Rwanda’s Capital Markets Authority (CMA) has concluded a study mission to Nigeria aimed at strengthening regulatory cooperation and improving market infrastructure as African countries seek to deepen cross-border investment.
The delegation, led by CMA Chief Executive Officer Romeo Ngarambe, met officials from the Nigerian Exchange Group and the Central Securities Clearing System (CSCS) in Lagos, where discussions focused on trading systems, post-trade infrastructure and expanding investor access across African markets.
At the Nigerian Exchange Group, the Rwandan delegation held talks with Nigerian Exchange Limited Chief Executive Officer Jude Chiemeka and NGX Group Chief Executive Officer Temi Popoola. The discussions centered on market regulation, trading systems and efforts to strengthen links between African stock exchanges.
The two sides also reviewed ongoing continental initiatives, including the African Securities Exchanges Association and the African Exchanges Linkage Project, which seeks to allow investors to trade securities across participating markets.
Greater cross-border market access, officials said, could broaden the investor base for Rwandan companies, improve capital raising opportunities and facilitate the movement of investment flows across African economies.
The delegation also visited the Central Securities Clearing System, where they studied Nigeria’s experience in securities depository services, settlement processes, market dematerialisation and risk management systems.
Officials highlighted Nigeria’s shift to a T+1 settlement cycle, where securities transactions are completed one business day after trading. They said the faster system reduces settlement risk, improves market efficiency and allows investors quicker access to funds and securities.
CMA Rwanda Chief Executive Officer Romeo Ngarambe said cooperation among African regulators is key to building stronger and more efficient capital markets.
“African capital markets can grow faster when institutions share experience and adapt solutions that have worked on the continent,” Ngarambe said. “Our objective is to build efficient, trusted and accessible market infrastructure that supports investment in Rwanda and regional integration.”
The delegation also held meetings with Nigeria’s Securities and Exchange Commission and the Debt Management Office to exchange views on regulation and public debt management.
CMA Rwanda said the mission’s findings will inform ongoing reforms aimed at strengthening market supervision, expanding investment products and attracting both domestic and international investors.
Officials said the broader goal is to support the development of a more connected African capital market that enables companies to access long-term financing and allows investors to diversify across borders.
