Nigeria's Securities and Exchange Commission (SEC) has signed a Memorandum of Understanding (MoU) with Rwanda's Capital Markets Authority (CMA), formalising a bilateral regulatory partnership aimed at strengthening capital market cooperation and advancing African capital markets integration.
The agreement was signed in Abuja on Monday by SEC Director-General Dr. Emomotimi Agama and CMA Rwanda Chief Executive Officer Mr. Romeo Ngaranbe.
Speaking at the ceremony, Agama described Nigeria as a willing partner in advancing African capital market development and urged countries across the continent to invest in one another's markets. He stressed that long-term capital markets remain critical to financing Africa's infrastructure needs, encouraging governments to use long-term capital for long-term projects.
"We need to cooperate in Africa, invest in each other's market and grow our continent," Agama said. "The time is now for us to look inwards."
Ngaranbe said Rwanda was looking to learn from Nigeria's more advanced capital market and gain useful lessons from its development experience.
Under the terms of the MoU, both regulators agreed to collaborate on investor education, capital market development, regulatory information sharing, capacity building, technical assistance, and cooperation on enforcement and supervisory matters of mutual interest.
The partnership is the latest in a series of international regulatory alliances pursued by the Agama-led Commission. Nigeria's SEC has signed similar cooperation agreements with regulators in Ghana, Egypt, and South Africa as part of efforts to support the African Continental Free Trade Area (AfCFTA) financial services agenda.
The agreement follows the enactment of the Investments and Securities Act 2025, which expanded the SEC's regulatory powers and enhanced its ability to engage international counterparts. Nigeria's NGX remains one of Africa's largest exchanges by market capitalisation, while Rwanda's capital market has continued to expand under the country's economic transformation programme.
The SEC said the partnership is designed as a mutual collaboration, with both regulators expected to work together on enforcement initiatives and investor education across their respective jurisdictions. The framework supports broader regional and international engagement to promote stronger regulatory alignment across African markets.
