By Onu Okorie
The Director-General of the Securities and Exchange Commission SEC, Dr. Emomotimi Agama, has called for stronger collaboration among African capital markets to foster greater interconnectivity across the continent.
Agama who made the call in Abuja during the signing of a Memorandum of Understanding MoU between Nigeria’s Securities and Exchange Commission SEC and the Capital Markets Authority CMA of Rwanda added that it will promote investment flows, and drive the development of innovative financial products.
A statement released from SEC yesterday said that the agreement is aimed at strengthening cooperation between the two regulators in key areas, including investor education, capital market development, information sharing on regulatory and market developments, capacity building, technical assistance, and collaboration on enforcement and supervisory matters.
According to the MoU, both parties acknowledged the importance of regulatory cooperation in promoting investor confidence, innovation, sound market practices, and sustainable growth within their respective capital markets, while also supporting regional and international engagement.
Agama also said that SEC was committed to working closely with African counterparts to harmonise regulations, facilitate cross-border listings, and enhance investor protection across the continent.
“We are excited about this opportunity to help develop your capital market. We need to cooperate in Africa, invest in each other’s markets and grow our continent. In doing so, we will 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 said.
The SEC boss commended Rwanda’s economic progress and praised the country’s efforts in promoting commerce and investment, noting that stronger ties between African regulators would unlock new opportunities for economic development.
He described the capital market as the “nerve centre” of any economy, stressing that citizens must be empowered to leverage investment opportunities to create wealth and improve their standard of living.
“The capital market is an enabler of economic development, and we believe there is so much for you to learn from us to help strengthen your own market. We are willing to assist and contribute to the success of other nations,” Agama stated.
He added that deeper market integration would support infrastructure financing across Africa by mobilising long-term capital for long-term development projects.
“Our relationship and integration will go a long way in building both markets and making life better for our citizens. The capital market is the solution to raising funds for long-term infrastructure development. We see it as a solution provider to move the economy forward,” he said.
Agama further emphasised the need for African regulators to work together in positioning the continent as an attractive investment destination.
Also speaking, Chief Executive Officer of the Capital Markets Authority of Rwanda, Mr. Romeo Ngaranbe, expressed optimism about the partnership, describing Nigeria’s capital market as more advanced and a valuable source of lessons for Rwanda’s market development.
“We are here to learn from you as you have a more advanced capital market, and we are sure we will gain useful lessons that have aided the development of your capital market. Whatever you give us, we will make good use of it, and we look forward to a fruitful partnership,” Ngaranbe said.