Ms Mary Uduk, SEC Acting Director-General
June 19, 2019/SEC
Derivatives has been identified as one of the investable products that would enhance the liquidity of the Nigerian Capital market.
This was stated by Acting Director General of the Securities and Exchange Commission, SEC, Ms. Mary Uduk at the Final Reporting Workshop of the Knowledge Sharing Programme, in Lagos, Wednesday.
The KSP is centred on “Capacity Building on Operation and Development of Financial Derivatives Markets in Nigeria,” aimed at tapping from the Korea’s expertise and excellence towards developing the derivatives market in Nigeria. The Nigerian capital market will not remain the same at the conclusion of this workshop as it has derived tangible benefits from this partnership.
According to Uduk, there is no doubt that the KSP has presented a good opportunity for addressing some of the market’s challenges in setting up a strong and functioning derivatives market, especially in terms of having the required market infrastructure, regulatory framework and surveillance system for the derivatives market in Nigeria which are the target areas of research.
“I am optimistic about our chances of creating a derivative market place that will be useful for our economy and the sub Saharan region. With the profiles of speakers lined up for today’s event, I believe that justice will be done to the topics and all of us will leave this venue more informed than we came”
“The partnership between the Korea’s Ministry of Economy and Finance and the Securities and Exchange Commission, Nigeria is the first bi-lateral policy consultation between the two countries. The program has exposed my colleagues to the rich system and diversity of the Korean financial system, which enabled Korea’s advancement and contemporary status among the comity of industrialised nations in the world” she said.
The Acting DG stated that the final workshop will articulate recommendations for the course of actions needed for the development of the Nigerian financial derivatives market and the management of market volatility.
According to Uduk, “This is indeed a demonstration of Korea’s commitment towards the full implementation of the KSP.
“We are all aware that Nigeria would not have a viable derivatives market without adequate capacity building for the regulator and that of market participants. The capacity gap is being bridged by the KSP by enhancing the capacity of the relevant stakeholders to jumpstart the operation of the derives market in Nigeria”.
In his remarks, Korean Ambassador to Nigeria, Mr.Intae Lee, expressed delight at the efforts of the SEC and the NSE in driving the derivatives financial products market in various sectors.
Represented by Consul General of Korean Embassy Mr kim intaek, Lee said with these efforts, he is optimistic that Nigeria will soon be a financial hub for derivatives products in Africa.
“This project is in basic research stage now and we are ready to support Nigeria’s development by working with Nigeria to achieve great success in this area.
“Korea will always strive to be Nigeria’s friend in times of need. We will continue our efforts to straighten the friendship and will be available to support Nigeria in this area and we hope that this venture will turn out to be very successful” he added.
The Knowledge Sharing Program (KSP) is a knowledge-intensive development and economic cooperation program designed to share Korea’s development experience with partner countries. The Ministry of Economy and Finance (MOEF) of Republic of Korea has been overseeing KSP for partner countries for their policy capacity building and sustainable development since 2004. As of 2018, about 1,000 policy researches have been conducted in 66 countries to promote sustainable socio-economic development. KSP has offered comprehensive policy consultations tailored to the needs of partner countries encompassing in-depth analysis, policy consultation, and training opportunities.