Nigeria pushes for integration of ECOWAS capital markets

Nigeria has renewed calls for faster integration of West Africa’s capital markets to mobilise the scale of investment required to tackle the region’s pressing developmental challenges.

Director General of the Securities and Exchange Commission (SEC) and Chair of the West Africa Securities Regulators Association (WASRA), Dr. Emomotimi Agama, made the call yesterday in Abuja at the Experts Meeting on the Validation of the WASRA Charter and the recognition of WASRA as the regulatory body for cross-border securities in ECOWAS.

Agama described the initiative as a “watershed moment” in the region’s financial history, stressing that each year of delay costs West Africa vital opportunities to raise funds for infrastructure, climate adaptation, 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 said.

He noted that Africa faces an annual infrastructure financing gap of more than $100 billion, with West Africa alone needing tens of billions of dollars to modernise transport, expand energy systems, and build digital infrastructure.

Without integration, governments and businesses, he warned, will remain dependent on limited fiscal space and costly borrowing.

Agama pointed to lessons from global blocs such as the European Union and ASEAN, which achieved economic transformation through harmonised regulations and cross-border funding.

He argued that West Africa, with over 400 million people and a combined GDP of about $800 billion, has even greater potential—if decisive action is taken.

Beyond infrastructure, Agama highlighted opportunities in agriculture, agro-processing, food security, and the digital economy, where integrated capital could fund innovation hubs, fintech expansion, and broadband connectivity.

“Cross-border pools of capital, backed by harmonised regulation, can deliver transformative impact across multiple sectors, especially youth empowerment and job creation,” he said.

On WASRA’s mandate, he explained that the body was established to anchor market integration by setting common standards for regulation, promoting investor protection, and fostering joint programmes across the region.

“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 added.

He called on policymakers—particularly finance ministers within ECOWAS—to champion the WASRA initiative, noting that political will remains the most critical factor in turning aspirations into reality.

Also speaking, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, represented by Principal Economist Hassan Adamu Jibrin, said the validation of the WASRA Charter was a crucial step towards a harmonised regulatory framework that would deepen capital market integration, enhance cross-border investments, and promote financial stability in the sub-region.

On his part, Acting Director of Private Sector at the ECOWAS Commission, Mr. Peter Oluonye, stressed the need for harmonised rules, practices, and standards to boost investor confidence and ease cross-border capital flows.

He said integrated markets would help the region attract investment for critical infrastructure projects and reduce reliance on external financing.

“The need to break down barriers to the movement of capital within ECOWAS through harmonised regulations, common market information platforms, interlinked trading systems, and internationally acceptable governance standards cannot be over-emphasised,” Oluonye said.