The Securities and Exchange Commission (SEC) has urged greater cooperation among African markets to strengthen interconnections within the continent and enhance the development of new financial products.
The Director General of the SEC, Dr Emomotimi Agama, made the call on Monday during a visit by the SEC Board to the Autorité Marocaine du Marché des Capitaux (AMMC – Moroccan Capital Market Authority) in Rabat.
Agama emphasised the need for African nations to collaborate and invest in each other’s markets to foster growth, stating:
“We need to cooperate in Africa, invest in each other’s market and grow our continent. We want to build collaboration so that as Africans we can have a focus and build a strong interconnection. The time is now for us to look inwards.”
He highlighted Morocco’s expertise in Collective Investment Schemes (CIS) and the need for Nigerians to leverage its benefits:
“We are aware of your strength in Collective Investment Schemes and we know we can learn a lot from you. The population of Nigeria is huge and we need people to understand the huge benefits in CIS and how they can key into it.”
“We appreciate the strength of the Moroccan economy and structure and we want to see what role the capital market has played in all of this,” he stated.
Head of External Relations at SEC Nigeria, Efe Ebelo, said in a statement that Agama emphasised the importance of the capital market as the nerve centre of the economy, highlighting its role in wealth creation and quality of life improvement.
According to him:
“The capital market is an enabler to the development of the economy and we believe there is so much to learn from Morocco to help strengthen our own market. We are excited about what the future holds for us and how we can forge a common front.”
Agama also noted the benefits of CIS in Morocco and the mutual learning opportunities available:
“We are happy about the progress of CIS in Morocco and we want to learn from you and also tell you about our experience because there is a lot to gain. Our relationship and integration will go a long way in building both markets and make life better for our citizens. We encourage governments to use long-term capital for long-term projects.”
He emphasised the capital market’s role in financing infrastructure development:
“The capital market is the solution to raising funds for long-term infrastructure development. We see the capital market as a solution provider to move the economy forward. We want to make Africa better and a destination of choice. We want to jointly work with other regulators to achieve it.”
Chairperson and CEO of the Moroccan Capital Market Authority, Ms Nezha Hayat, welcomed the collaboration between the two regulators, noting the evolving nature of the capital market:
“Capital market has now diversified so much, but for us everything goes through mutual funds. We think CIS is very important because people put their money in funds that are regulated and are controlled. People have more access through CIS. It is key to encourage the truth of any market.”
She underscored the need for market integration and dual listings:
“I believe in an integrated market so cooperation is better. We are interested in dual listing; we will soon be authorizing funds in foreign currency which means the mutual funds can also be invested in foreign countries. We have a special focus on Nigeria, which will be one of the markets where this will happen. We need to deploy initiatives that will focus on developing our continent,” she added.
Chairman of the SEC Nigeria Board, Mr Mairiga Katuka, reaffirmed the Commission’s interest in learning from other jurisdictions to improve Nigeria’s capital market.
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