Stakeholders seek African markets integration for economic growth

 

Stakeholders have stressed the need for the West African Capital Markets Integration (WACMI) for enhanced economic growth and development.

 

They said this at a two-day capacity building/sensitisation programme on WACMI Phase II project on Tuesday in Lagos.

 

Speaking at the event, the Director-General of the West African Monetary Institute (WAMI) Dr Olorunsola Olowofeso, said one of the aims of the WACMI Phase II Project was to deepen West African markets.

 

Olowofeso said the integration would help to achieve robust and integrated capital markets in West Africa and Africa in general.

 

The News Agency of Nigeria (NAN) reports that the WACMI PHASE II Project is funded by the African Development Bank through a grant from the Capital Markets Development Trust Fund.

 

It is implemented by the West African Monetary Institute.

 

The lead anchors are the West African Capital Markets Integration Council (WACMIC), a platform for Chief Executive Officers of the Securities Exchanges and Central Securities Depositories in West Africa, and the West African Securities Regulators Association (WASRA).

 

Olowofeso said the capacity building and sensitisation workshop was designed to enhance the skill level of different classes of market participants through dedicated trainings on operating rules, investment processes, trading and settlement operations for cross-border investments.

 

He added that it was expected to create awareness and sensitise the public on the implementation of the WACMI Phase II Project.

 

Olowofeso said that WAMI as the implementing agency of the project would continue to collaborate with all the stakeholders, particularly WASRA and WACMIC to ensure that the completion of the project by June 2024.

 

In a keynote address, the Director-General of the Securities and Exchange Commission, Mr Lamido Yuguda, said the initiative aimed to establish a common and integrated platform for listing, trading, and settling securities transactions within West Africa.

 

“One of the primary objectives of this programme is to enhance awareness of the WACMI Phase II Project and its significance for the region’s capital market ecosystem.

 

“We seek to foster a comprehensive understanding of the opportunities and challenges that lie ahead as we strive to facilitate cross-border investments and create a seamless trading environment within West Africa,” Yuguda said.

 

Represented by the Executive Commissioner Operations at the SEC, Mr Dayo Obisan, he said the aim of the programme was to facilitate a fruitful knowledge exchange, enabling learning from each other’s experiences and identify practical solutions to strengthen cross-border investment and trading activities.

 

Yuguda added that this would bring about the much-desired integrated capital market that would cater for the region.

 

“Capital markets play the crucial role of channelling capital from the place of surplus to that of deficit, helping make production and in turn, development possible. For development to happen, a strong capital market is a requisite.

 

“There’s need to expand the markets in the sub-region, and one of the ways to do it is to encourage cross-border capital market activity.

 

“This increases the opportunity set for people in our sub-region, helps diversification of investments, and encourages transfer of skills and best practices,” he said.

 

Also speaking, Mr Temi Popoola, the Chief Executive Officer, Nigerian Exchange Ltd., said the capacity building aimed to foster collaboration and enhance capacity, as well as improve understanding of the opportunities and challenges associated with the integration of capital markets in the West African sub region.

 

“The workshop is geared toward sensitising relevant stakeholders on efforts at enhancing cross-border investments across the region through the establishment of a common and integrated platform for the listing, trading, and settlement of securities transactions and leveraging technology,” he said.

 

Popoola, represented by Mr Jude Chiemeka, Divisional Head, Capital Markets, added that it would create robust policies that would drive innovation, create liquidity, and reduce regulatory burden and other challenges across the region.

 

Giving an overview on West African Capital Market Integration (WACMI) Phase II Project, Project Manager, Dr Abdulrasheed Zubair, said the direct beneficiaries included WACMIC, comprising the Ghana Stock Exchange, Nigerian Stock Exchange, Cape Verde Stock Exchange and Bourse Régionale des Valeurs Mobilières (BRVM).

 

He listed other beneficiaries as the capital market ecosystems of The Gambia, Guinea, Liberia and Sierra Leone, among others.

 

“The indirect beneficiaries are stock brokers, securities traders, central securities depositories in the West African region, institutional investors including pension funds, insurance companies, sovereign wealth funds and other asset managers operating within the region.

 

“Others are foreign portfolio investors and international asset managers with interest in the West African markets,” Zubair said.

