Nigeria's Securities and Exchange Commission has introduced a depositary-receipt framework designed to pull more African companies and investors into the country's capital market. The move is a deliberate push to position Lagos as the continent's go-to destination for capital raising and investment activity.
The new rules would allow African companies to list depositary receipts on Nigerian exchanges without needing a full primary listing, lowering the barrier for businesses across the continent to tap into Nigerian investor pools. It is a practical step toward making the Nigerian market more accessible and regionally competitive.
The framework signals a broader ambition: that Nigeria wants to be the financial heartbeat of Africa, not just one of its larger economies. Whether other African markets respond with cooperation or competition will be the real story to watch.
Originally published by BusinessDay.