FSD Africa to partner with SEC Nigeria for better operation

FSD Africa says that it is ready to partner with Nigeria’s Securities and Exchange Commission (SEC) for effective output in its statutory operations.

Mr Evans Osano, FSD Africa Director, Finance Markets, disclosed this in an interview with the News Agency of Nigeria (NAN) in Lagos, South-West Nigeria.
Osano said that FSD Africa would provide SEC with the needed advisory services to ensure that its market regulation was at par with other capital market regulators.

FSD Africa is a £30 million financial sector development programme that is based in Nairobi and funded by the UK Government.

FSD Africa aims to reduce poverty across sub-Saharan Africa by building financial markets that are efficient, robust and inclusive.

He added that the organization would provide a combination of resources, expertise, research and capacity building to make the commission a world-class regulator:

“SEC like any other regulator in emerging markets has two mandates; to regulate the market and to support market development and they need all the capacity they can get to do the job better.”

According to him, FSD Africa will assist the commission to come up with new regulations and policies that will enhance market growth and development.

Speaking on the persistent downward trend in the equities market, Osano attributed the development to capital flight embarked upon by foreign investors.

The director told news reporters that foreign investors were moving their funds away from emerging markets to other safer investment havens with higher returns hence the downward trend being experienced in the market.

Osano said that investors should not be afraid of the current market situation, noting that stock markets all over the world often “go up and come down”.

He called on local investors to take advantage of foreign investors’ capital flight, and increase their holdings in the market, saying that, election would come and go.

“It is expected that local investors should take the advantage and increase their stake in the market.

“They should get in when others are going out because it is their market,’’  he added.

Osano, who expressed confidence in the Nigerian stock market, assured that the market would stabilize very soon.

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