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MoU to fund Nigeria Stock Exchange growth

14 July 2016, 13:24

Lagos – The Nigeria Stock Exchange (NSE) is among course to benefit from a Memorandum of Understanding (MoU) the African Development Bank (AfDB) and the African Securities Exchanges Association (ASEA) have signed to promote resources mobilization for Africa’s economic growth.

The five-year MoU will provide a collaborative framework for harmonizing and coordinating the efforts of AfDB, the premier international development financial institution for Africa, and ASEA, the premier body of African stock exchanges, towards deepening and connecting African financial markets.

AfDB President, Dr Akinwumi Adesina, believes the strengthening and deepening of Africa’s financial markets, as a powerful tool to mobilize domestic and international savings at an efficient cost, and channel them towards funding Africa’s private sector, is critical to accelerate the pace to achieve the bank’s ten-year strategy 2013-2022 for green and inclusive growth in Africa.

ASEA President, Oscar Onyema, who is also the NSE Chief Executive Officer, the partnership between AfDB and ASEA will complement the association’s obligation of promoting the activities of its members and of the African Capital Market through combined efforts.

“The MoU will pave way to various projects that will focus on the development of exchanges, deepening the stock markets and ultimately fueling African economic growth,” said Onyema.

The African Exchanges Linkage Project (AELP) will primarily commence with the four pilot exchanges selected by ASEA as regional hubs during the incubation phase of the project, namely the Casablanca Stock Exchange (CSE), the Johannesburg Stock Exchange (JSE), the Nairobi Securities Exchange (NbSE) and the NiSE.

It will eventually be rolled out to include the other ASEA member exchanges.

- CAJ News


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