The Securities and Exchange Commission (SEC) has called for greater cooperation among African markets to strengthen regional interconnections and foster the development of new financial products.
The Director General of the SEC, Dr. Emomotimi Agama, made this call during a visit by the SEC Board to the Autorité Marocaine du Marché des Capitaux (AMMC), Morocco’s capital market regulator, in Rabat on Monday.
“We need to cooperate in Africa, invest in each other’s markets, and grow our continent,” Agama said. “The time is now for us to look inwards, build strong collaborations, and enhance interconnectivity across African capital markets.”
Agama noted Morocco’s expertise in Collective Investment Schemes (CIS), stating that Nigeria stands to benefit significantly by adopting similar models to unlock wealth creation opportunities for its large population.
“We appreciate the strength of the Moroccan economy and its capital market structure. There is much to learn from your success, especially in mobilizing funds through CIS,” he said.
He emphasized that the capital market is the “nerve centre” of any economy, adding that citizens must be educated on how to leverage it for wealth creation and economic empowerment.
“The capital market provides solutions for long-term infrastructure financing,” Agama said. “Our integration and collaboration will help build stronger markets and improve the lives of our people. Africa must become a destination of choice for global investments.”
In her response, Chairperson and CEO of AMMC, Ms. Nezha Hayat, welcomed the growing relationship between both regulators. She highlighted Morocco’s focus on mutual funds, saying that Collective Investment Schemes have democratized access to investments.
“Everything here goes through mutual funds. They are regulated, controlled, and give people better access to investments,” Hayat said. “We are committed to promoting dual listings and soon, we will authorize mutual funds in foreign currencies, which can be invested abroad—with a special focus on Nigeria.”
Hayat stressed the need for integrated African markets, adding, “Cooperation is key to developing our continent.”
Also speaking, Chairman of SEC Nigeria’s Board, Mr. Mairiga Katuka, reiterated Nigeria’s commitment to learning from other jurisdictions to deepen and strengthen its capital market.
