The Securities and Exchange Commission (SEC) of Nigeria has joined the Growth and Emerging Markets Committee (GEMC) Sustainability Network, marking a pivotal step toward aligning the Nigerian capital market with global sustainability practices.
This announcement came during the International Organisation of Securities Commissions (IOSCO) Annual Meeting in Doha, Qatar. The GEMC Network, established by IOSCO, is designed to help growth and emerging markets adopt and implement the International Sustainability Standards Board (ISSB) Standards. It offers tools and frameworks for capacity building, supervision, enforcement, and education to support effective sustainability reporting.
Nigeria’s SEC Director-General described the membership as a major milestone in the country’s capital market reforms. He emphasized that Nigeria’s inclusion in the GEMC would not only promote more sustainable and resilient markets but also enhance global credibility and attract foreign investment.
The GEMC platform is expected to help Nigeria’s capital market support national goals like carbon emissions reduction and environmental preservation. With access to best practices and regulatory guidance, the SEC aims to strengthen Nigeria’s sustainable finance framework.
In addition, the membership will provide new opportunities for knowledge sharing and capacity building for both the regulator and market participants.
The SEC’s participation in IOSCO; an international body setting global benchmarks for securities regulation—is also viewed as essential for staying current with global standards and fostering market integrity. IOSCO promotes transparency, investor protection, and fairness in global capital markets.
The ISSB Standards, endorsed by IOSCO in July 2023, address rising investor demand for reliable, comparable sustainability information. Through platforms like the GEMC Network and the Sustainable Finance Task Force, IOSCO is helping countries like Nigeria implement these standards in ways suited to their local contexts.
