Economy
Agama Advocates Capital Market Integration to Unlock West Africa’s Growth
By Aduragbemi Omiyale
West African countries have been urged to accelerate the integration of their capital markets because it is the only way to mobilise the scale of investment needed to drive the region’s development.
This was the submission of the Director-General of the Securities and Exchange Commission (SEC), Dr Emomotimi Agama, at the Experts Meeting on Validation of the WASRA Charter and Recognition of WASRA as the Regulatory Body for Cross-Border Securities Market in ECOWAS on Thursday in Abuja, Nigeria.
The SEC chief, who is also the WASRA Chairman, said the initiative represents “a watershed moment” in the region’s financial history, noting that West Africa faces urgent developmental challenges ranging from infrastructure deficits and climate adaptation to digital transformation and job creation.
“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,” he pointed out, lamenting the slow pace of regional integration, warning that “each year of delay is a lost opportunity to mobilise resources for critical projects that can transform our economies.”
Mr Agama also pointed to Africa’s annual infrastructure financing gap of over $100 billion, stressing that West Africa alone requires tens of billions of dollars to modernise transport corridors, upgrade energy systems, and build resilient digital infrastructure.
“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,” he declared.
Drawing lessons from global models, he noted that the European Union and ASEAN achieved significant economic transformation by harmonising rules, fostering investor confidence, and facilitating seamless cross-border funding.
“The creation of a single market enabled European firms to access funding seamlessly across borders, boosting innovation and competitiveness. Closer to home, ASEAN coordinated standards and deepened financial cooperation, strengthening its resilience as a regional bloc,” he disclosed, emphasising that West Africa, with its population of more than 400 million and a combined GDP of about $800 billion, has even greater potential, cautioning that “potential means little without decisive action.”
Mr Agama outlined how integration would bring benefits beyond infrastructure, noting that “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,” he added.
The DG further stressed that cross-border pools of capital, backed by harmonised regulation, could deliver “transformative impact” across multiple sectors, including youth empowerment and job creation.
Presenting the objectives of the West Africa Securities Regulators Association (WASRA), Agama said the body was established with a clear mandate to anchor market integration, adding that the group will foster integration through joint programmes and common projects, promote mutual assistance across the region, and set common standards for effective regulation.
“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 stressed.
Mr Agama called on policymakers, especially finance ministers within ECOWAS, to champion the WASRA initiative, stating that “The political will of our leaders is the single most important factor in moving from aspiration to reality”.
“WASRA stands ready, in partnership with ECOWAS, WACMIC, and WAMI, to provide the technical leadership required.”
Also speaking at the meeting, the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, noted that the gathering marked 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, enhance cross-border investments, and promote financial stability.”
Mr Edun, represented by the Principal Economist in the Federal Ministry of Finance, Mr Hassan Adamu Jibrin, pointed out that validation of the draft WASRA Charter is not merely a procedural formality, but a critical foundation for institutional coherence, regulatory cooperation, and sustainable market development across our sub-region.
On his part while speaking on behalf of ECOWAS Commission, the acting Director Private Sector, Mr Peter Oluonye, noted that for capital markets integration to gain traction in ECOWAS, there is the need for concerted efforts of all stakeholders at harmonizing rules, practices and regulations, to the standards acceptable to all jurisdictions.
“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.
“The need to drive our capital markets integration initiative to break down barriers to movement of capital within the region by ensuring a harmonized regulatory space, common market information platforms, interlinked trading systems, cross-border trade and payments settlement, harmonized accounting standards and internationally acceptable governance standards and institutions cannot be over-emphasized at this juncture in our economic integration initiatives,” he stated.
By Adedapo Adesanya
The United Kingdom via the British High Commission in Abuja has launched two flagship economic reform programmes – the Nigeria Economic Stability & Transformation (NEST) programme and the Nigeria Public Finance Facility (NPFF) -as part of efforts to support Nigeria’s economic reform and growth agenda.
Backed by a £12.4 million UK investment, NEST and NPFF sit at the centre of the UK-Nigeria mutual growth partnership and support Nigeria’s efforts to strengthen macroeconomic stability, improve fiscal resilience, and create a more competitive environment for investment and private-sector growth.
Speaking at the launch, Cynthia Rowe, Head of Development Cooperation at the British High Commission in Abuja, said, “These two programmes sit at the heart of our economic development cooperation with Nigeria. They reflect a shared commitment to strengthening the fundamentals that matter most for our stability, confidence, and long-term growth.”
The launch followed the inaugural meeting of the Joint UK-Nigeria Steering Committee, which endorsed the approach of both programmes and confirmed strong alignment between the UK and Nigeria on priority areas for delivery.
Representing the Government of Nigeria, Special Adviser to the President of Nigeria on Finance and the Economy, Mrs Sanyade Okoli, welcomed the collaboration, touting it as crucial to current, critical reforms.
