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The Securities and Exchange Commission (SEC) has sealed a $400,000 grant agreement with the African Development Bank, (AfDB) to enhance the securities market regulation and broaden market instruments.
The AfDB stated on Friday that the funds would go towards strengthening the risk-based supervision framework, regulation of derivatives and green bonds, and build capacity for green finance.
According to the AfDB, the grant would be sourced from the Capital Markets Development Trust Fund, a multi-donor fund administered by the Bank.
Speaking at the virtual signing ceremony, the Director-General of the Securities and Exchange Commission, Lamido Yuguda said, “This collaboration further underscores our mutual goal to grow our markets and create viable avenues for sustainable economic development for Nigeria and the region,”
The grant is aligned with the priorities of the Bank’s Country Strategy for Nigeria, which envisages measures to stimulate capital market development to unlock financial resources for productive sector investments, infrastructure development, and private sector growth.
Also speaking, Lamin Barrow, Senior Director of the Bank’s Nigeria Country Department, noted the urgency of the implementation of the project.
“At a time when countries are striving to build back better from the ravages of the COVID-19 pandemic, improvement of the enabling regulatory and supervision framework will boost domestic resource mobilization efforts and leverage private sector contributions to achieve a greener, more environmentally sustainable, and inclusive post-pandemic recovery,” Barrow said.
Oscar Onyema, Chief Executive Officer of the Nigerian Stock Exchange, thanked the Development Bank and the Securities and Exchange Commission “for this historic event and partnership, to build in-house capacity at SEC, the Nigerian Stock Exchange, issuers and investors in the sustainable finance space, which will help to meet climate finance commitments in Nigeria.”
The project will support the implementation of the SEC’s Nigeria Capital Market Master Plan 2015-2025 and its vision to position Nigeria’s capital market as a competitive and attractive destination for portfolio investments.
BADEJO ADEMUYIWA has 23 years experience as a Finance Writer, specialising in Insurance and Investigative Reporting.
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