The Securities and Exchange Commission (SEC) has called for enhanced collaboration among African countries as Morocco revealed plans to collaborate with Nigeria to invest in mutual funds.
Emomotimi Agama, the director-general of SEC, stated this during a visit by the SEC Board to Autorite Marocaine Du Marche Des Capitaux, AMMC (Moroccan Capital Market Authority) in Rabat.
He emphasized the need for cooperation among African countries and its immense advantage to the continent.
“We need to cooperate in Africa, invest in each other’s market, and grow our continent. We want to build collaboration so that, as Africans, we can have a focus and build a strong interconnection. The time is now for us to look inward.
“We are aware of your strength in Collective Investment Scheme and we know we can learn a lot from you. The population of Nigeria is huge and we need people to understand the huge benefits of CIS and how they can key into it.”
He noted that the capital market plays a significant role in the development of the Moroccan economy, and Nigeria can learn from the country to help strengthen its market.
The collaboration is expected to help forge a common font, proving mutually beneficial for both countries.
In her remarks, Nezha Hayat, the chairperson of the Moroccan capital market regulator, expressed joy in the collaboration and revealed Morocco’s plans to expand its mutual funds to foreign countries with a focus on Nigeria, as it aimed to deploy initiatives designed to develop the continent.
Mairiga Katuka, the chairman of the SEC Nigeria Board, also emphasized the commission’s commitment to learning from other countries to enhance the Nigeria capital market.
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