaboration among African capital markets to foster continental interconnection and drive the development of new financial products. His remarks came during the signing of a Memorandum of Understanding (MoU) between SEC Nigeria and the Capital Markets Authority of Rwanda in Abuja.

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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.

The newly signed MoU outlines a framework for cooperation in several key areas. Both parties commit to collaborating on investor education and capital market development, exchanging information on regulatory and market advancements, and providing capacity building, training, and technical assistance. They will also cooperate on enforcement and supervisory matters of mutual interest, recognizing the importance of such partnerships in building confidence, promoting innovation, and ensuring sound practices within their respective markets.

Agama emphasized Nigeria's readiness to work with other African nations to harmonize regulations, encourage cross-border listings, and strengthen investor protection. He stated, "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."

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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.

He highlighted the capital market's role as the "nerve centre of the economy" and an enabler of economic development. Agama expressed confidence that Nigeria's strong capital market structure could offer valuable lessons to Rwanda, contributing to the strengthening of its market. He added that the integration between the two markets would significantly improve the quality of life for their citizens and encouraged governments to utilize long-term capital for long-term projects, positioning the capital market as a key solution provider for economic advancement.

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The capital market is an enabler of economic development, and we believe there is so much for you to learn from us to help strengthen your own market.