By Dipo Olowookere
A deal to encourage cross investments between the Nigerian and Moroccan capital markets has been sealed by the two African nations.
The Memorandum of Understanding (MoU) will also see the Securities and Exchange Commission (SEC) of Nigeria and the Autorite Marocaine Du Marche Des Capitaux (AMMC) of Morocco share information concerning their respective capital markets as well as boost cooperation.
According to a statement by SEC, the deal signals a strengthened cooperation framework between Nigeria and Morocco in areas of common interests as it will encourage cross investments in the respective capital markets.
The Nigerian capital market regulator noted that the MoU will also engender mutual recognition of regulations related to public offerings and professional certifications to facilitate dual listings and mobility of capital and labour between the two markets.
It was gathered that the deal was signed on the sidelines of the Nigerian-Moroccan bilateral talks marked with the visit of King Mohammed VI of Morocco to President Muhammadu Buhari in Abuja.
SEC stressed that the involvement of the governments of both countries at the highest level was a mark of the high premium placed on the importance of the capital market to the economic growth and prosperity of the two nations.
It added that for Nigeria, this is a welcome development as it presents an opportunity to leverage the progress achieved in the Moroccan market to enhance especially the delivery of a few of the objectives of the 10-year Capital Market Master plan.
This, for example, is especially as relates to deepening the asset management space of the market, an area of comparative advantage for Morocco.
