W’ African Capital Market Set For Integration

The chairman, Board of
the securities and Exchange  Commission (SEC), Mr. Suleiman  Ndanusa, last week hinted that all  capital  markets within the West African sub-region would be integrated by the first quarter of 2016.
Speaking in Abuja  at the opening of the 50th meeting of the West African Capital  Markets  Integration  Council (WACMIC), he expressed  satisfaction with the progress  so far  made in the integration process, noting that significant  achievement had been  recorded  in two out of the integration  phases  required.
The phases include direct  access market  phase, the qualified West African stockbroker  phase and the West African Capital Market Phase, Which is considered the ultimate  phase.
Ndanusa said, According to the time table, by the end of 2015, we should have substantially gone through all the stages. We have  three stages and we attained stage one in April 2014, we are working towards  stage two and three”.
He said “before the end of first quarter 2016, we  should have attained the three stages for integrating the capital market in West Africa”.
The chairman urged the council to push harder for the harmonization of market processes and regime instruments while ensuring the environment is as adaptable as possible   and that compliance cost is minimal.
“We should also properly situate  financial literacy and financial  inclusion within the architecture  of this  integration project. The people of the region must, after all, be carried along for the ultimate actualization of this lofty dream,” he said.
According to him, integrating the markets would not only empower the region to be a formidable force to other emerging markets but would   also tackle  the challenge of depth  and liquidity  which would help  create a bigger  market for both local and foreign investors.
He further disclosed that the issue of a single currency for the sub-region was currently being looked into by the West African Monetary Union.
There  is a technical  committee  working on this issue made up of the Central banks of participating countries for this market. We are  working with the ministries of finances  and so by the time we get to the level of full integration, that  issue would have  been resolved,” he said.