“Capital Market Key to Unlocking Nigeria’s N1 Trillion Economy – SEC DG at Journalist Academy”

From left: David Egbunu, Head, Information Tecgnology, Lagos Zonal Office; CAMCAN Chairman, Mrs Chinyere Joel-Nwokeoma; Head Lagos Zonal Office, SEC,Mr John Briggs; CEO, Marble Capital Ltd; Dr, Akeem Oyewole, and , Head External relations Department, SEC, Mrs Efe Ebelo during 2024 SEC journalists Academy, Lagos on Tuesday, 17 December 2024

The Director-General of the Securities and Exchange Commission (SEC), Nigeria, Dr. Emomotimi Agama, represented by Mr. John Briggs, Head of the Lagos Zonal Office, delivered a reflective on December 17, 2024, address at the Journalist Academy, emphasizing the transformative role of the capital market in achieving Nigeria’s economic milestones.

In his remarks, Dr Agama, highlighted the capital market as the “engine of economic progress,” asserting its role in mobilizing resources to finance critical national priorities. He underscored that Nigeria’s march toward a N1 trillion economy hinges on the efficient utilization of the capital market for both public and private sector growth.

Citing successful initiatives, DG pointed to the issuance of sovereign Sukuk bonds, which have facilitated infrastructural projects across Nigeria, and the advent of green bonds, supporting the country’s transition to a low-carbon economy. He remarked, “Through innovative funding mechanisms, the capital market is addressing Nigeria’s infrastructure deficit while reducing dependence on external borrowing.”

Further reflections spotlighted the market’s role in empowering the private sector. Companies like MTN Nigeria, Dangote Cement, and BUA Group were lauded for leveraging the market to raise capital, expand operations, and create jobs. “The Nigerian Exchange Limited’s total market capitalization, which reached N60 trillion by December 13, 2024, reflects the growing strength of our market and its contribution to national development,” he noted.

A key theme was the democratization of wealth creation. With tools like retail bonds, collective investment schemes, and fintech platforms, everyday Nigerians are gaining access to investment opportunities. “Retail bonds and savings bonds have brought ordinary citizens into the fold of economic growth, making wealth creation more inclusive,” he stated.

State governments were also spotlighted for tapping into the capital market to finance developmental projects. Notable examples included Lagos and Ogun States, which utilized bond issuances for infrastructure, healthcare, and education, demonstrating transparency and accountability.

Addressing challenges such as low investor participation, regulatory constraints, and macroeconomic uncertainties, DG Agama outlined ongoing SEC initiatives to boost confidence in the market. These include improving liquidity, easing listing requirements, and fostering fintech-driven innovation to attract both local and foreign investors.

SEC DG concluded with a powerful charge to journalists, recognizing their pivotal role in educating the public and shaping accurate perceptions of the capital market. “Your narratives inspire trust, drive participation, and amplify the market’s value to Nigeria’s broader economy. Together, we can realize a dynamic, inclusive, and prosperous Nigeria,” he affirmed.

As the country strives toward economic transformation, the capital market remains a cornerstone for achieving sustainable growth, with collective efforts from all stakeholders proving essential.

The SEC’s remarks serve as a resounding call for a renewed focus on Nigeria’s capital market as a catalyst for economic prosperity. By reflecting on past successes and envisioning a future marked by innovation, inclusivity, and transparency, the address encapsulates the urgency and possibility of achieving Nigeria’s economic aspirations. Through robust public-private partnerships and enhanced market participation, the path to a N1 trillion economy becomes both actionable and inevitable.