Nigeria has called for urgent acceleration of capital market integration across West Africa to unlock the scale of investment required to drive the region’s development.
Speaking in Abuja at the Experts Meeting on Validation of the West Africa Securities Regulators Association (WASRA) Charter, Director General of the Securities and Exchange Commission (SEC), Dr Emomotimi Agama, said regional cooperation is essential to tackle challenges, including infrastructure deficits, digital transformation, climate adaptation, and job creation.
Agama, who also chairs WASRA, described the initiative as a turning point. “No single national market can provide the capital we need alone. An integrated regional capital market is no longer a luxury; it is a necessity,” he said. He warned that every year of delay represents a lost opportunity to mobilise resources for transformative projects.
He cited Africa’s annual infrastructure financing gap of over $100 billion, noting that West Africa requires tens of billions to modernise transport, expand energy systems, and strengthen digital infrastructure. Drawing from international examples, he pointed to the European Union and ASEAN as models of how harmonised rules and coordinated standards boost innovation and resilience.
With over 400 million people and a combined GDP of $800 billion, West Africa has the potential to leverage integration to support agriculture, digital innovation, food security, and youth employment. Agama emphasised that harmonised regulations and pooled capital can deliver “transformative impact” across multiple sectors.
Presenting WASRA’s objectives, he explained that the body seeks to anchor regional integration through shared standards, mutual assistance, and effective investor protection. “Integration is not only about policy declarations; it is about practical collaboration and shared initiatives,” he added.
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, represented by Principal Economist Hassan Adamu Jibrin, said validating the WASRA Charter is a critical step for institutional coherence and regulatory cooperation.
The ECOWAS Commission, represented by Mr Peter Oluonye, Acting Director of Private Sector, also stressed the importance of harmonising rules and practices to reduce reliance on external capital flows. He said integration would ease cross-border trade, improve payment systems, and strengthen governance standards across the region.
