SEC Advocates Capital Market Integration To Unlock West Africa’s Growth

The director general of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has urged West African countries to accelerate the integration of their capital markets as to mobilise the scale of investment needed to drive the region’s development.

Speaking at the Experts Meeting on Validation of the WASRA Charter and Recognition of WASRA as the Regulatory Body for Cross-Border Securities Market in ECOWAS, held yesterday in Abuja, Agama, who is also the chairman of WASRA,  said the initiative represents ‘a watershed moment’ in the region’s financial history.

According to him, West Africa faces urgent developmental challenges ranging from infrastructure deficits and climate adaptation to digital transformation and job creation.

He said, “To meet these challenges, we require capital at scale, and the truth is simple: no single national market can provide it alone. An integrated regional capital market is no longer a luxury; it is a necessity.”

The SEC boss lamented the slow pace of regional integration, warning that “each year of delay is a lost opportunity to mobilise resources for critical projects that can transform our economies.”

He pointed to Africa’s annual infrastructure financing gap of over $100 billion, stressing that West Africa alone requires tens of billions of dollars to modernise transport corridors, upgrade energy systems, and build resilient digital infrastructure.

“Without integrated markets that pool liquidity and broaden investor participation, our governments and private sector will remain constrained, relying on limited fiscal space and expensive borrowing,” Agama said.

Drawing lessons from global models, he noted that the European Union and ASEAN achieved significant economic transformation by harmonising rules, fostering investor confidence, and facilitating seamless cross-border funding.

“The creation of a single market enabled European firms to access funding seamlessly across borders, boosting innovation and competitiveness. Closer to home, ASEAN coordinated standards and deepened financial cooperation, strengthening its resilience as a regional bloc.”

He emphasised that West Africa has even greater potential with a population of more than 400 million and a combined GDP of about $800 billion.

Agama outlined how integration would bring benefits beyond infrastructure, noting that “in agriculture, integrated markets can mobilise capital for value-chain development, agro-processing, and food security, which are critical priorities for our region.”

He added: “in the digital economy, regional capital can support innovation hubs, fintech scale-ups, and broadband expansion, ensuring that West Africa fully participates in the fourth industrial revolution.”

He further stressed that cross-border pools of capital, backed by harmonised regulation, could deliver a transformative impact across multiple sectors, including youth empowerment and job creation.

Presenting the objectives of the West Africa Securities Regulators Association (WASRA), Agama said the body was established with a clear mandate to anchor market integration.

Also speaking at the meeting, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, noted that the gathering marked a significant step in the collective journey toward a harmonised regulatory framework, one that reflects the shared aspirations of ECOWAS member states to deepen capital market integration, enhance cross-border investments, and promote financial stability.

Edun, represented by the principal economist of the Federal Ministry of Finance, Hassan Jibrin, pointed out that validation of the draft WASRA Charter is not merely a procedural formality but a critical foundation for institutional coherence, regulatory cooperation, and sustainable market development across our subregion.

Speaking on behalf of the ECOWAS Commission, acting director of the private sector, Peter Oluonye, noted that for capital markets integration to gain traction in ECOWAS, concerted efforts of all stakeholders are needed to harmonise rules, practices, and regulations to standards acceptable to all jurisdictions.