Korea Offers to Develop Nigeria’s Derivatives Market

By Modupe Gbadeyanka

Ambassador of the Republic of Korea to Nigeria, Mr Lee In-tae, has said his country will work together with the federal government to make the economy stronger and support the country to develop its derivatives market.

Speaking on Wednesday in Abuja at the official opening of a seminar on the operations and regulations on derivatives market in Nigeria under the Knowledge Sharing Programme (KSP), the Korean envoy said Nigeria has a lot to gain from his country’s economic growth.

He expressed confidence that the launching of the first KSP project will serve as a cornerstone for the bolstered economic cooperation between the two countries in the future.

According to him, through the KSP, Korea will share with Nigeria the recipes for the success of his country’s derivatives market.

“Through this programme, I sincerely hope Nigeria will become the financial hub of the entire African continent, not just of West Africa.

“Through the KSP, Korea is now offering the secrets behind our success to Nigeria so as to walk together the paths toward greater prosperity, affluence, and success,” Mr In-tae said at the event held at the head office of the Securities and Exchange Commission (SEC).

The diplomat further said the KSP which is on Capacity Building on Operation and Regulation of Financial Derivatives Markets in Nigeria, is based on Development of Nigerian Derivatives Market, Operation, Surveillance, and Supervision on the Derivatives Market, Monitoring and Surveillance on

Derivatives Market of Nigeria and Establishment of ICT infrastructure for Financial Derivatives Market.

“The knowledge-sharing programme represents what Korea has to offer the world. Once a poverty-stricken-country, the Korean people have built one of the most-thriving market economies. Korea now also boasts of being the 11th largest economic growth country in the world,” Mr In-tae said.

On her part, acting Director-General of SEC, Ms Mary Uduk, said Nigeria would not have a viable derivatives market without building the capacity of the regulator and other stakeholders, adding that the KSP would provide an opportunity to further develop the capital market in Nigeria.

She said her agency will welcome any collaboration with the Republic of Korea to drive to digitalise operations in the commission and the market.

“The entire capital market is embracing financial technology and here at the SEC, we are working on automating our processes to improve our regulatory work and we are open to collaborations to make this happen,” she said.

Ms Uduk thanked the government of the Republic of Korea on the programme, saying it will assist greatly in developing the derivatives market in Nigeria.