A United Kingdom non-profit company, FSD Africa, has revealed plans to provide funding needed to build the capacity of capital market regulators in Nigeria over a three-year period.
The Securities and Exchange Commission said in a statement on that it had partnered FSD Africa to strengthen the Nigerian capital market.
According to the statement, the FSD programme aims to unlock capital and build investor confidence through improved regulations and compliance with international standards.
It said world-class technical assistance, closer collaboration among regulators and research to support the development of new policies and regulations would be provided by FSD.
SEC stated that the partnership with FSD would fund an institutional capacity audit to identify strengths and areas of improvement in its operations, as well as provide support to implement recommendations.
According to the statement, the programme will also be implemented in Ghana, Kenya, Mozambique, Rwanda, Tanzania, Uganda, Zambia and Zimbabwe.
It added that as Africa’s largest economy, Nigeria was a natural starting point for the new programme.
The statement read in part, “The cooperation agreement between SEC Nigeria and FSD Africa was signed in Lagos today (Sunday).
“The signing was observed by the Deputy High Commissioner, British Deputy High Commission Lagos, Laure Beaufils. Other present were the heads of the two institutions; the Acting Director General, SEC Nigeria, Mary Uduk, and Director, FSD Africa, Mark Napier.”
Uduk was quoted as saying that SEC was excited about the cooperation with FSD Africa and the tremendous potential the various programmes held in complementing efforts to enhance capacity and further strengthen the ability to regulate the capital market.