The Securities and Exchange Commission (SEC) has emphasized that achieving a $1 trillion economy is not just an aspirational goal but a necessity for the prosperity and resilience of Nigeria.
Dr. Emomotimi Agama, Director General of the SEC, made this statement at the Journalists Academy for capital market correspondents in Lagos on Tuesday.
He stated: “Achieving a $1 trillion economy is a necessity for Nigeria’s prosperity and resilience. The capital market, as the financial backbone of our economy, is poised to drive this transformation. However, this journey demands a collective effort—from policymakers creating an enabling environment, to businesses leveraging market opportunities, and journalists communicating the market’s value to the broader public.”
Agama urged journalists to accurately report on the capital market and educate Nigerians on its role in raising funds for economic growth and development, stressing the critical importance of the market.
“As custodians of public knowledge, you hold the power to amplify the capital market’s impact, shaping narratives that inspire trust and participation,” he added.
Represented by John Briggs, SEC’s Lagos Head, Agama highlighted the central role of the capital market in sustainable economic growth and development.
“The capital market is the engine that drives economic progress by channeling resources from savers to those who need capital for productive use. Globally, countries that have achieved significant milestones in industrialization, infrastructure, or innovation have relied heavily on the capital market to mobilize and allocate resources efficiently,” he explained.
Agama noted that with the right policies, frameworks, and investor confidence, Nigeria’s capital market has immense potential to transform into a formidable force for financing the nation’s economic aspirations.
Speaking on how the capital market benefits Nigeria, he said: “A significant pathway to economic transformation lies in financing critical national projects, especially in infrastructure. Nigeria has already shown how the capital market can fund these needs through innovative instruments like sovereign bonds and Sukuk.”
He cited the federal government’s issuance of six Sukuk to fund road projects across Nigeria’s six geopolitical zones as an example.
This innovative funding approach has reduced reliance on external borrowing while driving job creation, improving logistics, and fostering regional integration,” Agama added.
