SEC DG Dr. Emomotimi Agama urges West African nations to fast-track capital market integration for regional growth
Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has urged West African nations to accelerate capital market integration, warning that delays could stall the region’s economic transformation.
Speaking in Abuja at the Experts Meeting on Validation of the WASRA Charter, Dr. Agama, who also chairs the West Africa Securities Regulators Association (WASRA), described the move as “a watershed moment” for regional financial development.
“To meet our infrastructure, climate, and digital challenges, we require capital at scale. No single national market can provide it alone. An integrated regional capital market is no longer a luxury; it is a necessity,” he said.
According to him, Africa faces an annual infrastructure financing gap exceeding $100 billion, while West Africa alone requires tens of billions to modernise transport, energy, and digital systems. Without integrated markets to pool liquidity, he cautioned, governments will remain burdened by high borrowing costs and limited fiscal space.
SEC Boss Affirms Regional Potential
Agama noted that the European Union and ASEAN achieved transformation through harmonised rules and seamless cross-border funding, adding that West Africa, with over 400 million people and a combined GDP of $800 billion, has even greater potential if decisive action is taken.
Beyond infrastructure, integration could channel investment into:
- Agriculture: value chains, agro-processing, and food security.
- Digital economy: fintech expansion, broadband, and innovation hubs.
- Youth empowerment: job creation via cross-border capital flows.
WASRA’s Mandate
The WASRA Charter, he explained, is designed to:
- Harmonise regulations to protect investors.
- Foster cross-border trading programmes and standards.
- Strengthen cooperation among regulators.
He called on ECOWAS finance ministers to provide the political backing needed, stressing: “Political will is the single most important factor in moving from aspiration to reality.”
Regional Endorsement
Nigeria’s Finance Minister, Wale Edun, represented by Principal Economist Hassan Adamu Jibrin, said the validation of the WASRA Charter would establish the foundation for regulatory cooperation and sustainable market growth.
Peter Oluonye of the ECOWAS Commission added that harmonising accounting standards, rules, and trading systems is crucial to attracting regional investment and reducing dependence on external capital.
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