Nigeria's SEC works towards creation of West African stock market

May 17, 2011

Nigeria's Securities and Exchange Commission (SEC) will contribute to the establishment of a West-African Stock Market.

Its main objective will be to solve the difficulties of cross-border listings on exchanges in the region.

SEC's president, Udoma Udo Udoma, made this announcement last week during a press conference in Lagos, PANA news agency reports.

"We are strengthening our rules in Nigeria to make our stock exchange stronger. Thereafter, we will look at bringing other exchanges to form a single stock market in West Africa", said Mr Udoma.

He added that regulators are currently looking at harmonising securities rules in various countries.

Chief Executive Officer of the Nigerian Stock Exchange (NSE) Oscar Onyema has reiterated its commitment to transform the capital market into a gateway to African frontier markets. He believes that the NSE can become a leading light in Africa.

However, he admitted the exchange still faces the daunting task of bringing back investors' confidence to convince them that their investment is safe in the market, ThisDay Live reports.