By The Ameh News Editorial Board
At The Ameh News, we believe the Nigerian capital market, anchored by the Nigerian Exchange (NGX), FMDQ Group, the Securities and Exchange Commission (SEC), and other specialized exchanges, represents one of the most potent vehicles for mobilizing the long-term funds needed to drive national development. Yet, its potential is only as strong as the systems and structures that underpin it.
NGX: The Nerve Center of Equities Trading
The Nigerian Exchange (NGX) is not just a trading floor; it is a reflection of investor confidence in Nigeria’s corporate and government securities. Through equities, bonds, and Exchange Traded Funds (ETFs), NGX provides the platform for businesses and government to raise capital. The exchange’s ongoing reforms, digitization, introduction of derivatives, and strengthened market-making, are critical steps. But more must be done to ensure the NGX delivers efficiently on its role in capital formation and wealth creation.
FMDQ: Expanding Nigeria’s Financial Architecture
The FMDQ Securities Exchange has quietly become a cornerstone of Nigeria’s financial market. By deepening fixed income, foreign exchange, and derivatives trading, it provides structure, transparency, and liquidity, features that institutional investors cannot ignore. In our view, FMDQ’s expansion of the derivatives market is especially vital for risk management in an economy prone to volatility. Without such tools, large-scale financing for infrastructure and long-term projects will remain constrained.
SEC: Regulating for Confidence and Stability
The Securities and Exchange Commission (SEC) stands at the heart of market credibility. Strong oversight, investor protection, and enforcement of corporate governance standards are non-negotiable if Nigeria hopes to woo global investors. The Ameh News believes SEC must intensify reforms around fintech participation and investor education. A strong regulator inspires trust, and trust fuels growth.
Other Exchanges: Unlocking Untapped Frontiers
Specialized exchanges such as the NASD OTC Securities Exchange and Lagos Commodities and Futures Exchange (LCFE) should not be overlooked. The NASD provides capital-raising avenues for SMEs and startups, while the LCFE opens doors for agricultural financing and commodities futures trading. These platforms extend the reach of the capital market into areas that can directly support Tinubu’s economic diversification agenda.
Operationalities: The True Backbone
Operational smoothness—covering trading efficiency, clearing and settlement, tax harmonization, and investor education—is the real test of a capital market’s strength. Without a seamless framework, even the most innovative policies risk falling flat. In our reflection, Nigeria must urgently align market operationalities with global best practices to reduce inefficiencies that drive away investors.
Our Position
The Ameh News holds firmly that the capital market is not a passive sector in President Tinubu’s $1 trillion economy roadmap, it is the engine room. To unleash its full power, regulators, operators, and policymakers must act in synergy. Investor protection must be sacrosanct, fintech must be harnessed for efficiency, and policies must be harmonized for competitiveness.
If Nigeria is to transition from potential to performance, the capital market must evolve into a proactive enabler of sustainable economic transformation. Anything less will leave the $1 trillion economy vision hanging by a thread.
In this editorial, The Ameh News reflects on the roles of NGX, FMDQ, SEC, and other exchanges in strengthening Nigeria’s capital market operationalities to power President Tinubu’s $1 trillion economy vision.
@2025 The Ameh News: All Rights Reserved
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