The Vice President of Nigeria, Kashim Shettima, has called on African capital markets to embrace digital transformation and deepen regional integration to establish a financial system that is more efficient, accessible and resilient.
Shettima made this call on Thursday at the 2025 Conference of the Africa and Middle East Depositories Association, held in Lagos.
AMEDA is the umbrella body for the Central Securities Depositories and Clearing Houses collectively referred to as Financial Market Infrastructures operating across Africa and the Middle East. It was established in 2005.
Shettima, represented by the Special Adviser to the President on Economic Matters, Tope Fasua, said in a recorded message, ‘We are witnessing tectonic shifts in how we engage with one another and the wider world. These shifts, driven by innovation, favourable demographics, digital disruption and economic realignments, compel us to rethink the very architecture of our financial ecosystems and economic management models.
‘At the heart of this transformation lies the indispensable role of financial market infrastructures, depositories, clearing houses, payment systems and digital platforms that sustain trust, enable transparency, and provide the liquidity our markets require.
‘In His Excellency, President Bola Tinubu, you have not only found an ally in market reform, but also a steward of economic stability. Our administration is committed to strengthening Nigeria’s financial market infrastructures through a deliberate blend of regulation, reform, capital market development strategies, and robust public-private collaboration from broadening participation in our capital markets to increasing access to finance for MSMEs and start-ups, and financing infrastructure through green bonds, social bonds and sukuk.
‘Our agenda is anchored in inclusive finance principles and designed to deliver tangible public value. We are also harnessing innovation across sectors from fintechs and mobile platforms to payment service providers to make our financial system more efficient, more accessible and more inclusive. But for innovation to be meaningful, it must be responsible, secure and equitable. No citizen must be left behind’.
He added that to shape the future of finance, Nigeria must move beyond domestic thinking and embrace a shared regional vision.
‘This is particularly urgent and promising in Africa and the Middle East, where the convergence of demographic strength, digital ambition, and bold policy reform is laying the foundation for transformative growth. The African Continental Free Trade Area Agreement marks a defining moment, with the potential to unite 54 countries into a single market of over 1.4 billion people.
The momentum to harmonise capital markets and expand cross-border investment is gaining traction in Nigeria. We have introduced a regulatory framework for digital assets and enhanced legal instruments to support capital market development. These moves are not isolated. In Nigeria, we’re on an ambitious journey to grow our economy to $1 trillion within the next decade. Achieving this vision requires not only sound policies but also enduring partnerships and the insights of brilliant minds like yours gathered here today. Let this gathering inspire us to build financial systems that are efficient, inclusive and future-proof,’ he asserted.
Also speaking at the event, the Chairman of Access Holdings, Aigboje Aig-Imoukhuede, called for collaborative efforts to drive the financial market infrastructures needed in both regions.
Aig-Imoukhuede noted that, based on past investment trends, the Middle East has shown a willingness to invest in Africa.
He stated, ‘As AMEDA members, you must pool resources, share best practices, and leverage each member’s unique strengths. I understand the transformative power of your umbrella, and you can drive innovation to transform Africa not just for Africans but also for members of the region. This collaborative approach will not only empower individual member states but also create a new world where the Middle East and Africa represent a strong bloc for economic development’.
In his welcome address, the Chairman of AMEDA, Abdulla Abdin, said the theme of the conference: Shaping the Future: Financial Markets Infrastructures as Catalysts for Transforming Economies ‘reflects our deepest awareness of the rapid transformation taking place in the global economy and the role played by the financial market infrastructures in enabling economies to adopt innovation and achieve inclusive growth.
‘AMEDA holds the view that financial infrastructure is not solely a technical tool; it constitutes an essential mechanism for development and a sound basis for incentivising investment, improving transparency, optimising market efficiency, and realising economic integration within the region’.
The Vice Chairman of AMEDA, Haruna Jalo-Waziri, who is also the Managing Director/Chief Executive Officer of the Central Securities Clearing Systems, highlighted some key issues for participants to reflect upon during the conference.
‘As we embark on this two-day journey of dialogue and discovery, allow me to highlight a few key issues that I believe merit our collective reflection: How do we expand access to financial markets sustainably and inclusively, particularly for the unserved and underserved?
‘How can we effectively position our Market Infrastructures to serve their real purpose and catalyse rapid growth and development of our economies, sustainably? How can we build interoperable and integrated capital markets across our regions to facilitate efficient capital flows and attract global investment?’ Jalo-Waziri stated.
He maintained that the answers are important for Nigeria, saying, ‘Our country is on a bold journey to grow its economy to a $1tn economy. This ambition is underpinned by a capital market that must evolve in scale, sophistication and inclusiveness. At CSCS, we are proud to support this journey by investing in future-ready infrastructure, enabling investor confidence, building systemic resilience, and partnering with innovators across the financial services value chain’.
At the conference jointly organised by AMEDA and CSCS, the Lagos State Governor, Babajide Sanwo-Olu, was represented by the Commissioner for Economic Planning, Opeyemi George. The Director General of the Securities and Exchange Commission, Dr Emomotimi Agama, was represented by the Executive Commissioner, Operations, SEC, Bola Ajomale.
