African Markets Unite: SEC calls for deeper co-operation

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The Securities and Exchange Commission (SEC) has called for deeper cooperation among African capital markets to strengthen integration and promote the development of new financial products. SEC Director General, Dr Emomotimi Agama, made the call during a visit to the Moroccan Capital Market Authority (AMMC) in Rabat.

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Agama emphasised the importance of African countries investing in each other’s markets to stimulate economic growth and create stronger linkages across the region. “We need to cooperate in Africa, invest in each other’s market and grow our continent,” he stated. “The time is now for us to look inwards.”

Agama noted that Nigeria could learn valuable lessons from Morocco’s expertise in Collective Investment Schemes (CIS). “We are aware of your strength in collective investment schemes, and we know we can learn a lot from you,” he said. With Nigeria’s large population, he added, there is significant potential to expand the reach and impact of CIS

The SEC Director General described the capital market as the nerve centre of any economy and urged citizens to leverage investment opportunities to create wealth and improve living standards. “We encourage governments to use long-term capital for long-term projects,” he added.

AMMC Chairperson and CEO, Ms Nezha Hayat, expressed satisfaction with the growing ties between the two regulatory bodies. She highlighted the importance of mutual funds in broadening investment access for the population. “The capital market has now diversified so much, but for us everything goes through mutual funds,” she said.

Ms Hayat stated that the AMMC is keen on initiatives such as dual listings and the authorisation of funds in foreign currencies, which would allow Moroccan mutual funds to invest abroad. Nigeria is among the countries targeted for these developments.

SEC Nigeria Board Chairman, Mr Mairiga Katuka, said the Commission is committed to learning from other jurisdictions to strengthen the Nigerian capital market and improve its performance

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