AfDB gives SEC $.4m grant to strengthen Nigeria’s capital markets

The African Development Bank Group (AfDB) on Friday signed a $400,000 agreement with the Securities and Exchange Commission (SEC) to strengthen securities market regulation in the country.

The fund is aimed strengthening the risk-based supervision framework, regulation of derivatives and green bonds as well as building capacity for green finance to be sourced from the Capital Markets Development Trust Fund (CMDTF), a multi-donor fund administered by the Bank.

The grant aligned with the Bank’s Country Strategy for Nigeria, which seeks to stimulate capital market development to unlock financial resources for productive sector investments, infrastructure development, and private sector growth.

READ ALSO: Nigeria, 14 others to benefit from $320,000 AfDB grant to support women

In his address at the signing ceremony, the Director-General of SEC, Lamido Yuguda, said the commission’s collaboration with AfDB underscores its mutual goal to grow Nigeria’s markets, and create viable avenues for sustainable economic development in the country and the region.”

The AfDB Senior Director in Nigeria, Lamin Barrow, said there was an urgent need to implement the project.

He said: “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.”

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