Rwanda, Nigeria deepen capital markets cooperation
The Capital Markets Authority of Rwanda has concluded a study mission to Nigeria aimed at strengthening regulatory cooperation, modernising market infrastructure and supporting greater integration among African capital markets.
Led by Chief Executive Officer Romeo Ngarambe, the delegation held talks with the Nigerian Exchange Group and the Central Securities Clearing System in Lagos, drawing lessons from one of Africa’s largest capital markets.
At the Nigerian Exchange Group, the delegation met Jude Chiemeka, Chief Executive Officer of Nigerian Exchange Limited, and Temi Popoola, Group Managing Director and Chief Executive Officer of NGX Group. The discussions covered market regulation, trading systems, investor access and opportunities for closer links between African exchanges.
The institutions also examined cooperation through the African Securities Exchanges Association and the African Exchange Linkage Project, which is designed to enable investors to access securities listed across participating markets.
Greater cross-border market access could widen the pool of investors available to Rwandan companies; support capital raising and improve the movement of investment funds between African economies.
During discussions with the Central Securities Clearing System, the delegation reviewed Nigeria’s experience in securities depository services, settlement-cycle reform, market dematerialisation, risk management and post-trade technology.
The engagement included lessons from Nigeria’s move to a T+1 settlement cycle, where securities transactions are completed one business day after trading. Faster settlement can reduce transaction risks, improve market efficiency and allow investors to access their securities and funds sooner.
Ngarambe said cooperation between African institutions was essential to building stronger and more accessible markets.
“African capital markets can grow faster when institutions share experience and adapt solutions that have worked on the continent. Our objective is to build efficient, trusted and accessible market infrastructure that supports investment in Rwanda and regional integration,” he said.
The delegation also held engagements with Nigeria’s Securities and Exchange Commission and Debt Management Office.
CMA Rwanda said lessons from the mission would support ongoing efforts to strengthen supervision, improve market infrastructure, expand investment products and attract domestic and international investors.
The cooperation is expected to contribute to a more connected African capital market in which businesses can access long-term financing and investors can participate in opportunities beyond their domestic markets.
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