The Securities and Exchange Commission, Nigeria (SEC Nigeria) and Financial Sector Deepening (FSD) Africa have announced the commencement of a joint review of Nigeria’s 10-year Capital Markets Master Plan (CMMP) in line with current realities. This is aimed at supporting the country’s economic growth amid the devastating effect of the COVID-19 crisis and fallen oil prices.

Lamido Yuguda

The synergy would enable SEC Nigeria to work with FSD Africa’s regulator support programme to develop a revised 10-year CMMP to strengthen Nigeria’s capital market and its capacity to mobilise funds. The CMMP provides a vision for Nigeria’s capital market, as well as a roadmap with objectives to meet it.

According to the Commission, the process will involve an assessment of progress made since the plan’s implementation to date and engagement with stakeholders for input.

This would also result in the introduction of more stringent tools to measure the plan’s progress against objectives and the inclusion of new challenges, opportunities and risks related to the current environment into the plan.

SEC explained that the review of the CMMP is in response to changes in the economic realities upon which the plan was anchored when it was launched in 2015.

The Director Capital Markets at FSD Africa, Evans Osano said: “This review will give market stakeholders in Nigeria a unique opportunity to not only take stock of the plan’s results so far but also grow and respond to previously unforeseen economic developments.

“As FSD Africa works to support and regulate financial markets in Sub-Saharan Africa, we are excited to be partnering with SEC Nigeria to enable them to strengthen the country’s capital markets during a time of immense upheaval.”

Director-General of the SEC, Lamido Yuguda said the implementation of the CMMP would deepen and improve the capital market’s contribution to the nation’s economy.

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