Home Banking African Development Bank Group provides $400,000 grant for Securities and Exchange Commission...

African Development Bank Group provides $400,000 grant for Securities and Exchange Commission of Nigeria to support capital markets development

The African Development Bank Group today signed a $400,000 grant agreement with the Securities and Exchange Commission of Nigeria to strengthen 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 build capacity for green finance. The grant will be sourced from the Capital Markets Development Trust Fund, a multi-donor fund administered by the Bank.

“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 the Securities and Exchange Commission at the virtual signing ceremony.

The grant is aligned with the priorities of the Bank’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.

Lamin Barrow, Senior Director of the Bank’s Nigeria Country Department, noted the urgency of the implementation of the project.

“At a 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,” Barrow said.

Oscar Onyema, Chief Executive Officer of the Nigerian Stock Exchange, thanked the African Development Bank Group and the Securities and Exchange Commission “for this historic event and partnership, to build 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.”

The project will 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.

Related article: UK declares approval for more Foreign investments in Lagos, plans to build first waste to energy plant

Ndaman Joshua Olayinkahttp://www.yinksmedia.com
Tech Zealot and Passionate about writing everything concerning it. I support Arsenal.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Binance set to launch a Groundbreaking NFT Marketplace, Binance NFT in June 2021

Binance, the worlds biggest bitcoin exchange and altcoin crypto exchange in the world by volume is set to launch Binance NFT, the...

Infinix Launches All-New Hot 10T with 48mp triple camera, MediaTek Helio G70 Gaming Processor

Infinix today unveiled the all-new Hot 10T Seriesthe highly anticipated gaming and entertainment smartphone addition to the Hot 10 portfolio. The Infinix Hot 10T...

Dangote Cement to pay N40.39 bn in Corporate Tax

Nigeria’s Dangote Cement Plc is expected to pay a total of N40.39 billion in taxation to the nation’s treasury from its operational...

Discover the “New wave of Nigerian cinema”: a new stylistic approach and aesthetic are emerging in Nigerian cinema

The organisers of NollywoodWeek film festival, have shared that this year’s online edition will showcase films that hint at the emergence of...

Recent Comments