In a bid to modernise Nigeria’s capital markets and make sure that it’s nicely positioned to help financial transformation pushed by non-public sector funding, the Securities and Alternate Fee and the African Growth Financial institution Group have signed an settlement for a grant on market surveillance system venture.
The grant valued at $460,000, is to finance technical help and capability constructing for capital markets improvement beneath the “Nigeria Securities Market Surveillance System Undertaking”.
Talking on the ceremony, Director Normal African Growth Financial institution Group Mr. Lamin Barrow stated the grant from the Capital Markets Growth Belief Fund (CMDTF) – a multi-donor belief fund administered by the African Growth Financial institution-and supported by the Ministry of Finance of Luxembourg and the Ministry of Overseas Commerce and Cooperation of the Netherlands, will help the acquisition, set up and deployment of a real-time automated securities market surveillance system of the Nigeria capital markets.
He stated the pandemic has bolstered international threat aversion, prompting worldwide buyers to maneuver their portfolios into safer property and havens, expressing the need to see development of the fairness market nicely past the present NGN 28.16 trillion underpinned by continued development of the company bond market in Nigeria.
In his remarks, Director Normal of the Securities and Alternate Fee, Mr. Lamido Yuguda stated the SEC could be very happy and grateful to AfDB for offering the grant help to execute these crucial initiatives, notably the venture to amass a surveillance answer.