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One of many goals of the West African Capital Markets Integration (WACMI) Part II Venture is to deepen West African markets in addition to obtain strong and built-in capital markets, stated Olorunsola Olowofeso, Director Basic, West African Financial Institute.
Olowofeso acknowledged this throughout a two-day Capability Constructing/Sensitisation programme on West African Capital Markets Integration (WACMI) Part II Venture held in Lagos on Tuesday.
The WACMI Part 2 Venture is funded by the African Growth Financial institution (AfDB) by a grant from the Capital Markets Growth Belief Fund and carried out by the West African Financial Institute (WAMI) whereas Lead anchors are the West African Capital Markets Integration Council (WACMIC), a platform for Chief Government Officers of the Securities Exchanges and Central Securities Depositories in West Africa, and the West African Securities Regulators Affiliation (WASRA), comprised of Administrators Basic of the Securities & Alternate Commissions within the area.
Olowofeso who acknowledged that the capability Constructing and Sensitisation workshop is designed to boost the talent degree of various lessons of market members by devoted coaching on working guidelines, funding processes, buying and selling and settlement operations for cross-border investments, additionally stated that it’s anticipated to create consciousness and sensitise the general public on the implementation of the WACMI Part 2 Venture.
In response to him, apart from the harmonization of market guidelines and the capability constructing and sensitization programme throughout the inventory exchanges in ECOWAS, different actions underneath the element, embody the event and internet hosting of a centralised database/ web site for the West
He assured that WAMI as implementing company of the mission will proceed to collaborate with all of the stakeholders, notably WASRA and WACMIC to make sure that the mission is accomplished inside the stipulated time (June 2024).
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In a keynote deal with, Lamido Yuguda, Director Basic, Securities and Alternate Fee acknowledged that the initiative goals to ascertain a typical and built-in platform for itemizing, buying and selling, and settling securities transactions inside West Africa.
He stated, “One of many major aims of this programme is to boost consciousness of the WACMI Part II Venture and its significance for the area’s capital market ecosystem.
“We search to foster a complete understanding of the alternatives and challenges that lie forward as we try to facilitate cross-border investments and create a seamless buying and selling atmosphere inside West Africa.
Yuguda, represented by Dayo Obisan, Government Commissioner Operations, SEC acknowledged that the purpose of the programme is to facilitate a fruitful information trade, enabling studying from one another’s experiences and figuring out sensible options to strengthen cross-border funding and buying and selling actions including that this may in the end carry in regards to the much-desired built-in capital market that might cater for the area.
“Capital markets play the essential position of channelling capital from the place of surplus to that of deficit, serving to make manufacturing and in flip, growth doable. For growth to occur, a robust capital market is a requisite.
“There’s have to broaden the markets within the sub-region, and one of many methods to do it’s to encourage cross-border capital market exercise. This will increase the chance set for individuals in our sub-region, helps diversification of investments, and encourages the switch of expertise and finest practices,” he acknowledged.
Giving an outline on West African Capital Market Integration (WACMI) Part II Venture, Abdulrasheed Zubair, the Venture Supervisor, disclosed that the direct beneficiaries embody WACMIC comprising Ghana Inventory Alternate, Nigerian Inventory Alternate, Cape Verde Inventory Alternate and Bourse Régionale des Valeurs Mobilières (BRVM). Different beneficiaries embody the capital market ecosystems of The Gambia, Guinea, Liberia & Sierra Leone
“The Oblique beneficiaries are Stockbrokers, securities merchants, central securities depositories within the West African area, Institutional traders together with pension funds, insurance coverage firms, sovereign wealth funds and different asset managers working inside the area.
Others are International portfolio traders and worldwide asset managers with curiosity within the West African markets”.
The purpose of the mission he acknowledged, is to facilitate cross-border investments within the ECOWAS area by the harmonisation of rules for buying and selling and settlement of capital market securities transactions.
“Set up a harmonised regulatory atmosphere for the issuance and buying and selling of capital market securities throughout the area and Strengthen capital markets information collation and dissemination for West African Capital Markets”.Nicely
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