FMDQ launches Debt Capital Market Development Project

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FMDQ OTC Securities Exchange (FMDQ) has officially launched the Debt Capital Market Development (DCMD) Project to ensure effective implementation of the recommendations drawn from the Debt Capital Market (DCM) workshop.
The company said this in a statement in Lagos on Friday.

The statement said that the project was officially launched during the Securities and Exchange Commission (SEC) Third Quarter Capital Market Committee (CMC) meeting on Nov. 24.

It said that the apex capital market regulator set the DCMD project to ensure the effective implementation of the recommendations drawn from the widely attended Debt Capital Market (DCM) workshop.

The statement said the workshop was held on October 27 and 28, 2015.

“The DCM workshop themed `the Nigerian Debt Capital Markets – Toward a Brighter Future’, was organised by FMDQ, in collaboration with the International Finance Corporation (IFC) with the support of SEC.

“The sole aim of the workshop is to harness the capacity and potential of the domestic DCM and facilitate the exchange of ideas for enhancing and deepening the Nigerian financial market,’’ it said.

The statement said that the workshop, which was attended by domestic and international financial market experts and regulators, considered various challenges limiting the growth of the Nigerian DCM.

It said that the resolutions of the workshop had been translated into the Nigerian DCM Transformation Roadmap to be executed through the DCMD Project.

The statement said that the DCMD project “seeks to fast-track the realisation of the DCM initiatives in the SEC’s 10-Year Nigerian Capital Market Master Plan (NCMMP)’’.

It said that the vision of the DCMD project was also aligned with the Financial System Strategy (FSS) 2020 initiative aimed at making Nigeria one of the top 20 economies in the world by 2020.

It said that at the end of the DCMD project, “it is expected that the Nigerian DCM would surpass its peers in Africa in terms of diversity of products including plain vanilla products and derivatives, liquidity, credibility and transparency.

“The project will also position Nigeria as the ultimate investment destination in Africa,’’ the statement said.

It said that FMDQ’s commitment to the transformation of the Nigerian financial markets was driven through its Global Competitiveness, Operational Excellence, Liquidity and Diversity (GOLD) agenda.

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