The Nigeria’s Securities and Exchange Commission (SEC) has signed a Memorandum of Understanding with the Capital Markets Authority (CMA) of Rwanda, in a move aimed at strengthening regulatory cooperation and deepening capital market integration across Africa.
The agreement, signed on Monday in Abuja, according to a statement by the Commission, commits both regulators to cooperate on investor education, exchange of regulatory and market information, capacity building, technical assistance, and cross-border enforcement and supervisory matters.
Speaking during the signing ceremony, SEC Director-General, Dr. Emomotimi Agama, called for a broader push toward African market interconnection, urging regulators and governments across the continent to look inward and invest in each other’s markets.
“We need to cooperate in Africa, invest in each other’s market and grow our continent,” Agama said. “The time is now for us to look inwards.”
He described the Nigerian capital market as a model from which Rwanda and other African nations could draw lessons, while expressing enthusiasm about what the partnership could yield for both countries.
He said Nigeria was ready to actively collaborate with African nations to harmonise regulations, promote cross-border listings, and enhance investor protection across the continent.
The SEC DG also used the occasion to highlight the role of capital markets as a vehicle for long-term economic development, stating that governments should rely on capaital markets rather than short-term borrowing to fund infrastructure projects.
“The capital market is the solution to raising funds for long-term infrastructure development,” he said. “We see the capital market as a solution provider to move the economy forward. We want to make Africa better and a destination of choice. We want to jointly work with other regulators to achieve it.”
In his remarks, Rwanda’s Capital Market Authority Chief Executive, Mr. Romeo Ngaranbe, welcomed the partnership, acknowledging the more advanced state of the Nigerian capital market and expressing confidence that the collaboration would yield practical lessons for Rwanda’s own market development.
“We are here to learn from you as you have a more advanced capital market and we are sure we will gain some useful lessons,” Ngaranbe said. “Whatever you give us, we will make good use of it and we look forward to a fruitful partnership.”
