The Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has called on West African countries to fast-track the integration of their capital markets, warning that delay would undermine the region’s ability to mobilise the scale of investment required for sustainable growth.
Speaking in Abuja on Thursday, October 2, 2025, at the Experts Meeting on Validation of the West Africa Securities Regulators Association (WASRA) Charter, Agama who also serves as WASRA Chairman—described the push for harmonised financial markets as a “watershed moment” in the region’s economic history.
Infrastructure gap demands urgent action
Agama highlighted West Africa’s mounting development challenges, citing infrastructure deficits, climate adaptation, digital transformation, and job creation as urgent priorities. He noted that Africa’s infrastructure financing gap exceeds $100 billion annually, with West Africa alone requiring tens of billions of dollars to modernise transport, energy, and digital systems.
“To meet these challenges, we require capital at scale, and the truth is simple: no single national market can provide it alone,” Agama said. “An integrated regional capital market is no longer a luxury; it is a necessity.”
He cautioned that every year of delay translates into “lost opportunities” to fund critical projects that could accelerate economic transformation.
Learning from global models
Drawing on lessons from other regions, Agama pointed to the European Union and ASEAN as proof that integrated markets can boost competitiveness. The EU’s single market, he said, enabled firms to raise capital seamlessly across borders, while ASEAN’s harmonised rules deepened financial cooperation and strengthened resilience.
“West Africa, with over 400 million people and a combined GDP of about $800 billion, has even greater potential,” he stressed. “But potential means little without decisive action.”
Broader benefits across key sectors
Agama outlined how capital market integration would extend beyond infrastructure, enabling investments in agriculture, agro-processing, and food security, while also fuelling digital transformation.
“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 noted.
He added that harmonized regulations and pooled liquidity could drive youth empowerment and job creation, turning the region’s demographic dividend into an engine of growth.
WASRA’s role and call for political will
Presenting WASRA’s objectives, Agama said the body was established to anchor capital market integration by harmonizing regulatory frameworks, protecting investors, 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,” he said.
Agama urged ECOWAS finance ministers and policymakers to back WASRA’s mandate, insisting that “the political will of our leaders is the single most important factor in moving from aspiration to reality.”
Stakeholders back push for harmonization
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun—represented by Principal Economist Hassan Adamu Jibrin—described the validation of the WASRA Charter as a critical step toward a harmonized regulatory framework that enhances cross-border investments and financial stability.
On his part, Mr. Peter Oluonye, Acting Director for Private Sector at the ECOWAS Commission, emphasized that integration would help reduce dependence on external capital flows. He called for harmonized standards in market information, trading systems, settlement, and governance to “break down barriers to capital movement within the region.”
Next steps for regional Markets
The Abuja meeting marked a significant milestone in the region’s long-standing ambition to build interconnected markets. With WASRA positioned as the regulatory anchor, the initiative is expected to pave the way for joint capital mobilization, cross-border listings, and more efficient regional funding mechanisms.
As Agama concluded, “Integration is the pathway to unlocking West Africa’s full economic potential. We must act now to create the capital markets our future demands.”
West Africa’s capital market potential
- Population: 400 million+
- Combined GDP: $800 billion
- Africa’s annual infrastructure gap: $100 billion+
- West Africa’s funding needs: Tens of billions annually for transport, energy, and digital infrastructure
Key priority sectors:
- Infrastructure, agriculture, digital economy, youth employment
Potential impact:
- Seamless cross-border funding.
- Stronger investor confidence.
- Regional job creation
