Abuja, December 3rd , 2016

    As part of the official visit by His Majesty the King Mohammed VI to Nigeria, the Moroccan Capital Market Authority and the Nigerian Securities Exchange Commission have signed on December 3rd, in Abuja, a Memorandum of Understanding (MoU) on bilateral cooperation and exchange between the two institutions.

This large and exhaustive MoU is intended to reinforce bilateral cooperation and mutual exchange between the two regulatory authorities in areas of common interest, and to stimulate investments in respective capital markets.

The signing ceremony was held in front of the two Heads of State at the presidential residence in Abuja.

In particular, the MoU aims to set the regulatory foundations and mechanisms for bilateral cooperation and mutual assistance in order to facilitate the cross-listing of Moroccan and Nigerian Companies in respective exchanges, and to promote more fluid capital flows across the two countries.

It also covers other critical areas of capital markets development of common interest such as the accreditation of market professionals carrying regulated activities, access to finance for SMEs, the establishment of alternative markets and dedicated junior boards, diversification of financial instruments, as well as promoting financial education.

In addition, the MoU pays a particular attention to mutual exchange and cooperation on sustainable finance. Indeed, the two regulatory authorities are among the first institutions having endorsed “Marrakech Pledge” for Fostering Green Capital Markets in Africa, an initiative launched last November 16th during the COP22 held in Marrakech.