Coordinating Minister of the Economy, Wale Edun, has identified the capital market as a major platform for driving Nigeria’s $1 trillion economy target. Speaking through Minister of State (Finance), Dr. Doris Uzoka-Anite, at the Capital Market Committee (CMC) meeting in Lagos, Edun said the market’s role will be enhanced by regulatory improvements, innovation, and broader investor participation.
He emphasized that the capital market is a cornerstone of President Bola Tinubu’s economic reform plan, playing a pivotal role in financing both public and private sector activities while promoting wealth creation, economic inclusion, and national resilience.
According to Edun, the new Investment and Securities Act (ISA) 2025 marks a significant shift, modernizing Nigeria’s legal and regulatory framework for the capital market. The act also supports the development of emerging sectors such as digital assets and crowdfunding.
“The capital market remains critical to our sustainable development efforts. With improved governance structures, regulatory coordination, and digital innovation, we are confident it will facilitate the journey towards a $1 trillion economy,” Edun said.
He added that the government is committed to providing an enabling environment for the private sector to thrive, and pointed out that the capital market has shown consistent resilience over the past decade.
The revised Capital Market Master Plan will focus on digitalisation, sustainability, financial inclusion, and capital formation, aligning with broader economic reforms already underway.
Also speaking at the event, Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, described the enactment of the ISA 2025 as the dawn of a transformative era. He outlined ongoing efforts to deepen stakeholder engagement, educate the public, and promote compliance with the new law.
Agama said the SEC has established a dedicated team to oversee implementation and ensure that every provision of the ISA 2025 is well understood. A sensitisation team and a podcast series have also been launched to make the law more accessible to the general public.
Reviewing the capital market’s performance, the SEC DG noted that the NGX All-Share Index grew by 37.65% and market capitalisation surged by 53.39% in 2024, signaling strong investor interest and market resilience.
He reiterated the commission’s focus on restoring investor confidence, delivering timely redress to aggrieved investors, and expanding market participation, particularly among women, youth, and grassroots communities.
“Our focus is on innovation, transparency, and growth. The SEC is also leveraging technology, including e-surveys, to better understand how emerging technologies are being adopted in Nigeria’s capital market,” Agama said.
In a separate event in Abuja, Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, disclosed that the Federal Government is finalizing a new strategy to drive double-digit economic growth a critical pathway to achieving Nigeria’s $1 trillion economy target.
Bagudu spoke during a meeting with World Bank Country Director for Nigeria, Mr. Matthew Verghis, who expressed the Bank’s support for Nigeria’s development goals.
Bagudu described the Nigeria Development Update (NDU) as a credible record of the country’s economic progress and said it validates the current administration’s reform agenda.
“Our ambition is to grow Nigeria’s economy to $1 trillion. To do that, we must craft and execute strategies that can deliver double-digit growth,” Bagudu stated.
He added that the reform agenda enjoys broad-based support across political, labor, and private sector stakeholders an essential element for long-term success.
Verghis commended Nigeria’s reform initiatives, drawing comparisons to India’s economic transformation in the 1990s, which he said was driven by tough but necessary decisions that sparked decades of sustained growth.
He pledged the World Bank’s support in providing both technical expertise and financial resources to help Nigeria achieve inclusive and sustainable development, particularly in job creation, financial inclusion, and agricultural transformation.
Verghis, a seasoned development expert, previously served in key roles across South Asia, East Asia, and Africa, bringing valuable experience to Nigeria at a critical time in its economic evolution.
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