Connect with us

    Hi, what are you looking for?

    E-Financial

    AfDB Group Provides $400,000 Grant for Securities and Exchange Commission of Nigeria

    The African Development Bank Group yesterday 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.

    Spread the love
    Click to comment

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    ad

    You May Also Like

    Metro

    Economic and Financial Crimes Commission has recovered over N5bn and $10m from contractors and government officials indicted in the fraud in the turnaround maintenance...

    Tech

    Nigerian Communications Commission (NCC) has introduced a series of new regulations aimed at strengthening consumer protection and improving service delivery in the telecommunications sector....

    News

    Federal Government has reacted to the viral video showing a cleric flogging a group of m!nors in Port Harcourt, Rivers State. In a press...

    Tech

    Nigerian Communications Commission (NCC) is leading the charge to implement the Presidential Order that designates telecommunications infrastructure as Critical National Information Infrastructure (CNII). Under...