“We welcome the United Kingdom’s support through these new programmes as a strong demonstration of our shared commitment to Nigeria’s economic stability and long-term prosperity. At a time when we are implementing critical reforms to strengthen fiscal resilience, improve macroeconomic stability, and unlock inclusive growth, this partnership will provide valuable technical support. Together, we are laying the foundation for a more resilient economy that delivers sustainable development and improved livelihoods for all Nigerians.”
On his part, Mr Jonny Baxter, British Deputy High Commissioner in Lagos, highlighted the significance of the programmes within the wider UK-Nigeria mutual growth partnership.
“NEST and NPFF are central to our shared approach to strengthening the foundations that underpin long-term economic prosperity. They sit firmly within the UK-Nigeria mutual growth partnership.”
By Aduragbemi Omiyale
A strategic partnership aimed at accelerating the growth, digital capacity, and sustainability of Nigeria’s 40 million Micro, Small and Medium Enterprises (MSMEs) has been signed by MTN Nigeria and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).
The collaboration will feature joint initiatives focused on digital inclusion, financial access, capacity building, and providing verified information for MSMEs.
With millions of small businesses depending on accurate guidance and easy-to-access support, MTN and SMEDAN say their shared platform will address gaps in communication, misinformation, and access to opportunities.
At the formal signing of the Memorandum of Understanding (MoU) on Thursday, November 27, 2025, in Lagos, the stage was set for the immediate roll-out of tools, content, and resources that will support MSMEs nationwide.
The chief operating officer of MTN Nigeria, Mr Ayham Moussa, reiterated the company’s commitment to supporting Nigeria’s economic development, stating that MSMEs are the lifeline of Nigeria’s economy.
“SMEs are the backbone of the economy and the backbone of employment in Nigeria. We are delighted to power SMEDAN’s platform and provide tools that help MSMEs reach customers, obtain funding, and access wider markets. This collaboration serves both our business and social development objectives,” he stated.
Also, the Chief Enterprise Business Officer of MTN Nigeria, Ms Lynda Saint-Nwafor, described the MoU as a tool to “meet SMEs at the point of their needs,” noting that nano, micro, small, and medium businesses each require different resources to scale.
“Some SMEs need guidance, some need resources; others need opportunities or workforce support. This platform allows them to access whatever they need. We are committed to identifying opportunities across financial inclusion, digital inclusion, and capacity building that help SMEs to scale,” she noted.
Also commenting, the Director General of SMEDAN, Mr Charles Odii, emphasised the significance of the collaboration, noting that the agency cannot meet its mandate without leveraging technology and private-sector expertise.
“We have approximately 40 million MSMEs in Nigeria, and only about 400 SMEDAN staff. We cannot fulfil our mandate without technology, data, and strong partners.
“MTN already has the infrastructure and tools to support MSMEs from payments to identity, hosting, learning, and more. With this partnership, we are confident we can achieve in a short time what would have taken years,” he disclosed.
Mr Odii highlighted that the SMEDAN-MTN collaboration would support businesses across their growth needs, guided by their four-point GROW model – Guidance, Resources, Opportunities, and Workforce Development.
He added that SMEDAN has already created over 100,000 jobs within its two-year administration and expects the partnership to significantly boost job creation, business expansion, and nationwide enterprise modernisation.
By Adedapo Adesanya
The Nigerian Exchange (NGX) Limited is seeking review of the controversial Capital Gains Tax increase, fearing it will chase away foreign investors from the country’s capital market.
Nigeria’s new tax regime, which takes effect from January 1, 2026, represents one of the most significant changes to Nigeria’s tax system in recent years.
Under the new rules, the flat 10 per cent Capital Gains Tax rate has been replaced by progressive income tax rates ranging from zero to 30 per cent, depending on an investor’s overall income or profit level while large corporate investors will see the top rate reduced to 25 per cent as part of a wider corporate tax reform.
The chief executive of NGX, Mr Jude Chiemeka, said in a Bloomberg interview in Kigali, Rwanda that there should be a “removal of the capital gains tax completely, or perhaps deferring it for five years.”
According to him, Nigeria, having a higher Capital Gains Tax, will make investors redirect asset allocation to frontier markets and “countries that have less tax.”
“From a capital flow perspective, we should be concerned because all these international portfolio managers that invest across frontier markets will certainly go to where the cost of investing is not so burdensome,” the CEO said, as per Bloomberg. “That is really the angle one will look at it from.”
Meanwhile, the policy has been defended by the chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, who noted that the new tax will make investing in the capital market more attractive by reducing risks, promoting fairness, and simplifying compliance.
He noted that the framework allows investors to deduct legitimate costs such as brokerage fees, regulatory charges, realised capital losses, margin interest, and foreign exchange losses directly tied to investments, thereby ensuring that they are not taxed when operating at a loss.
Mr Oyedele also said the reforms introduced a more inclusive approach to taxation by exempting several categories of investors and transactions.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn