L-R: British Deputy High Commissioner Laure Beaufils, Acting Director General, Securities Exchange Commission, Mary Uduk, Director, Capital Markets Development FSD Africa, Evans Osano and Senior Private Sector Adviser, UK Department for International Development (DFID) Mr Richard Sandall during Signing of an agreement between SEC Nigeria and FSDAfrica in Lagos, Weekend

The Securities and Exchange Commission, Nigeria (SEC Nigeria) has become the first capital market regulator to participate in a flagship pan-African programme designed to strengthen the continent’s capital markets.

Over a three-year period, FSD Africa, a UK Aid funded non-profit company, will provide funding to build the capacity of capital market regulators across the continent, providing world-class technical assistance, encouraging closer collaboration among regulators and conducting research to support the development of new policies and regulations.

Through the programme, FSD Africa will assist SEC Nigeria in several ways. First, it will fund an institutional capacity audit to identify strengths and areas of improvement in the SEC Nigeria’s operations as well as provide support to implement recommendations. It will also help in promoting fintech regulation.

As Africa’s largest economy, Nigeria represents a natural starting point for this new programme.

In addition to Nigeria, the programme will be implemented in Ghana, Kenya, Mozambique, Rwanda, Tanzania, Uganda, Zambia and Zimbabwe.

The cooperation agreement between SEC Nigeria and FSD Africa was signed in Lagos today. The signing was observed by the Deputy High Commissioner, British Deputy High Commission Lagos, Laure Beaufils. Other present were the heads of the two institutions; Mary Uduk, Acting Director General, Securities and Exchange Commission, Nigeria and Mark Napier, Director, FSD Africa.

Laure Beaufils, Deputy High Commissioner, British Deputy High Commission Lagos commented: “Capital markets have an essential role to play to help unlock capital that can be invested in the real economy and that can contribute to job creation and inclusive growth. I am delighted that the SEC Nigeria and FSD Africa will be signing a new partnership agreement today.

According to Mary Uduk, Acting Director General, SEC Nigeria, “SEC Nigeria is excited about the cooperation with FSD Africa and the tremendous potential the various programs hold in complementing our efforts to enhance capacity and further strengthen our ability to regulate the capital market.

Mark Napier, Director, FSD Africa commented: “Well-functioning capital markets can play a vital role in support of inclusive economic growth by channeling long term finance into infrastructure and other large-scale projects that create jobs and improve access to markets.