The Director-General of the Securities and Exchange Commission (SEC), Dr Emomotimi Agama, has called for greater cooperation among African markets to strengthen interconnections across the continent and support the development of new financial products.
Correspondence reports that Agama made the call during a visit by the SEC Board to the Autorité Marocaine du Marché des Capitaux (AMMC), Morocco’s capital market authority, in Rabat.
“We need to cooperate within Africa, invest in each other’s markets, and grow our continent. Collaboration will help us build strong interconnections, and the time to act is now,” he said.
Agama highlighted Morocco’s expertise in Collective Investment Schemes (CIS) and noted that Nigeria could gain significantly by learning from the Moroccan experience.
“Nigeria’s large population presents a huge opportunity. We need to ensure people understand the immense benefits of CIS and how to participate,” he said.
He praised the strength of Morocco’s economy and said Nigeria was eager to understand the role the capital market had played in its development.
Agama emphasised the vital role capital markets play in economic growth, noting that citizens must be made aware of how to leverage them to create wealth and improve their quality of life.
“The capital market is key to economic development, and we are eager to learn from Morocco to strengthen our own market. We believe that by working together, we can build better futures for our people,” he added.
He stressed the importance of using long-term capital for infrastructure projects and said capital markets could offer sustainable solutions for financing development initiatives across Africa.
“We want Africa to become a preferred investment destination and are committed to working with other regulators to achieve this goal,” he said.
In her remarks, Chairperson of the Moroccan Capital Market Authority, Ms Nezha Hayat, expressed enthusiasm about the growing relationship between the two regulatory bodies.
“The capital market has diversified significantly, and Collective Investment Schemes are crucial as they provide a regulated and controlled way for people to invest,” she said.
Hayat emphasised the importance of market integration and cooperation, revealing that Morocco was planning to authorise mutual funds in foreign currencies, enabling investments across international borders.
“We have a special focus on Nigeria and look forward to deploying initiatives that will help develop our continent further,” she said.
Also speaking, the Chairman of the SEC Nigeria Board, Mr Mairiga Katuka, said the Commission was committed to learning from international best practices to improve Nigeria’s capital market.
(NAN)