By Nkiruka Nnorom
FMDQ OTC Securities Exchange has launched the Debt Capital Market Development, DCMD, Project to facilitate effective implementation of the recommendations reached at the all-stakeholders Debt Capital Market Workshop last year.
The launch, according to the Exchange, in a statement followed an extensive consultations with various stakeholders in the financial market, including the apex capital market regulator, the Securities and Exchange commission, SEC.
The DCM workshop, which was organised by FMDQ, in collaboration with the International Finance Corporation (IFC), with the support of SEC, was themed “The Nigerian Debt Capital Markets – Towards a Brighter Future”. The sole aim of the Workshop was to harness the capacity and potential of the domestic DCM, and facilitate the exchange of ideas for enhancing and deepening the Nigerian financial market. The workshop, which was attended by domestic and international financial market experts and regulators, considered various challenges limiting the growth of the Nigerian DCM and arrived at key decisions that would galvanise the Nigerian DCM to enable it reach desirable heights within the African and global financial markets.
FMDQ explained that the resolutions from the workshop have been translated into the Nigerian DCM Transformation Roadmap to be executed through the DCMD Project.
“The DCMD Project, having received the unrivaled support of the SEC, was officially launched during the Commission’s third quarter Capital Market Committee, CMC, meeting, in Lagos. Its focus on identifying and implementing quick-win strategies that would transform the Nigerian DCM into a world-class, properly functioning DCM by 2020 draws strongly from SEC’s 10-Year Nigerian Capital Market Master Plan (NCMMP), with the DCMD Project seeking to fast-track the realization of the DCM initiatives in the NCMMP. The vision of the DCMD Project is also aligned with the Financial System Strategy (FSS) 2020 initiative which is aimed at making Nigeria one of the top 20 economies in the world by 2020,” FMDQ said.