The UK has reaffirmed its commitment to helping Nigeria’s financial industry, in particular the capital market, become more creative, sustainable, and robust to the difficulties posed by the upcoming effects of climate change.
This was said by Ben Llewellyn-Jones, the deputy high commissioner of the British to Nigeria, at the Revised Capital Market Master Plan (RCMMP) launch that took place over the weekend in Lagos.
Sally Woolhouse, Head of Economic Development, spoke on behalf of the UK and stated that the UK is prepared to support the Securities and Exchange Commission (SEC) in further developing Nigeria’s capital markets.
According to her, “The UK government which has been a long-staying ally of the Nigerian government, is committed to supporting the country’s financial sector, particularly, the capital market in being more innovative, sustainable and resilient even as we all face emerging challenges such as climate change.
“As I have earlier mentioned, our offer covers technical support including green the capital market – Financial Sector Deepening (FSD) Africa is doing an awesome job in partnering with you to drive this mission; also, we can explore the potential strategic engagement with UK financial market institutions such as the London Stock Exchange – through which SEC could gain insight into emerging trends.
“Once again, congratulations to the Nigerian government and well done to the SEC for pulling off a commendable feat. We look forward to working more collaboratively with every partner in achieving a sustainable and resilient financial sector in Nigeria”.
Lamido Yuguda, Director General of the SEC, stated in his remarks regarding the outcome of the Capital Market Committee Meeting that the meeting highlighted the growing relevance of fintech, sustainable finance, financial inclusion, and non-interest finance.
The Investments and Securities Bill 2022, which will improve the performance of the Nigerian capital market and bring it in line with international best practices, was agreed upon by members of the CMC, according to Yuguda.
The measure aims to enhance the legal and regulatory framework so that it can take into account market dynamics.
The DG reaffirmed the commission’s management’s commitment to ensuring complete implementation of the RCMMP measures, which would serve as the foundation for the commission’s policy orientation for the ensuing years.
A capital market master plan, according to Victor Nkiri, a representative of FSD Africa, offers a clear path for the development of the capital markets holistically and realistically while establishing defined targets and action points.
He claims that this sends a strong message to all participants in the financial sector, including policymakers, potential domestic and foreign investors, rival regulators, and ministries of finance, as it gives direction to the growth of any nation’s capital markets.