The Securities and Exchange Commission of Nigeria has announced its entry into the Growth and Emerging Markets Committee Network on sustainability, a move aimed at aligning the Nigerian capital market with global sustainability standards.

This development was made public on the sidelines of the International Organisation of Securities Commissions Annual Meeting held in Doha, Qatar.

The GEMC Network, established by IOSCO, is designed to support the adoption and implementation of the International Sustainability Standards Board Standards, particularly across growth and emerging markets. It offers member countries access to capacity-building tools, supervisory and enforcement frameworks, and educational materials to help integrate sustainability reporting effectively.

Director-General of the SEC, Emomotimi Agama, described Nigeria’s membership in the GEMC as a significant milestone for the country’s capital market reforms.

“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,” Agama said.

He added that the development would improve Nigeria’s credibility in the global capital markets and attract foreign investment.

“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,” he added.

According to him, the GEMC membership will also offer opportunities for capacity building and knowledge sharing, enhancing the skills and expertise of Nigeria’s securities regulator and market participants.

On SEC Nigeria’s affiliation with IOSCO, Agama noted that the organisation sets global benchmarks for securities regulation, and that Nigeria’s participation would enable the country to contribute meaningfully to global regulatory standards.

“IOSCO membership would facilitate international cooperation and information sharing, helping Nigeria’s securities regulator to stay abreast of global best practices. Also, IOSCO’s focus on market integrity would help Nigeria’s capital markets maintain high standards of transparency, fairness, and investor protection,” he said.

The ISSB Standards, which were officially endorsed by IOSCO in July 2023, are designed to address growing investor demand for comparable and reliable sustainability-related information. These standards aim to ensure globally consistent disclosures that meet the needs of market participants.

As part of its efforts to advance sustainable finance, IOSCO also created the Sustainable Finance Task Force and initiated the GEMC Sustainability Network. This platform allows members to coordinate implementation efforts, share best practices, and access technical assistance tailored to local contexts.