Integrate or Lag Behind: SEC Boss Urges West African Nations to Unite Capital Markets
By Patience Ikpeme
Dr. Emomotimi Agama, the Director-General of the Securities and Exchange Commission (SEC), has called on West African countries to immediately accelerate the integration of their capital markets, describing it as the only viable path to mobilize the massive investment required for the region’s development.
Speaking on Thursday in Abuja at the Experts Meeting on the Validation of the WASRA Charter, Dr. Agama, who also serves as the Chairman of the West Africa Securities Regulators Association (WASRA), said the initiative represents “a watershed moment” in the region’s financial history.
He argued that West Africa faces acute developmental challenges, including infrastructure deficits, climate adaptation, and digital transformation, which require funding beyond what individual nations can provide.
“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 stated.
Dr. Agama expressed disappointment over the slow pace of regional integration, cautioning 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, noting that West Africa alone needs tens of billions of dollars to modernize its transport and energy systems.
“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.
He drew parallels with global models, noting that the European Union and ASEAN achieved significant economic transformation by harmonising rules and facilitating seamless cross-border funding. He stressed that West Africa, with a population of over 400 million and a combined GDP of about $800 billion, has even greater potential, but cautioned that “potential means little without decisive action.”
The SEC Director-General outlined how integration would bring widespread benefits:
“In agriculture, integrated markets can mobilise capital for value-chain development, agro-processing, and food security, which are critical priorities for our region. 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.”
Dr. Agama presented the core mandate of WASRA, which includes anchoring market integration by setting up mechanisms for regulation and investor protection. He added that WASRA would foster integration through joint programmes and common projects, promoting mutual assistance and setting common standards. He concluded that “Integration is not only about policy declarations; it is about practical collaboration and shared initiatives that deliver results for our markets and our people.”
He called on policymakers, particularly finance ministers within ECOWAS, to champion the WASRA initiative, stating, “The political will of our leaders is the single most important factor in moving from aspiration to reality.”
Also speaking at the meeting, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, represented by Mr. Hassan Adamu Jibrin, acknowledged the gathering as a significant step in the collective “journey toward a harmonized regulatory framework, one that reflects the shared aspirations of ECOWAS member states to deepen capital market integration.”
Speaking on behalf of the ECOWAS Commission, Mr. Peter Oluonye, Acting Director Private Sector, noted that for capital markets integration to gain traction, there must be concerted efforts from all stakeholders in harmonizing rules and regulations.
“We are well aware that our member states depend much on external capital flows and direct investment to sustain and deliver on economic development programmes of our governments. The region is in dire need to develop critical economic infrastructure projects, requiring huge capital investment and facilitate gross capital formation. The capital market is a major vehicle that should support this aspiration,” he said.
