BY NKECHI NAECHE-ESEZOBOR—The Securities and Exchange Commission (SEC) Nigeria and the Capital Markets Authority (CMA) of Rwanda have entered into a new Memorandum of Understanding (MoU) aimed at deepening cooperation and strengthening capital market ties between both countries.
The agreement was signed in Abuja on Monday and is designed to promote closer collaboration in areas such as investor education, capital market development, regulatory information sharing, capacity building, technical assistance, and joint supervision and enforcement activities.
According to the MoU, both regulators will work together within their respective legal frameworks to enhance innovation, improve market confidence, and support the growth of sound capital market practices across Nigeria and Rwanda.
Speaking at the signing ceremony, the Director-General, SEC Dr. Emomotimi Agama, said African capital markets must strengthen cooperation to achieve greater integration and development. He called for harmonised regulations, increased cross-border listings, and more investment flows within the continent.
Agama stressed that the capital market remains central to economic development, noting that it plays a key role in mobilising long-term funding for infrastructure and other development projects.
He urged African nations to invest more in one another’s markets to build a stronger financial ecosystem.
“We need to cooperate in Africa, invest in each other’s market and grow our continent. The time is now for us to look inwards,” he said, adding that stronger integration would improve economic outcomes and citizens’ welfare.
He further noted that Nigeria’s capital market system is well developed and expressed readiness to support other African countries in strengthening their regulatory and market structures.
In his remarks, the Chief Executive Officer of CMA, Romeo Ngaranbe, expressed appreciation for the partnership, stating that Rwanda is eager to learn from Nigeria’s more advanced capital market experience.
He said the collaboration would provide valuable lessons that would help improve Rwanda’s own market development, adding that the partnership represents a positive step toward a more connected African financial system.
Both regulators described the agreement as a milestone that will foster stronger financial ties, improve market efficiency, and support long-term economic growth in both countries.
