The Securities Exchange Commission (SEC) and the African Development Bank (AfDB) on Friday (12 March, 2021), signed an agreement on the Nigeria risk-based supervision framework implementation and capacity building project.
The Nigeria Stock Exchange (NSE) and other industry experts are in collaboration with the SEC to implement initiatives aimed at promoting Green Bond market development.
The NIPC, quoting Vanguard, has it that “according to information from the NSE, the AfDB will provide technical assistance as well as a grant from the capital market Development Trust Fund – a multi-donor trust fund – administered by the AfDB dedicated to the development of African capital markets.”
In his address at the occasion, the Senior Director, AfDB Group, Mr. Lamin G. Barrow, noted that, “We are very delighted to sign this agreement, which enables us to accelerate the implementation of key initiatives.
The grant will enhance the capacity of the SEC in risk-based supervision framework for the financial and securities market, strengthen operational readiness in the areas of risk-based publishing, derivatives and green bonds trading market. It will provide capacity building and training programmes for the NSE, issuers and institutional investors on green bonds, as well as market operators and regulators from the wider Economic Community of West African States (ECOWAS) region.
Experience has shown that countries with developed domestic capital markets have posted stronger economic growth and structural transformation and that is why AfDB Group is supporting the emergence of a well-functioning and resilient financial and capital market in African countries through various mechanisms.”
“The SEC is focused on capacity development as a catalyst to drive the actualization of the 10-Year Capital Market Masterplan 2015 – 2025. Consequently, the SEC designed a targeted training programme to address gaps in regulation and market development to enhance the commission’s readiness to effectively regulate new products and promote the growth of the capital market. Some of these initiatives include the procurement of surveillance solutions, capacity building in the areas of risk-based supervision, green finance and derivatives…”, according to the SEC DG, Lamido Yuguda in his own address.
Azuka Edokobi is a Writer , a Farmer, a Supply Chain Expert and an Entrepreneur