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Press release

2 November 2020

Innovative partnership will improve efficiency of Nigeria’s capital markets

FSD Africa and SEC Nigeria sign agreement to support digital transformation at the government agency through the modernization and transformation of its information and communication technology (ICT) systems.

Abuja, Nigeria, October 27, 2020: Financial Sector Deepening (FSD) Africa and the Securities and Exchange Commission, Nigeria (SEC Nigeria) have today signed a co-operation agreement that will see FSD Africa provide technical assistance to support SEC Nigeria’s digital transformation and its capacity to regulate and develop Nigeria’s capital markets.

The transformation will see SEC Nigeria’s ICT infrastructure updated to international best practice, helping to improve its ability to serve the Nigerian capital markets. Given the current working climate, this will also ease the transition to remote working as necessitated by COVID-19.

The partnership with FSD Africa will enable SEC Nigeria to serve capital market participants more efficiently through the digitization of market-facing regulatory services like e-filings and e-prospectuses. It will also improve the operational efficiency, information security and transparency of the regulator, while allowing it to develop data-driven interventions to improve Nigeria’s capital markets in line with current and future market needs.

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