The Securities and Exchange Commission (SEC) has emphasized that achieving a $1 trillion economy is essential for Nigeria’s prosperity and resilience. Dr. Emomotimi Agama, the SEC Director General, stated that this goal is not just aspirational but a necessity for the nation’s future. He highlighted the crucial role of the capital market as the backbone of the economy, which will drive this transformation. Agama underscored the need for a collective effort from policymakers, businesses, and journalists to create an enabling environment and raise awareness of the market’s value.
Agama also urged journalists to accurately report on the capital market to help educate Nigerians about its potential to raise funds for economic growth. He stressed that journalists, as key custodians of public knowledge, hold the power to shape narratives that inspire trust and participation in the market. Agama’s remarks were delivered by John Briggs, the Lagos Head of SEC, who emphasized that the capital market is central to sustainable growth by efficiently allocating resources from savers to productive sectors of the economy.
Agama pointed out that global economies that have achieved significant milestones have relied heavily on capital markets. In Nigeria, the capital market has demonstrated its potential through initiatives like sovereign bonds and Sukuk to finance national projects, especially in infrastructure. The government’s use of Sukuk bonds for road development has reduced reliance on external borrowing and driven job creation, highlighting the market’s role in transforming the economy and addressing critical infrastructure needs.