SEC DG Calls for Urgent West African Capital Market Integration to Drive Infrastructure, Jobs, and Digital Growth
The Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has urged West African nations to accelerate the integration of their capital markets, warning that delays could undermine the region’s ability to mobilize investment for sustainable growth. Speaking in Abuja at the Experts Meeting on Validation of the West Africa Securities Regulators Association (WASRA) Charter, Agama—who also chairs WASRA—described the effort as a “watershed moment” in the region’s economic history and a crucial step toward unlocking shared prosperity.
Highlighting the pressing development challenges facing the region, Agama pointed out West Africa’s massive infrastructure financing gap, which forms part of Africa’s estimated $100 billion annual shortfall. He explained that transport modernization, energy expansion, and digital transformation require tens of billions of dollars in new capital each year—resources no single national market can provide alone. “An integrated regional capital market is no longer a luxury; it is a necessity,” he said, stressing that every year of delay represents lost opportunities to fund projects that could transform lives.
Drawing lessons from global examples, the SEC DG noted how Europe’s single market and ASEAN’s harmonized rules deepened competitiveness and financial resilience. With a population of more than 400 million and a combined GDP of about $800 billion, Agama argued, West Africa holds even greater potential. He emphasized that market integration could not only fund roads and power grids but also accelerate agricultural investment, boost food security, and fuel the digital economy through innovation hubs, fintech growth, and broadband expansion.
Agama also underscored the social benefits of integration, noting that pooled liquidity and harmonized regulations would empower the region’s youth and create new jobs. He explained that WASRA was established to harmonize financial regulations, protect investors, and foster joint regional initiatives. “Integration is not only about policy declarations; it is about practical collaboration that delivers results,” he said, calling on ECOWAS finance ministers and leaders to show strong political will in moving the agenda forward.
Stakeholders at the meeting echoed support for integration. Nigeria’s Finance Minister, Mr. Wale Edun, represented by Principal Economist Hassan Adamu Jibrin, described the WASRA Charter as a foundation for cross-border investment and financial stability. Similarly, ECOWAS official Peter Oluonye stressed that harmonization would reduce reliance on external capital, enhance investor confidence, and break down barriers to regional funding. As Agama concluded, “Integration is the pathway to unlocking West Africa’s full economic potential. We must act now to build the capital markets our future demands.”
source: nairametrics