Nigeria is advocating for a unified West African capital market to tackle the region’s development challenges.
At a high-level meeting in Abuja on October 3, 2025, the Securities and Exchange Commission (SEC) Director General, Dr. Emomotimi Agama, emphasized the need for collective action.
WASRA’s Vision
As WASRA chair, Agama called the validation of its charter a turning point.
“A single market can’t meet our funding needs. Integration is vital for large-scale investment,” he said, warning that delays cost opportunities.
Funding Needs
West Africa faces a $100 billion annual infrastructure gap. Agama highlighted needs in transport, energy, and digital sectors, noting that fragmented markets lead to costly borrowing and limited budgets.
Global Examples
Citing the EU and ASEAN, Agama said integrated markets attract capital and build resilience. With West Africa’s 400 million people and $800 billion GDP, unified markets could drive transformative growth.
Sector Benefits
A regional market would fund agriculture, supporting food security and agro-processing. In tech, it could boost innovation hubs and broadband access, preparing West Africa for the digital age.
Job Creation
Harmonized markets could fund youth employment and skills programs, addressing critical regional needs and fostering economic stability.
WASRA’s Role
WASRA aims to standardize regulations, enable cross-border trading, and boost investor trust. Agama stressed, “Effective oversight builds confidence. We’re committed to measurable results.”
Political Support
Agama urged ECOWAS leaders to back the initiative. “Political will is key to turning this vision into reality,” he said, calling for swift action from finance ministers.
Collaborative Efforts
WASRA works with ECOWAS, the West African Capital Markets Integration Council, and the West African Monetary Institute to drive integration through technical expertise.
Government Backing
Representing Nigeria’s Finance Minister Wale Edun, economist Hassan Adamu Jibrin called the charter a step toward financial stability and cross-border investment.
ECOWAS Perspective
Peter Oluonye, ECOWAS Private Sector Acting Director, said unified regulations reduce reliance on foreign capital. “Standardizing rules and platforms is essential,” he noted.
Why It Matters
A unified market could unlock funds for West Africa’s growth, reducing debt and boosting local resources.
What’s Next
In October 2025, WASRA and ECOWAS will push for regulatory alignment to launch the integrated market.
