The Capital Markets Authority of Rwanda has concluded a study mission to Nigeria aimed at strengthening regulatory cooperation, modernising market infrastructure and advancing the integration of African capital markets.
The Rwandan delegation, led by Chief Executive Officer Romeo Ngarambe, held a series of high-level engagements in Lagos with the Nigerian Exchange Group and the Central Securities Clearing System to learn from one of Africa’s largest and most developed capital markets.
At the Nigerian Exchange Group, the delegation met Jude Chiemeka, Chief Executive Officer of Nigerian Exchange Limited, and Temi Popoola, Group Managing Director and Chief Executive Officer of NGX Group.
Discussions focused on capital market regulation, trading systems, investor access and opportunities to deepen collaboration between African stock exchanges.
The institutions also explored cooperation through the African Securities Exchanges Association and the African Exchanges Linkage Project, an initiative designed to enable investors to trade securities listed across participating African exchanges.
Officials said stronger cross-border market access would broaden the pool of investors available to Rwandan companies, improve access to long-term financing and facilitate the movement of investment capital across African economies.
The delegation also met officials from the Central Securities Clearing System to examine Nigeria’s experience in securities depository services, settlement-cycle reform, market dematerialisation, post-trade technology and risk management.
Particular attention was given to Nigeria’s transition to a T+1 settlement cycle, under which securities transactions are completed one business day after trading.
The model is expected to reduce transaction risks, improve market efficiency and enable investors to receive their securities and funds more quickly.
Ngarambe said greater collaboration among African institutions would be key to accelerating the continent’s capital market development.
“African capital markets can grow faster when institutions share experience and adapt solutions that have worked on the continent. Our objective is to build efficient, trusted and accessible market infrastructure that supports investment in Rwanda and regional integration,” he said.
Beyond the exchange and clearing system, the Rwandan delegation also held discussions with Nigeria’s Securities and Exchange Commission and Debt Management Office as part of efforts to deepen institutional cooperation.
The Capital Markets Authority said insights gained from the mission would support ongoing reforms to strengthen market supervision, modernise infrastructure, diversify investment products and enhance Rwanda’s attractiveness to both domestic and international investors.
The regulator said the collaboration is expected to contribute to a more integrated African capital market, giving businesses greater access to long-term capital while allowing investors to participate more easily in investment opportunities across the continent.
