Nigeria’s Securities and Exchange Commission (SEC) and Rwanda’s Capital Markets Authority (CMA) have signed a landmark Memorandum of Understanding (MoU) aimed at deepening regulatory cooperation, strengthening capital market development and advancing regional integration across Africa.
The agreement, signed in Abuja on Monday, comes as SEC Director-General, Dr. Emomotimi Agama, renewed calls for stronger collaboration among African capital markets, urging regulators to work towards harmonised regulations, cross-border investments and the development of innovative financial products capable of driving economic growth across the continent.
Under the MoU, both regulators agreed to cooperate in areas including investor education, capital market development, exchange of regulatory information, capacity building, technical assistance, and enforcement and supervisory matters of mutual interest.
Speaking at the signing ceremony, Agama said Africa must look inward and leverage its collective strengths to build a more interconnected financial ecosystem capable of attracting investment and financing long-term development.
“We need to cooperate in Africa, invest in each other’s markets and grow our continent. In so doing, we will build collaboration so that as Africans we can have a focus and build a strong interconnection. The time is now for us to look inwards,” he said.
The SEC chief noted that Nigeria’s capital market has developed into one of Africa’s strongest, adding that greater collaboration among regulators would help unlock investment opportunities and facilitate the creation of new products across African markets.
He described the capital market as the “nerve centre” of economic development and a critical vehicle for mobilising long-term funds for infrastructure and wealth creation.
According to him, deeper integration among African markets would not only strengthen individual economies but also improve living standards across the continent.
“Our relationship and integration will go a long way in building both markets and making life better for our citizens. The capital market is the solution to raising funds for long-term infrastructure development,” Agama stated.
The MoU also recognises the importance of cooperation in fostering investor confidence, innovation, sound market practices and regional engagement between both jurisdictions.
In his remarks, Chief Executive Officer of Rwanda’s Capital Markets Authority, Romeo Ngaranbe, described the agreement as a strategic step towards accelerating the development of Rwanda’s capital market.
Ngaranbe said Rwanda was keen to learn from Nigeria’s experience, noting that the Nigerian market’s growth trajectory offers valuable lessons for emerging African exchanges.
“We are here to learn from you, as you have a more advanced capital market, and we are sure we will gain some useful lessons that have aided the development of your capital market,” he said.
The latest partnership underscores growing efforts by African regulators to strengthen continental financial integration under the broader agenda of boosting intra-African investment flows and enhancing the role of capital markets in financing economic transformation.
