Chairman of the committee responsible for integrating capital markets in the West African sub-region, Oscar Onyema, says they are on track to meet the December 2014 deadline.
Market watchers have criticised the West African Capital Markets Integration Council(WACMIC)over perceived slow pace at efforts to integrate the stock exchange market in the sub-region integration.
But Mr. Onyema, who is also the Chief Executive of the Nigerian Stock Exchange, told Joy Business the reason for the perceived slow pace is due the diligence required in such efforts.
He indicated that integrating capital markets in the West African sub-region becomes complex at each phase of the process, saying it was important not to “rush and get it wrong.”
“We are going to implement in three phases [and] in each phase there are rules that have to be written. These rules have to go through the different Board of Directors of the exchanges [in the West African countries] then they have to go to the capital market regulators for approval”, he explained.
He however revealed that the integration process has reached the stage where the West African capital markets are ensuring compliance with their own market requirements.
The process of integrating the capital market in West Africa has received the approval and support from most of the countries in the sub-region.
Integrating capital markets in the sub-region would allow companies in West Africa to easily raise money and facilitate trading across borders.