The deal is expected to modernise Nigeria’s capital market and reposition it to support private sector investment drive.
Speaking at the ceremony, Director General, AfDB, Mr. Lamin Barrow, said the grant from the Capital Markets Development Trust Fund – a multi-donor trust fund administered by the African Development Bank and supported by the Ministry of Finance of Luxembourg and the Ministry of Foreign Trade and Cooperation of the Netherlands – will support the acquisition, installation and deployment of a real-time automated securities market surveillance system in the Nigerian capital market.
“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 SEC. It will, therefore, preserve securities market integrity, boost investor confidence and enhance financial inclusion, among other expected outcomes.”
He said the bank’s support for the project derives from the Nigerian government’s efforts to promote development of a competitive, deep and liquid capital market, supported by an enabling regulatory environment.
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