The African Development Bank, in partnership with the West Africa Capital Market Integration Council (WACMIC), is developing a database and website aimed at enhancing investor confidence and providing comprehensive statistical data across West African markets.
During a capacity building and sensitization program in Lagos, the Director-General of the West African Monetary Institute (WAMI), Olorunsola Olowofeso, explained that the unified database and website will offer valuable information and statistical data on capital markets in countries such as Nigeria, Ghana, Cape-Verde, and Côte d’Ivoire, among others.
This initiative seeks to promote market integration and harmonization within the West African capital markets, enabling investors to gain a deeper understanding of market operations and explore larger investment opportunities.
Olowofeso emphasized the significance of data in decision-making processes, stating, “Investors prefer markets they understand. The database will provide various modules for querying data on capital markets in ECOWAS countries and the wider West African region.”
He further highlighted the database’s role in policy decisions and research, aiming to contribute sustainable solutions and ideas for improving capital markets in West Africa. The website is being designed to accommodate multiple languages found within the region, eliminating language barriers.
Temi Popoola, CEO of NGX, acknowledged the African Development Bank’s sponsorship and regarded the WACMI Phase 2 Project as a significant milestone in integrating the West African Capital Markets through innovative technology. Popoola expressed optimism that this initiative would address infrastructure deficiencies and enhance Africa’s competitiveness in the global market.
Lamido Yuguda, Director General of the Securities and Exchange Commission (SEC), emphasized the goal of establishing a common and integrated platform for securities listing, trading, and settlement within West Africa. Yuguda highlighted the pivotal role of capital markets in channeling capital from surplus to deficit regions, fostering production, and promoting overall development. Encouraging cross-border capital market activity, he stated, would expand market opportunities, diversify investments, and facilitate the transfer of skills and best practices within the sub-region.