The Director-General of the Securities and Exchange Commission (SEC), Emomotimi Agama, has said Nigeria’s capital market is yet to unlock its full potential, calling for urgent collaboration among regulators, investors and issuers to drive sustainable growth and global competitiveness.
Speaking at the Emerging Africa Capital Limited Investor Summit & Awards, Agama said while recent reforms have begun to yield results, deeper stakeholder engagement is critical to positioning Nigeria as a leading investment destination.
He noted that despite improvements, key structural gaps remain, including low market capitalisation relative to gross domestic product (GDP), weak retail investor participation and an underdeveloped derivatives market.
According to Agama, the Commission’s reforms, ranging from electronic offerings to bond market expansion and alternative investment platforms, are gradually attracting investor interest and strengthening market resilience amid global economic uncertainty.
However, he stressed that unlocking the full benefits of the market requires collective responsibility across the financial ecosystem.
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“The market rewards quality, and the companies that invest in quality today will access capital on terms that compound their competitive advantage,” Agama said.
He urged corporate issuers to leverage the capital market as a primary source of funding by improving governance, transparency and investor relations, while calling on institutional investors, including pension funds and insurers, to deepen participation and strengthen analytical capacity across asset classes.
He also reassured foreign investors of Nigeria’s openness, noting that the SEC is committed to maintaining a transparent, principles-based regulatory environment aligned with global standards.
Agama further called for stronger coordination among key regulators, including the Central Bank of Nigeria, Debt Management Office, National Insurance Commission and National Pension Commission, stressing that policy alignment is essential to building a sophisticated and investor-friendly market.
On the broader economic outlook, he highlighted Nigeria’s position at a critical turning point in a shifting global economy.
“The history of economic development is, at its core, the history of how societies have organised the deployment of capital. The nations and peoples that have built great economies have done so not simply because they were endowed with resources, but because they developed the institutions, the instruments, and the discipline to channel those resources toward their highest and most productive uses.
“Nigeria stands at an inflection point. The global economy is shifting in ways that create both significant risks and significant opportunities for an emerging market of our scale and potential. The decisions we make — individually as investors and collectively as a financial community — in the next three to five years will determine whether we capture the upside of this moment or allow it to pass us by,” Agama said.
He maintained that while Nigeria offers long-term investment opportunities, particularly compared to markets focused on short-term returns, sustained reforms and coordinated action will be key to fully realising that potential.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
