Agama: Strong, Innovative Capital Market Necessary for Nigeria’s Future

Kayode Tokede

The Director-General, Securities and Exchange Commission (SEC), Dr Emomotimi Agama, has emphasised that a strong, inclusive, and innovative market is not just a target but also a necessity for the future of Nigeria, stressing that the strength of the capital market will shape the nation’s ability to face global challenges and embrace new opportunities.

Agama, stated this in his keynote speech delivered at the annual conference of the Institute of Capital Market Registrars (ICMR) held in Lagos.

Agama who spoke on the topic: “Enhancing Financial Stability in the Nigerian Economy: Strategic Role of the Capital Market in Wealth Creation,” described it as both timely and essential given the current state of the economy and the substantial impact that capital markets can have on wealth generation in Nigeria.

According to him, “Nigeria is one of the largest economies in Africa and we have faced significant challenges in recent years. The decline in oil prices, inflationary pressures, and currency fluctuations have tested our economic resilience.

 “The Capital market is the backbone and barometer of a healthy economy and it plays a critical role in fostering wealth creation. It is a powerful tool in achieving stability and fostering wealth for all Nigerians. As Nigeria develops its financial infrastructure, agencies such as the SEC and institutions such as the ICMR are instrumental in shaping a stable economic landscape.”

In his welcome address, the president/Chairman in council of ICMR, Seyi Owoturo, highlighted the challenges facing the Nigerian economy and the need for economic stability.

He said, “This year, the Nigerian economy is expected to gradually pick up and deliver approximately three per cent real growth. Inflation is expected to remain elevated in the medium term, whilst forex exchange volatility remains a major pain point given the FX supply bottlenecks. In the year 2023, the new administration in Nigeria implemented some pro-market reforms which appear to be tilting the balance of the economy in the direction of a private sector- growth model.”