The Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has emphasised the untapped potential of the capital market in addressing Nigeria’s significant infrastructure deficit.
Agama pointed out that the capital market, which has played a key role in mobilizing funds for various sectors of the economy, can similarly be leveraged to finance the country’s infrastructure needs, provided adequate awareness is created.
A statement by the commission on Sunday said Agama who spoke during a panel session at the “Financing the Future in Nigeria” event organised by the International Finance Corporation (IFC) and the Milken Institute in Lagos, underscored the need for increased investor education.
He noted that both regulators and market operators must work together to strengthen the capital market as a critical platform for raising funds, and that innovative, market-driven initiatives should be encouraged.
“We have the capacity. The potential for debt financing in Nigeria’s capital market remains largely unexplored because many people are unaware of its benefits. That is why we are making efforts to raise awareness. The capital market is the barometer of any economy,” Dr. Agama said.
He added: “Nigeria has the capacity to fully fund its capital market and integrate it into the national economy. Our infrastructure needs are vast, covering everything from roads to healthcare, education, agriculture, and beyond. To address these needs across our 36 states and the Federal Capital Territory, we are looking at more than $50 billion”.
Agama also referenced President Bola Tinubu’s call for Nigeria to grow its economy to $1 trillion, stating, “This is achievable through the capital market, mining, oil and gas, construction, housing, and more. The capital market plays a pivotal role in realizing these goals, and we are committed to making it happen”.
During the same event, the Director of Treasury Capital Markets & Investments at IFC, Mr. Tom Ceusters, stressed the importance of educating mid-level regulators and market infrastructure participants. He noted that the IFC has trained 224 alumni from 56 countries, including 22 from Nigeria, to enhance capital market development.
Ceusters remarked on the success of IFC’s partnership with Nigeria over the past eight years, adding: “The impact of our program is evident in the contributions of our alumni, like Agama, to the advancement of regulation and market development”.
The Chief Operating Officer/Chief Financial Officer at the Milken Institute, Mr. John Hunter called the event a positive start, but emphasized that meaningful progress depends on follow-up actions. He advised regulators to make the market more attractive by focusing on the ease of doing business and leveraging Africa’s large population as a bargaining asset.
