The Securities and Exchange Commission (SEC) has called on the Federal Capital Territory Administration (FCTA) to take advantage of Nigeria’s N217 trillion capital market to finance major infrastructure projects across Abuja. SEC Director-General, Dr Emomotimi Agama, made the call at the Abuja Business & Investment Summit and Expo 2026, highlighting opportunities to fund rail, housing, water, renewable energy and other critical projects without putting additional pressure on government budgets.
Agama said Nigeria’s capital market had reached more than N217 trillion in total market capitalisation as of May 2026, with equities accounting for about N160.5 trillion and bonds N56.7 trillion. He noted that the Investments and Securities Act (ISA) 2025 had strengthened the framework for sub-national governments and other public institutions to access long-term financing. With Abuja’s rapid population and economic growth, he stressed that the FCT needed financing models that could match the long-term nature of infrastructure development.
The SEC boss proposed that the FCTA establish a long-term infrastructure bond programme supported by predictable revenue sources such as ground rents, tenement rates, tolls, parking fees and land-use charges. He also encouraged the territory to explore green and sustainability-linked bonds for projects including mass transit, light rail, solar-powered street lighting, waste-to-energy facilities and water infrastructure. Beyond bonds, Agama suggested creating an FCT Real Estate Investment Trust (REIT) and exploring the listing of businesses under Abuja Investments Company Limited to attract private and institutional investors.
Agama also identified the long-delayed Millennium Tower project, estimated to require more than N400 billion for completion, as an opportunity that could be structured for private investment rather than relying solely on government funding. He proposed the creation of a special purpose vehicle for the project, alongside an asset-recycling programme that could unlock value from income-generating public assets such as terminals, markets, commercial properties and the International Conference Centre. Funds raised could then be reinvested into new infrastructure projects across the capital.
The SEC DG further proposed a regulated tokenised municipal bond programme that could allow residents to invest in specific Abuja infrastructure projects through their mobile phones, with investments starting from as little as N10,000. According to Agama, such innovative financing could deepen financial inclusion while giving residents a direct stake in the development of the FCT. He assured the administration that the SEC was ready to provide technical support in structuring and deploying suitable capital-market instruments, saying Abuja could use Nigeria’s deepening capital market to accelerate infrastructure development while reducing its dependence on annual government allocations.
source: Leadership
