WAMI Advocates Capital Markets Integration To Boost Cross Border Investment

The West African Monetary Institute (WAMI) has called for capital markets integration to boost cross border investment in the West African region.

This will be done through West African Monetary Institute Capacity Building/Sensitization Programme on West African Capital Markets Integration (WACMI) Phase II Project holding on July 11 to12, 2023 in Lagos.

The programme will foster collaboration and enhance the understanding of the opportunities and challenges associated with the integration of capital markets in the West African region.

The director-general of WAMI,  Dr. Olorunsola Olowofeso, said integrated capital market will foster cross border investment, stimulate and  deepen the regional financial markets through series of activities aimed at harmonising capital market operational rules, providing aggregated financial markets information, providing common market infrastructure,  enhance liquidity, promote efficient allocation of capital, increase investment opportunities, reduce costs for market participants, and foster economic growth and stability.

Olowofeso stated that, “the project emphasizes knowledge transfer and capacity building through workshops and technical training sessions to build the capacity of market operators, regulators, asset managers, financial infrastructure providers and other capital market participants on a range of financial market issues including regulations, supervision, innovative financing, cross-border investments and settlements.”

The project is funded by the African Development Bank (AfDB) and implemented by the West African Monetary Institute (WAMI) while Lead anchors are the West African Capital Markets Integration Council (WACMIC), a platform for chief executive officers of the Securities Exchanges and Central Securities Depositories in West Africa, and the West African Securities Regulators Association (WASRA), comprised of directors-general of the Securities & Exchange Commissions in the region.

The programme is expected to sensitise relevant stakeholders on efforts at enhancing cross-border investments across the region through the establishment of a common and integrated platform for the listing, trading, and settlement of securities transactions within West Africa.

The key objectives of the program include enhancing awareness of the WACMI Phase II Project and its significance for the region’s capital market ecosystem,facilitating knowledge exchange on regulatory frameworks, market structures, and operational aspects to support integration efforts and discussing challenges and identifying solutions to strengthen cross-border investment and trading activities.

Speakers at the event will include; director-general WAMI, Dr. Olorunsole Olowofeso; director-general Securities and Exchange Commission (SEC), Mr. Lamido Yuguda; CEO, Nigerian Exchange (NGX) Mr. Temi Popoola; Deputy Governor Economic Policy Directorate, Central Bank of Nigeria (CBN) Dr. Kingsley Obiora; and the Project manager, WACMI Phase II Project, Dr. Abdulrasheed Zubair.