In a bid to modernise Nigeria’s capital market and ensure that it is well positioned to support economic transformation driven by private sector investment, the Securities and Exchange Commission and the African Development Bank Group have signed an agreement for a grant on market surveillance system project.
“The introduction of a surveillance system will enhance oversight over securities trading across all existing and future trading platforms and all tradable securities and products by the SEC. It will therefore preserve securities market integrity, boost investor confidence and enhance financial inclusion, among other expected outcomes.”
“The technical assistance support builds on the SEC’s initiatives to strengthen the supervisory and regulatory framework as well as enhance market integrity and transparency under the Nigeria Capital Markets Development Master Plan 2015-2025, with a view to position Nigeria as an attractive destination for portfolio investments.
He said the pandemic had reinforced global risk aversion, prompting international investors to move their portfolios into safer assets and havens, expressing the desire to see the growth of the equities market well beyond the current N28.16 trillion underpinned by continued growth of the corporate bond market in Nigeria.
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