$1 Trillion Economy Vital for Nigeria’s Growth – SEC

• SEC Director-General Dr. Emomotimi Agama highlighted the capital market’s potential to drive Nigeria’s economy towards the $1 trillion target
• Agama emphasized the need for innovative policies and investor confidence to transform the capital market into an economic growth engine

The Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has emphasized that achieving a $1 trillion economy is crucial for Nigeria’s prosperity and resilience.

Speaking in Lagos during the 2024 SEC Journalists Academy, Agama, represented by John Briggs, Head of the SEC Lagos Zonal Office, highlighted the pivotal role of the capital market in driving this economic goal.

His keynote presentation was titled “The Role of the Capital Market in Driving Nigeria’s $1 Trillion Economy.”

Agama explained that the capital market is the engine of economic progress, efficiently mobilizing resources from savers to sectors requiring growth capital.

He noted that nations achieving significant milestones in industrialization, infrastructure, and innovation rely heavily on their capital markets for resource allocation.

“In Nigeria, the capital market holds immense potential to transform the economy with the right policies and investor confidence. Financing critical national projects, particularly infrastructure, can significantly contribute to economic transformation,” Agama stated.

He cited the success of innovative funding instruments like sovereign bonds and Sukuk as examples of how the capital market has already supported national development.

He also pointed out that the Nigerian Exchange Limited’s total market capitalization of N60 trillion underscores the private sector’s growing economic impact.

“Achieving a $1 trillion economy is not just aspirational; it is essential for Nigeria’s prosperity,” Agama asserted, adding that the capital market is well-positioned to drive this transformation as the financial backbone of the economy.

Dr. Akeem Oyewale, MD/CEO of Marble Capital Limited, also delivered a paper titled “Leveraging Modern Technology to Attract Youths to the Capital Market.” He noted that youth participation in the market remains minimal and called for innovative strategies to engage younger generations in capital market activities.