 

The aim of the project, he stated, was to facilitate cross-border investments in the ECOWAS region through the harmonisation of regulations for trading and settlement of capital market securities transactions.

Stakeholders have stressed the need for the West African Capital Markets Integration (WACMI) for enhanced economic growth and development.

They said this at a two-day capacity building/sensitisation programme on WACMI Phase II project on Tuesday in Lagos.

Speaking at the event, the Director-General of the West African Monetary Institute (WAMI) Dr Olorunsola Olowofeso, said one of the aims of the WACMI Phase II Project was to deepen West African markets.

Olowofeso said the integration would help to achieve robust and integrated capital markets in West Africa and Africa in general.

The News Agency of Nigeria (NAN) reports that the WACMI PHASE II Project is funded by the African Development Bank through a grant from the Capital Markets Development Trust Fund.

It is implemented by the West African Monetary Institute.

The lead anchors are the West African Capital Markets Integration Council (WACMIC), a platform for Chief Executive Officers of the Securities Exchanges and Central Securities Depositories in West Africa, and the West African Securities Regulators Association (WASRA).

Olowofeso said the capacity building and sensitisation workshop was designed to enhance the skill level of different classes of market participants through dedicated trainings on operating rules, investment processes, trading and settlement operations for cross-border investments.

He added that it was expected to create awareness and sensitise the public on the implementation of the WACMI Phase II Project.

Olowofeso said that WAMI as the implementing agency of the project would continue to collaborate with all the stakeholders, particularly WASRA and WACMIC to ensure that the completion of the project by June 2024.

In a keynote address, the Director-General of the Securities and Exchange Commission, Mr Lamido Yuguda, said the initiative aimed to establish a common and integrated platform for listing, trading, and settling securities transactions within West Africa.

“One of the primary objectives of this programme is to enhance awareness of the WACMI Phase II Project and its significance for the region’s capital market ecosystem.

“We seek to foster a comprehensive understanding of the opportunities and challenges that lie ahead as we strive to facilitate cross-border investments and create a seamless trading environment within West Africa,” Yuguda said.

Represented by the Executive Commissioner Operations at the SEC, Mr Dayo Obisan, he said the aim of the programme was to facilitate a fruitful knowledge exchange, enabling learning from each other’s experiences and identify practical solutions to strengthen cross-border investment and trading activities.

Yuguda added that this would bring about the much-desired integrated capital market that would cater for the region.

“Capital markets play the crucial role of channelling capital from the place of surplus to that of deficit, helping make production and in turn, development possible. For development to happen, a strong capital market is a requisite.

“There’s need to expand the markets in the sub-region, and one of the ways to do it is to encourage cross-border capital market activity.

“This increases the opportunity set for people in our sub-region, helps diversification of investments, and encourages transfer of skills and best practices,” he said.

Also speaking, Mr Temi Popoola, the Chief Executive Officer, Nigerian Exchange Ltd., said the capacity building aimed to foster collaboration and enhance capacity, as well as improve understanding of the opportunities and challenges associated with the integration of capital markets in the West African sub region.

“The workshop is geared toward sensitising relevant stakeholders on efforts at enhancing cross-border investments across the region through the establishment of a common and integrated platform for the listing, trading, and settlement of securities transactions and leveraging technology,” he said.

Popoola, represented by Mr Jude Chiemeka, Divisional Head, Capital Markets, added that it would create robust policies that would drive innovation, create liquidity, and reduce regulatory burden and other challenges across the region.

Giving an overview on West African Capital Market Integration (WACMI) Phase II Project, Project Manager, Dr Abdulrasheed Zubair, said the direct beneficiaries included WACMIC, comprising the Ghana Stock Exchange, Nigerian Stock Exchange, Cape Verde Stock Exchange and Bourse Régionale des Valeurs Mobilières (BRVM).

He listed other beneficiaries as the capital market ecosystems of The Gambia, Guinea, Liberia and Sierra Leone, among others.

“The indirect beneficiaries are stock brokers, securities traders, central securities depositories in the West African region, institutional investors including pension funds, insurance companies, sovereign wealth funds and other asset managers operating within the region.

“Others are foreign portfolio investors and international asset managers with interest in the West African markets,” Zubair said.

The aim of the project, he stated, was to facilitate cross-border investments in the ECOWAS region through the harmonisation of regulations for trading and settlement of capital market securities transactions.