How SEC Can Achieve 20m Investors’ Target – Don

President of the Capital Market Academics of Nigeria (CMAN), Prof. Uche Uwaleke, has said that  aggressive investors’ education and strong enforcement against infractions will help the Securities and Exchange Commission (SEC) achieve its 2026 targets.

The  SEC on February. 20 inaugurated a liquidity working group targeting no fewer than 20 million new investors into the market.

Speaking in Abuja on Sunday, Uwaleke said the target was realisable but required a coordinated ecosystem approach involving regulators, exchanges, fintech firms, banks, universities, and market operators.

He said financial literacy campaigns must also be institutionalised, not episodic.

The expert said SEC had inaugurated a curriculum review committee, as part of its broader strategy to expand retail participation, promoting capital market studies in Nigerian universities.

He said embedding capital market literacy within tertiary institutions was a sustainable way to build a new generation of informed investors.

Uwaleke said SEC and market operators must incentivise product innovation tailored to small-ticket investors, including micro-investment products.

“I also think collaboration with fintech firms should be scaled up to ensure seamless onboarding and real-time access to market data.

”Trust is fundamental. It is a no brainer that strong enforcement against market infractions and improved corporate governance standards will reinforce confidence and attract long-term participation.

”If the 20 million target is realised, the impact on the market would be transformative,” he said.

Uwaleke said the country had a population exceeding 200 million, with a rapidly growing young and tech-savvy demographic, yet, at less than one million, the number of active capital market investors remained a small fraction of that population.

He said when compared with South Africa, where a significantly smaller population supported a deeper and more liquid market, the scale of our untapped potential were visible.

Uwaleke said a broader investor base would significantly enhance liquidity, reduce volatility driven by concentration risk, and improve price discovery.

The president said it would also increase turnover ratios, make it easier for issuers to raise long-term capital, and strengthen the capital market’s contribution to Gross Domestic Product.

”More importantly, it would position the Nigerian market to compete more effectively with peers such as South Africa in terms of depth and resilience,” he said.

Uwaleke said with stronger retail participation complementing institutional flows, Nigeria’s capital market could function as a robust engine for infrastructure financing, industrial expansion, and job creation.