The Securities and Exchange Commission (SEC) and the African Development Bank (AfDB) Group have signed an agreement on Nigeria's risk-based supervision framework implementation and capacity building project. The Nigerian Stock Exchange (NSE) also joined the signing ceremony and will collaborate with SEC and other industry experts to promote green bond market development in Nigeria.
The AfDB will provide technical assistance and a grant from the Capital Market Development Trust Fund — a multi-donor trust fund administered by the AfDB for the development of African capital markets. The grant will enhance SEC's capacity in risk-based supervision for the financial and securities market, strengthen operational readiness in derivatives and green bonds trading, and provide training for the NSE, issuers, institutional investors, and market regulators across the ECOWAS region.
The Senior Director of AfDB Group, Mr Lamin G. Barrow, said the agreement would 'accelerate the implementation of key initiatives.' He noted that countries with developed domestic capital markets have posted stronger economic growth and structural transformation, which is why the AfDB is supporting the emergence of well-functioning financial markets in Africa. SEC Director-General Lamido Yuguda stated that the SEC is focused on capacity development as a catalyst to drive the 10-Year Capital Market Masterplan 2015–2025.
