Nigeria and the UK delivery groups are bringing together government and industry experts to identify areas of capital market development where the combination of UK and Nigeria private and public sectors expertise will increase capital flow between both countries, for mutual benefit.
Consequently, Roger Gifford, UK Emerging Capital Markets Taskforce champion, and Aigboje Aig-Imoukhuede, Nigeria Emerging Capital Markets Taskforce champion, will jointly launch a report on capital markets reform in Nigeria at a business event in Lagos on July 28.
According to a statement by Wale Adebajo, communication manager, British Deputy High Commission, Lagos, the report reviews and makes recommendations for reforms that will deepen Nigerian capital markets and attract domestic and international investments, to the benefit of Nigeria. This focuses on four key areas: integrity of the market; regulatory infrastructure; market incentives and barriers, and market development. The report was produced by the Law Society of England and Wales and the Nigeria Capital Market Solicitors Association.
The ‘Nigeria-UK Capital Markets Project’ was officially launched in Lagos last year by the UK and Nigeria champions of the project – Roger Gifford (Alderman of the City of London and former Lord Mayor of London), and Aig-Imoukhuede, president, Nigerian Stock Exchange.
Roger Gifford and members of the UK delivery group will be visiting Lagos and Abuja on July 28 – 30, for a series of meetings with key stakeholders in government and the private sector, alongside the Nigeria delivery group.
Speaking before his visit, Roger said: “I am delighted this joint report is shortly to be launched in Nigeria. I am impressed by the dynamism and energy of the people I have met in the capital markets sector, and I believe that their commitment to the reform of Nigeria’s capital markets can benefit both people and economy, allowing greater access to funding for companies and investment opportunities for institutions and individuals, both at home and abroad.”
On his part, Aig-Imoukhuede said: “I am particularly delighted that the ECMT Nigeria Capital Markets Project has reached its first milestone of producing a report which addresses regulation and transparency in the Nigerian capital market. The initiative has the potential to greatly impact further development of our capital markets and boost capital flows between the UK and Nigeria.”
