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FSD Africa Provides Funds to Boost SEC Nigeria’s Operations

By Dipo Olowookere

An agreement has been entered into between Nigeria’s Securities and Exchange Commission (SEC) and a UK Aid funded non-profit company, FSD Africa, to provide funding for an institutional capacity audit to identify strengths and areas of improvement in the operations of SEC Nigeria.

However, SEC is not the only regulator to enjoy this benefit as other capital regulators in Africa will also get this funding package.

According to FSD Africa, the aim is build the capacity of capital market regulators across the continent, providing world-class technical assistance, encouraging closer collaboration among regulators and conducting research to support the development of new policies and regulations.

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The initiative will encourage greater collaboration and knowledge management sharing between SEC and other African capital market regulators.

At the signing of the deal last weekend, Acting Director General of SEC Nigeria, Ms Mary Uduk, stated that, “SEC Nigeria is excited about the cooperation with FSD Africa and the tremendous potential the various programs hold in complementing our efforts to enhance capacity and further strengthen our ability to regulate the capital market.”

She said, “This collaboration will no doubt contribute to the continued development of our market by facilitating access to capital by both the private and public sectors and enhance the competitiveness of the Nigerian capital market as a global investment destination.”

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On his part, Director of FSD Africa, Mr Mark Napier, disclosed that, “Well-functioning capital markets can play a vital role in support of inclusive economic growth by channelling long term finance into infrastructure and other large-scale projects that create jobs and improve access to markets.

“Strengthening regulatory capacity in capital markets is an essential pre-condition for building investor confidence.”

Also speaking at the ceremony in Lagos, Deputy High Commissioner, British Deputy High Commission Lagos, Laure Beaufils, noted that, “Capital markets have an essential role to play to help unlock capital that can be invested in the real economy and that can contribute to job creation and inclusive growth.

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“I am delighted that the SEC Nigeria and FSD Africa will be signing a new partnership agreement today.

“It is a testament to the importance we attach to this issue and to our commitment to deepen and broaden our trade and investment relationship with Nigeria. I very much look forward to working with the SEC on this in the future.”

Business Post reports that apart from Nigeria, other nations to enjoy the programme include Ghana, Kenya, Mozambique, Rwanda, Tanzania, Uganda, Zambia and Zimbabwe.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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