{"id":122715,"date":"2025-10-02T21:59:29","date_gmt":"2025-10-02T20:59:29","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=122715"},"modified":"2025-10-02T21:59:29","modified_gmt":"2025-10-02T20:59:29","slug":"market-integration-key-to-west-africas-growth-sec-dg","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/market-integration-key-to-west-africas-growth-sec-dg\/","title":{"rendered":"Market Integration Key to West Africa\u2019s Growth- SEC DG"},"content":{"rendered":"
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By Tracy Moses<\/div>\n
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The Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has called on West African nations to fast-track the integration of their capital markets, describing it as a crucial step toward mobilising the scale of investments required for the region\u2019s sustainable growth.<\/div>\n
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Speaking on Thursday in Abuja at the Experts\u2019 Meeting on the Validation of the West Africa Securities Regulators Association (WASRA) Charter and the Recognition of WASRA as the Regulatory Authority for Cross-Border Securities Market in ECOWAS, Agama described the initiative as a \u201cturning point\u201d in the region\u2019s financial evolution.<\/div>\n
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He noted that West Africa is confronted with a range of pressing development challenges, including infrastructure deficits, climate resilience, digitalisation, and unemployment.<\/div>\n
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\u201cTo address these challenges, we need access to substantial capital,\u201d Agama said. \u201cThe reality is that no individual market in the region can provide the required scale alone. A unified regional capital market is not a luxury, it has become a necessity.\u201d<\/div>\n
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The SEC boss expressed concern over the slow pace of progress in regional integration, warning that \u201cevery year of delay represents a missed chance to raise resources for transformative projects that could reshape our economies.\u201d<\/div>\n
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Highlighting the scale of the challenge, he referenced Africa\u2019s infrastructure financing gap, which exceeds $100 billion annually. \u201cFor West Africa alone, tens of billions of dollars are needed to modernise transport networks, upgrade energy infrastructure, and build resilient digital systems,\u201d he said.<\/div>\n
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According to Agama, without the ability to pool liquidity and expand investor participation through integrated markets, both governments and the private sector will remain hampered by limited fiscal capacity and costly borrowing options.<\/div>\n
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Drawing from global examples, he cited the European Union and ASEAN as models of how market harmonisation, investor confidence, and cross-border financing can drive economic transformation.<\/div>\n
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\u201cIn Europe, the creation of a single market enabled companies to raise capital across borders, accelerating innovation and competitiveness. Similarly, ASEAN\u2019s harmonised standards and financial cooperation strengthened the region\u2019s economic resilience,\u201d he explained.<\/div>\n
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Agama pointed out that with a population exceeding 400 million and a combined GDP of roughly $800 billion, West Africa has enormous untapped potential. However, he cautioned that \u201cpotential alone achieves nothing without bold action.\u201d<\/div>\n
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Beyond infrastructure, he said integration would unlock significant benefits in other sectors. \u201cIn agriculture, regional markets can channel capital into value chains, agro-processing, and food security. In the digital economy, pooled funding can support innovation hubs, fintech growth, and broadband expansion, ensuring the region\u2019s participation in the fourth industrial revolution.\u201d<\/div>\n
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He added that cross-border capital, supported by harmonised regulation, could create a \u201ctransformational impact\u201d across multiple sectors, particularly in job creation and youth empowerment.<\/div>\n
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Presenting WASRA\u2019s core objectives, Agama explained that the association was created to drive integration in the region\u2019s capital markets.<\/div>\n
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\u201cIts mandate includes establishing effective regulatory mechanisms to ensure proper market functioning and investor protection, the foundation of market confidence,\u201d he stated.<\/div>\n
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He further noted that WASRA would advance integration by initiating joint projects, fostering mutual support among member countries, and establishing uniform regulatory standards. \u201cIntegration goes beyond policy statements; it requires tangible collaboration and shared actions that deliver measurable results,\u201d he stressed.<\/div>\n
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Agama urged policymakers, particularly finance ministers across ECOWAS, to throw their weight behind the WASRA project. \u201cThe political commitment of our leaders remains the most critical factor in turning aspirations into reality,\u201d he said, adding that \u201cWASRA, in partnership with ECOWAS, WACMIC, and WAMI, is ready to provide the necessary technical expertise.\u201d<\/div>\n
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Also speaking at the event, Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, described the gathering as a major milestone in the region\u2019s collective \u201cjourney toward a harmonised regulatory environment that reflects ECOWAS member states\u2019 shared ambition to deepen capital market integration, enhance cross-border investments, and promote financial stability.\u201d<\/div>\n
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Edun, represented by Mr. Hassan Adamu Jibrin, Principal Economist at the Ministry of Finance, noted that validating the draft WASRA Charter was more than a procedural task, it laid the foundation for institutional coherence, regulatory collaboration, and sustainable market growth across the sub-region.<\/div>\n
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On behalf of the ECOWAS Commission, Mr. Peter Oluonye, Acting Director of the Private Sector Department, emphasised that successful capital market integration would require coordinated efforts from all stakeholders to align rules, practices, and regulations to mutually acceptable standards.<\/div>\n
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\u201cOur member states continue to rely heavily on external capital inflows and foreign direct investment to finance development programmes,\u201d Oluonye said. \u201cThe region urgently needs massive investment in key infrastructure projects to drive economic growth. Capital markets must play a central role in achieving this.\u201d<\/div>\n
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He added that advancing capital market integration to eliminate barriers to capital movement within the region, including harmonised regulatory frameworks, shared market information systems, interconnected trading platforms, cross-border trade and payment settlements, standardised accounting practices, and internationally recognised governance standards, is essential at this stage of ECOWAS\u2019 economic integration agenda.<\/div>\n
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