Godswill Michael
The Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has called on West African countries to speed up the integration of their capital markets.
He noted that it is the only way to mobilise the scale of investment needed to drive regional development.
Agama, who also chairs the West Africa Securities Regulators Association (WASRA), made this known on Thursday in Abuja at the Experts Meeting on Validation of the WASRA Charter and Recognition of WASRA as the regulatory body for cross-border securities markets in ECOWAS. He described the initiative as “a watershed moment” in the region’s financial history.
According to him, West Africa is confronted with urgent challenges ranging from infrastructure deficits and climate adaptation to 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.
The SEC boss lamented the slow pace of integration, warning that “each year of delay is a lost opportunity to mobilise resources for critical projects that can transform our economies.” He cited Africa’s annual infrastructure financing gap of over $100 billion and stressed that West Africa alone requires tens of billions of dollars to modernise transport corridors, upgrade energy systems, and build resilient digital infrastructure.
“Without integrated markets that pool liquidity and broaden investor participation, our governments and private sector will remain constrained, relying on limited fiscal space and expensive borrowing,” he said.
Drawing from global examples, Agama noted how the European Union and ASEAN deepened economic transformation by harmonising rules, building investor confidence, and enabling seamless cross-border funding. “The creation of a single market enabled European firms to access funding seamlessly across borders, boosting innovation and competitiveness. Closer to home, ASEAN coordinated standards and deepened financial cooperation, strengthening its resilience as a regional bloc,” he added.
He stressed that West Africa, with a population of over 400 million and a combined GDP of about $800 billion, holds vast potential. However, he cautioned that “potential means little without decisive action.”
Agama highlighted how integration would support multiple sectors: “In agriculture, integrated markets can mobilise capital for value-chain development, agro-processing, and food security, which are critical priorities for our region. 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 further underscored that cross-border pools of capital, backed by harmonised regulation, could deliver “transformative impact” in areas such as youth empowerment and job creation.
Presenting WASRA’s objectives, Agama explained that the body was established to anchor market integration. “First, to contribute to the establishment of appropriate mechanisms for the regulation of capital markets; ensuring their proper functioning and the protection of investors. This speaks directly to the heart of investor confidence, without which no market can thrive,” he said.
He added that WASRA would foster integration through joint programmes and common projects, promote mutual assistance, and set common standards for effective regulation. “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 stressed.
Agama urged policymakers, especially finance ministers within ECOWAS, to back WASRA. “The political will of our leaders is the single most important factor in moving from aspiration to reality,” he said. “WASRA stands ready, in partnership with ECOWAS, WACMIC, and WAMI, to provide the technical leadership required.”
Also speaking, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, described the meeting as an important milestone in the region’s integration efforts. Represented by Mr. Hassan Adamu Jibrin, Principal Economist at the Federal Ministry of Finance, Edun said the validation of the draft WASRA Charter was “not merely a procedural formality, but a critical foundation for institutional coherence, regulatory cooperation, and sustainable market development across our sub-region.”
On his part, Acting Director of Private Sector at the ECOWAS Commission, Mr. Peter Oluonye, emphasised the need for harmonised rules, practices, and regulations acceptable across all jurisdictions. “We are well aware that our member states depend much on external capital flows and direct investment to sustain and deliver on economic development programmes of our governments. The region is in dire need to develop critical economic infrastructure projects, requiring huge capital investment and facilitate gross capital formation. The capital market is a major vehicle that should support this aspiration,” he said.
He added: “The need to drive our capital markets integration initiative to break down barriers to movement of capital within the region by ensuring a harmonized regulatory space, common market information platforms, interlinked trading systems, cross-border trade and payments settlement, harmonized accounting standards and internationally acceptable governance standards and institutions cannot be over-emphasized at this juncture in our economic integration initiatives.”
