AfDB To Strength Nigerian Capital Market With $400,000 Grant

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THE African Development Bank Group (AfDB) has announced the signing of an agreement for a $400,000 grant for Nigeria’s Securities and Exchange Commission (SEC)  to strengthen the nation’s capital market regulation and broaden instruments.

According to a statement by AfDB, the project would support the implementation of the SEC’s Nigeria Capital Market Master Plan 2015-2025 and its vision to position Nigeria’s capital market as a competitive and attractive destination for portfolio investments.

The bank explained further that the fund, which will be sourced from the Capital Markets Development Trust Fund, a multi-donor fund administered by it, is aimed at strengthening the risk-based supervision framework, regulation of derivatives and green bonds, and build capacity for green finance.

The statement quoted Lamido Yuguda, Director-General of the commission as saying during the virtual signing ceremony, that the AfDB-SEC “collaboration further underscores our mutual goal to grow our markets and create viable avenues for sustainable economic development for Nigeria and the region.”

The grant, the statement continued, is aligned with the priorities of the AfDB’s Country Strategy for Nigeria, which envisages measures to stimulate capital market development to unlock financial resources for productive sector investments, infrastructure development and private sector growth.

Also commenting, Lamin Barrow, Senior Director of the bank’s Nigeria Country Department, noted the urgency of the implementation of the project, especially at this time “when countries are striving to build back better from the ravages of the COVID-19 pandemic, improvement of the enabling regulatory and supervision framework will boost domestic resource mobilisation efforts and leverage private sector contributions to achieve a greener, more environmentally sustainable and inclusive post-pandemic recovery.”

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Expressing appreciation to both parties, Oscar Onyema, Chief Executive Officer of the Nigerian Stock Exchange, described the occasion as historic, just like the partnership aimed at building “in-house capacity at SEC, the Nigerian Stock Exchange, issuers and investors in the sustainable finance space, which will help to meet climate finance commitments in Nigeria.”

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