Director General of the Securities and Exchange Commission: Nigeria Requires Over $50 Billion to Address Infrastructure Deficit
Emomotimi Agama, the Director General of the Securities and Exchange Commission (SEC), highlighted Nigeria’s urgent need for over $50 billion to tackle its infrastructural deficits.
Speaking at a stakeholders’ event in Lagos, he emphasized that the capital market has been underutilized in meeting the country’s financial requirements and pointed out the necessity for regulators and operators to enhance the capital market’s capacity to raise funds and encouraged the adoption of market-creative initiatives.
He stressed that the potential of Nigeria’s capital market remains largely untapped, particularly in terms of debt instruments. Furthermore, he noted that many people are unaware of the opportunities available in the capital market, prompting efforts to increase public awareness and education. He emphasized that the capital market serves as a crucial economic barometer, capable of driving substantial funding for various infrastructure needs across the country’s 36 states and the Federal Capital Territory (FCT).
At the event, Tom Ceusters from the International Finance Corporation (IFC) ALSO highlighted Nigeria as a vital partner in this endeavor and underscored the importance of educating mid-level regulators and participants in market infrastructure. He mentioned that the IFC’s educational initiatives have produced significant results, with numerous alumni contributing positively to regulation and market development in Nigeria.
John Hunter from the Milken Institute added that while discussions around market development are essential, real progress will hinge on actionable steps taken by regulators. He advised that making the capital market more attractive by improving the ease of doing business is critical for its growth and effectiveness in addressing Nigeria’s infrastructure challenges.
