The Director-General of the Securities and Exchange Commission (SEC), Emomotimi Agama, has lamented the poor participation of Nigerians in the traditional capital market, revealing that less than four percent of adults actively invest in it.
Speaking at the annual conference of the Chartered Institute of Stockbrokers (CIS) in Abuja, Agama described the trend as worrisome, especially when compared with the growing enthusiasm for gambling among Nigerians.
According to him, more than 60 million Nigerians spend an estimated $5.5 million daily on betting, demonstrating a clear appetite for risk that, however, is not being channelled into productive investment.
“This reveals a paradox — Nigerians are willing to take risks but lack the trust or access to invest through the formal capital market,” Agama said, according to a statement issued by SEC on Sunday.
He noted that Nigeria’s market capitalisation-to-GDP ratio stands at around 30 percent, far below that of other emerging markets such as South Africa (320%), Malaysia (123%), and India (92%), stressing the urgent need to strengthen financial inclusion and restore investor confidence.
Reflecting on the 10-Year Capital Market Master Plan (CMMP) launched in 2015, Agama said the plan was designed to position the capital market as a catalyst for economic transformation by mobilising long-term finance for infrastructure and enterprise development.
“As we approach the end of the ten-year plan, our task is not ceremonial but reflective. We must evaluate what we achieved, where we fell short, and what lessons will guide the next decade of reforms,” he said.
The SEC boss disclosed that fewer than half of the 108 initiatives outlined in the CMMP were fully implemented, citing poor coordination, weak performance metrics, and inadequate stakeholder commitment.
He acknowledged achievements in areas like Green Bonds and fintech integration, but said overall market activity remains heavily concentrated in a few large-cap stocks such as MTN, Airtel Africa, and Dangote Cement.
Agama identified low retail participation, declining foreign inflows, underutilised pension funds, untapped diaspora capital, and a deepening infrastructure financing gap as critical challenges that must be addressed.
He emphasised that Nigeria’s $150 billion annual infrastructure deficit far exceeds what the capital market currently contributes, noting that only ₦1.5 trillion has been raised through PPP bonds, a situation he described as a “clear misalignment between financial innovation and national priorities.”
