Lagos: Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has emphasized the need for enhanced collaboration among African capital markets to foster stronger interconnections within the continent and develop new financial products.
According to News Agency of Nigeria, Agama made these remarks during a visit by the SEC Board to the Autorite Marocaine Du Marche Des Capitaux (Moroccan Capital Market Authority) in Rabat. He highlighted the importance of African countries investing in each other’s markets, noting that such cooperation could lead to significant economic growth across the continent. Agama pointed to Morocco’s strength in Collective Investment Schemes (CIS) as a model from which Nigeria could learn.
Agama stressed the critical role of the capital market as the nerve center of the economy. He urged citizens to leverage the market’s potential to create wealth and improve living standards. Acknowledging the robust structure of Morocco’s economy, he expressed a desire to understand the contribution of the capital market to this success.
He further elaborated on the capital market’s role as an enabler of economic development, citing Morocco as a source of valuable lessons for strengthening Nigeria’s market. Agama expressed optimism about future collaborations and the potential benefits they hold for both countries, including enhanced life quality for their citizens.
In addition, Agama encouraged governments to utilize long-term capital for infrastructure projects, positioning the capital market as a solution provider for economic advancement. He expressed a vision of making Africa a preferred destination for investment through joint regulatory efforts.
Meanwhile, Chairperson of the Moroccan Capital Market Authority, Ms. Nezha Hayat, welcomed the collaboration between the regulators. She noted the evolution of capital markets and the growing preference for investment via these channels. Hayat emphasized the importance of mutual funds in providing regulated investment opportunities and enhancing market access.
Hayat also expressed interest in dual listings and foreign currency fund authorizations, with a particular focus on Nigeria as a key market for these initiatives. She underscored the benefits of an integrated market and the need for cooperative efforts to develop the continent’s financial landscape.
Additionally, Chairman of the SEC Nigeria Board, Mr. Mairiga Katuka, reiterated the commission’s commitment to learning from other jurisdictions to enhance Nigeria’s capital market performance.