In a bid to modernise Nigeria’s capital markets and ensure that it is well positioned to support economic transformation driven by private sector investment, the Securities and Exchange Commission and the African Development Bank Group have signed an agreement for a grant on market surveillance system project.
The grant valued at $460,000, is to finance technical assistance and capacity building for capital markets development under the “Nigeria Securities Market Surveillance System Project”.
Speaking at the ceremony, Director General African Development Bank Group Mr. Lamin Barrow said the grant from the Capital Markets Development Trust Fund (CMDTF) – a multi-donor trust fund administered by the African Development Bank-and supported by the Ministry of Finance of Luxembourg and the Ministry of Foreign Trade and Cooperation of the Netherlands, will support the acquisition, installation and deployment of a real-time automated securities market surveillance system of the Nigeria capital markets.
He said the pandemic has reinforced global risk aversion, prompting international investors to move their portfolios into safer assets and havens, expressing the desire to see growth of the equity market well beyond the current NGN 28.16 trillion underpinned by continued growth of the corporate bond market in Nigeria.
In his remarks, Director General of the Securities and Exchange Commission, Mr. Lamido Yuguda said the SEC is very pleased and thankful to AfDB for providing the grant support to execute these very important projects, particularly the project to acquire a surveillance solution.