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‘Derivatives products will boost capital market liquidity’

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Acting Director-General, SEC, Ms Mary Uduk

The Acting Director-General, Securities and Exchange Commission (SEC), Ms. Mary Uduk, has said derivatives products would enhance liquidity in the nation’s capital market.
   
Addressing participants at the Final Reporting Workshop of the Knowledge Sharing Programme (KSP), in Lagos, on Wednesday, she said this will also facilitate portfolio management and investment diversification.

KSP is a knowledge-intensive development and economic cooperation programme designed to share Korea’s development experience with partner countries.

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Uduk said: “The KSP is centred on capacity building on operation and development of financial derivatives markets in Nigeria, aimed at tapping from the Korea’s expertise and excellence towards developing the derivatives market in Nigeria. The Nigerian capital market will not remain the same at the conclusion of this workshop as it has derived tangible benefits from this partnership.”
 
She said the KSP presents a good opportunity for addressing some of the challenges in setting up a strong and functioning derivatives market, especially in terms of having the required market infrastructure, regulatory framework and surveillance system for the derivatives market in Nigeria, which are the target areas of research.
 
“I am optimistic about our chances of creating a derivative market place that will be useful for our economy and the sub-Saharan region. With the profiles of speakers lined up for today’s event, I believe that justice will be done to the topics and all of us will leave this venue more informed than we came. 
 
“The partnership between Korea’s Ministry of Economy and Finance, and the Securities and Exchange Commission, Nigeria, is the first bi-lateral policy consultation between the two countries. The programme has exposed my colleagues to the rich system and diversity of the Korean financial system, which enabled Korea’s advancement and contemporary status among the comity of industrialised nations in the world,” she said.

Uduk said the final workshop will articulate recommendations for the course of actions needed for the development of the Nigerian financial derivatives market and the management of market volatility.  

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“We are all aware that Nigeria would not have a viable derivatives market without adequate capacity building for the regulator and that of market participants. The capacity gap is being bridged by the KSP by enhancing the capacity of the relevant stakeholders to jumpstart the operation of the derivatives market in Nigeria.”
 
In his remarks, Korean Ambassador to Nigeria, Intae Lee, expressed delight at efforts of the SEC and the Nigerian Stock Exchange (NSE), in driving the derivatives financial products market in various sectors.
   
Lee, represented by the Korean Embassy Consul-General, Kim Intaek, said with these efforts, he is optimistic that Nigeria will soon be a financial hub for derivatives products in Africa. 

“This project is in basic research stage now, and we are ready to support Nigeria’s development by working with Nigeria to achieve great success in this area.
 
“Korea will always strive to be Nigeria’s friend in times of need. We will continue our efforts to straighten the friendship and will be available to support Nigeria in this area and we hope that this venture will turn out to be very successful,” he added. 
      
The Ministry of Economy and Finance (MOEF) of Republic of Korea has been overseeing KSP for partner countries for their policy capacity building and sustainable development since 2004. 
 
As of 2018, about 1,000 policy researches have been conducted in 66 countries to promote sustainable socio-economic development. KSP has offered comprehensive policy consultations tailored to the needs of partner countries encompassing in-depth analysis, policy consultation, and training opportunities.


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