Capital Market Key to Achieving $1trn Economy, Edun Says
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has emphasised the crucial role of the capital market in achieving the nation’s ambitious goal of becoming a $1 trillion economy.
Speaking at the Capital Market Committee (CMC) meeting, Edun who was represented by Minister of State for Finance, Dr. Doris Uzoka-Anite, on Monday, highlighted the market’s transformation since 2015, with improvements in governance structures, new products and platforms, stronger regulatory environment, and growing investor participation.
According to the minister, the implementation of the Capital Market Master Plan (2015- 2025) has been instrumental in increasing the market’s contribution to the national economy, developing a sophisticated market structure, and improving competitiveness.
Edun said the revised plan prioritises digitalisation, innovation, sustainability, inclusion, and capital formation, aligning with the broader economic reform agenda.
He said the passage of the new act modernises the legal and regulatory framework, streamlines enforcement mechanisms, and provides clarity on emerging areas such as digital assets and crowdfunding.
On the challenges and opportunities inherent in the Act, the minister said it will help deepen market participation, as well as ensure regulatory coordination remain tight.
Speaking on the government private sector innovation in creating the needed environment for businesses to thrive, the minister noted that the government is committed to creating an enabling environment for private sector innovation to flourish within a fair and transparent environment.
The minister added that the market is expected to contribute to the economy, serving not only for capital raising but also as a vehicle for wealth creation, economic inclusion, and long-term national resilience.
He explained that with the Securities and Exchange Commission (SEC) undertaking regulatory reforms, including joining the GBMC Network of IOSCO in promoting and implementing ISSB standards, among others, the domestic economy has recorded the fastest GDP growth in about a decade in 2024, driven by a strong fourth quarter and improved fiscal position.
Earlier in his speech, the DG, SEC, Dr. Emomotimi Agama, emphasised the commission’s commitment to regulatory reforms and capital market growth.
According to him, the enactment of the Investment and Securities Act (ISA) 2025 marks the beginning of a transformative new era for the capital market.
Agama highlighted the commission’s efforts to deepen engagement with stakeholders, ensure widespread dissemination and understanding of the new law, and drive innovation and compliance.
He also emphasised the importance of restoring investor confidence, bringing timely relief to aggrieved investors, and creating a platform for broad-based participation of Nigerians in wealth creation.
The SEC boss noted that the commission has constituted an implementation team to thoroughly engage with every provision of the ISA 2025 and set up a dedicated sensitisation team to deepen public understanding of the new law. A podcast series has also been launched to simplify the ISA 2025 and make it accessible to all Nigerians.
Agama highlighted the Nigerian capital market’s impressive performance in 2024, with the NGX All-Share Index increasing by 37.65% and market capitalisation growing by 53.39%.
He also noted the commission’s efforts to enhance regulatory efficiency, promote market integrity, and protect investors.
The SEC boss emphasised the importance of financial inclusion and investor education, citing the commission’s initiatives to empower women, youth, and grassroots communities.
He also highlighted the commission’s commitment to technology-driven solutions, including the launch of an e-survey to assess emerging technology adoption in the Nigerian capital market.
Agama concluded by emphasising the commission’s commitment to fostering growth, transparency, and sustainability in the capital market, and looking forward to fruitful deliberations at the meeting.
The highlight of the CMC meeting was the unveiling of the ISA Act 2025 by the minister.
