Nigeria’s capital market is poised for transformative growth following the enactment of the Investment and Securities Act (ISA) 2025, which is expected to propel the market toward a N300 trillion valuation.
This was the central message delivered by Dr. Emomotimi Agama, Director-General of the Securities and Exchange Commission (SEC), during a high-level meeting with President Bola Ahmed Tinubu and the Board of Directors of Nigerian Exchange Group Plc (NGX) in Brazil.
In April, President Tinubu signed the Investment and Securities Act (ISA) 2025 into law to introduce structural reforms aimed at aligning Nigeria’s capital markets with international best practices.
ISA 2025: A New Era for Capital Markets
Dr. Agama described the ISA 2025 as one of Africa’s most comprehensive legal frameworks for capital markets, designed to deepen investor protection, enhance regulatory clarity, and unlock new investment channels.
“The Act will propel Nigeria toward a N300 trillion market while ensuring equitable wealth distribution through strong investor protection and regulatory clarity,” he stated.
The legislation is expected to catalyze innovation, attract foreign capital, and expand the scope of financial instruments available to both institutional and retail investors.
Agama said it also aligns with the broader goals of the Renewed Hope Agenda, which seeks to position Nigeria as the continent’s leading investment destination.
Presidential Endorsement and Reform Commitment
President Tinubu commended the capital market’s remarkable performance since his administration took office over two years ago. He highlighted the surge in market capitalization and trading volumes as evidence of growing investor confidence in Nigeria’s economic reforms.
“Nigeria’s markets must be a trusted engine of enterprise and prosperity. My government will continue to pursue reforms that unlock capital, protect investors, and drive innovation, so that our economy works for every Nigerian,” Tinubu affirmed.
He praised the leadership of SEC and NGX for their commitment to strengthening the financial ecosystem and reiterated his administration’s readiness to implement further reforms to expand the sector.
NGX Leaders Call for Strategic Expansion
NGX Group Chairman, Alhaji Umaru Kwairanga, expressed gratitude for the President’s bold reforms, noting that trading volumes and market values have nearly tripled under the current administration. He urged the fast-tracking of major state-owned enterprise listings, including NNPC Limited, and called for tax incentives to sustain market momentum.
Temi Popoola, Group CEO of NGX Group, emphasized the importance of modernizing market infrastructure, deepening product innovation, and expanding retail investor access through digital platforms. “Positioning Nigeria’s Exchange as a global investment hub requires stronger partnerships and inclusive growth strategies,” he said.
Nonso Okpala, Director at NGX Group Plc, cited exchange rate stability and macroeconomic predictability as key drivers of growth. He encouraged more Nigerian companies to list on NGX, describing it as a pathway to democratizing wealth and broadening economic participation.
What You Should Know
- By providing a clearer legal framework for emerging asset classes like digital assets and commodities, the Act paves the way for deeper capital formation and economic diversification.
- The new law not only acknowledges virtual assets and investment contracts as securities but also places Virtual Asset Service Providers (VASPs), Digital Asset Operators (DAOPs), and Digital Asset Exchanges under the regulatory oversight of the Securities and Exchange Commission (SEC).
