The Securities and Exchange Commission of Nigeria has joined the Growth and Emerging Markets Committee Network (GEMC) on sustainability, an initiative designed to align Nigeria’s capital market with global sustainability standards.
This announcement was made known during the International Organization of Securities Commissions (IOSCO) Annual Meeting held in Doha, Qatar.
The GEMC Network, created by IOSCO, aims to assist the adoption and implementation of the International Sustainability Standards Board (ISSB) Standards, especially in growth and emerging markets. It provides member countries with access to capacity-building resources, regulatory and supervisory frameworks, and educational tools to support effective integration of sustainability reporting.
Director-General of the SEC, Emomotimi Agama, described Nigeria’s membership in the GEMC as a major milestone in the country’s ongoing capital market reforms. He noted that this step would improve Nigeria’s credibility on the global capital markets and help attract increased foreign investment.
Agama stated that, “GEMC plays a crucial role in promoting sustainable and resilient capital markets in emerging economies. Nigeria’s membership in GEMC is a significant step towards aligning the country’s capital markets with global sustainability standards”.
He added that “GEMC’s focus on sustainability would help Nigeria’s capital markets contribute to the country’s sustainable development goals, such as reducing carbon emissions and promoting environmental protection. Membership would provide Nigeria’s securities regulator with access to best practices and guidance on sustainable finance, enabling the development of a more effective regulatory framework.”
According to Agama, the membership in the GEMC will also open doors for capacity building and knowledge exchange, helping to strengthen the skills and expertise of Nigeria’s securities regulator and market stakeholders.
He further emphasized that SEC Nigeria’s affiliation with IOSCO positions the country to align with global best practices, as IOSCO sets international benchmarks for securities regulation. This participation, he noted, enables Nigeria to play a more active role in shaping global regulatory standards.
The ISSB Standards, which were officially endorsed by IOSCO in July 2023, aim to address rising investor demand for comparable and reliable sustainability disclosure. These standards aim to ensure globally consistent disclosures that meet the needs of market participants.
To further support sustainable finance, IOSCO established the Sustainable Finance Task Force and launched the GEMC Sustainability Network, an initiative that helps members coordinate implementation, exchange best practices, and access localized technical support.
