The African Development Bank (AfDB), on Friday, signed a $400,000 grant agreement with the Securities and Exchange Commission (SEC) of Nigeria to strengthen the securities market regulation and broaden market instruments.
The funds will go towards strengthening the risk-based supervision framework, regulation of derivatives and green bonds and building capacity for green finance.
The grant would be sourced from the Capital Markets Development Trust Fund, a multi-donor fund administered by the AfDB.
The project will support the implementation of 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.
“This collaboration further underscores our mutual goal to grow our markets and create viable avenues for sustainable economic development for Nigeria and the region,” said Lamido Yuguda, Director General of SEC at the virtual signing ceremony.
Lamin Barrow, Senior Director of AfDB’s Nigeria Country Department, noted the urgency of the implementation of the project.
Oscar Onyema, Chief Executive Officer of the Nigerian Stock Exchange (NSE), said, “This historic event and partnership, to build in-house capacity at SEC, NSE, issuers and investors in the sustainable finance space will help to meet climate finance commitments in Nigeria.”
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