The UK government will assist Nigeria’s banking sector and innovation

The United Kingdom has reaffirmed its dedication to assisting Nigeria’s financial industry, in particular the capital market, in becoming more forward-thinking, environmentally responsible, and resistant to the impending problems brought on by climate change.

This was said by Ben Llewellyn-Jones, the British Deputy High Commissioner to Nigeria, at the weekend’s introduction of the Revised Capital Market Master Plan (RCMMP) in Lagos.

She stated that the United Kingdom is prepared to continue providing help to the Securities and Exchange Commission (SEC) in order to further develop Nigeria’s capital markets. She was represented by the Head of Economic Development, Ms. Sally Woolhouse.

According to her, “The United Kingdom government, which has been a long-standing ally of the government of Nigeria, is committed to supporting the country’s financial sector, particularly the capital market, in becoming more innovative, sustainable, and resilient even as we all face emerging challenges such as climate change.”

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“As I mentioned earlier, our offer includes technical support, such as greening the capital market. Financial Sector Deepening (FSD) Africa is doing an outstanding job in partnering with you to drive this mission. Additionally, we can explore the potential for strategic engagement with UK financial market institutions, such as the London Stock Exchange, through which the SEC could gain insight into emerging trends.

“Once more, my heartfelt felicitations go out to the Nigerian government, and my compliments go out to the SEC for achieving such a noteworthy success. We look forward to working more cooperatively with all of our partners toward the goal of building a financially sector that is sustainable and resilient in Nigeria.

In his remarks regarding the outcome of the Capital Market Committee Meeting, the Director General of the SEC, Lamido Yuguda, stated that the meeting highlighted the increasing importance of fintech, sustainable finance, financial inclusion, and non-interest financing.

Yuguda stated that the members of the CMC had come to an agreement to collaborate on the passage of the Investments and Securities Bill 2022. If this bill is passed, it will improve the efficiency of the Nigerian capital market and bring it in line with the standards of other developed countries.

The purpose of this measure is to strengthen the legal and regulatory framework so that it can better account for the dynamic nature of the market.

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The Director General reaffirmed the commitment of the administration of the Commission to achieve the complete execution of the objectives outlined in the RCMMP. These initiatives would serve as the foundation for the commission’s strategic orientation for the years to come.

According to Victor Nkiri, a representative of FSD Africa, constructing a capital market master plan gives a clear path for the development of the capital markets in a way that is both holistic and practical, while also providing clear targets and action points.

According to him, this sends a favorable market signal to all participants in the financial sector, including policymakers, potential domestic and international investors, peer regulators, and ministries of finance. This is because it gives direction for the growth of any country’s capital market.

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