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The Securities and Exchange Commission (SEC) of Nigeria has announced its membership in the Growth and Emerging Markets Committee (GEMC) Network on sustainability, a move aimed at aligning the Nigerian capital market with global sustainability standards. This development was revealed on the sidelines of the International Organisation of Securities Commissions (IOSCO) Annual Meeting held in Doha, Qatar.
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According to the Director-General of the SEC, Emomotimi Agama, Nigeria’s membership in the GEMC is a significant milestone for the country’s capital market reforms. “GEMC plays a crucial role in promoting sustainable and resilient capital markets in emerging economies,” Agama said. “Nigeria’s membership in GEMC is a significant step towards aligning the country’s capital markets with global sustainability standards.”
Agama noted that the membership would improve Nigeria’s credibility in the global capital markets and attract foreign investment. “GEMC’s focus on sustainability would help Nigeria’s capital markets contribute to the country’s sustainable development goals, such as reducing carbon emissions and promoting environmental protection,” he added. “Membership would provide Nigeria’s securities regulator with access to best practices and guidance on sustainable finance, enabling the development of a more effective regulatory framework.”
The GEMC membership will also offer opportunities for capacity building and knowledge sharing, enhancing the skills and expertise of Nigeria’s securities regulator and market participants. Agama emphasised that IOSCO membership would facilitate international cooperation and information sharing, helping Nigeria’s securities regulator to stay abreast of global best practices.
“IOSCO’s focus on market integrity would help Nigeria’s capital markets maintain high standards of transparency, fairness, and investor protection,” Agama said. The ISSB Standards, endorsed by IOSCO in July 2023, aim to ensure globally consistent disclosures that meet the needs of market participants.
By joining the GEMC Network, Nigeria’s capital market is expected to benefit from access to capacity-building tools, supervisory and enforcement frameworks, and educational materials to help integrate sustainability reporting effectively. This move is seen as a significant step towards promoting sustainable and resilient capital markets in Nigeria
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Jonathan Nwokpor
