Nigeria has urged West African countries to speed up the integration of regional capital markets to mobilise the large-scale investment needed for development.
Dr. Emomotimi Agama, Director General of the Securities and Exchange Commission (SEC) and Chair of the West Africa Securities Regulators Association (WASRA), made the call yesterday in Abuja during the Experts Meeting on the Validation of the WASRA Charter and Recognition of WASRA as the regulatory body for cross-border securities in ECOWAS.
Agama described the initiative as a “watershed moment” for the region, warning that each year of delay limits the ability to fund critical projects in infrastructure, climate adaptation, digital transformation, and job creation.
He stressed that no single national market can meet the region’s capital needs alone, and that integrated markets are essential to attract investment, reduce borrowing costs, and drive economic growth.
He cited examples from the European Union and ASEAN, which achieved economic transformation through harmonised regulations and cross-border funding, and said West Africa—with over 400 million people and a combined GDP of about $800 billion—has even greater potential.
Agama highlighted that integration could also support agriculture, food security, fintech, innovation hubs, and youth employment.
The WASRA Chair outlined the association’s role in fostering market integration through common regulatory standards, investor protection, joint programmes, and technical support.
He urged ECOWAS finance ministers to provide political backing, saying that leadership commitment is key to translating plans into reality.
Speaking at the event, Nigeria’s Finance Minister, Mr. Wale Edun, represented by Principal Economist Hassan Adamu Jibrin, described the validation of the WASRA Charter as a critical step towards harmonised regulations, cross-border investment, and sustainable market development.
ECOWAS Commission Acting Director of Private Sector, Mr. Peter Oluonye, added that integrated markets would enable efficient capital flows, fund essential infrastructure projects, and strengthen regional economic resilience.
