$1trn economy necessary for Nigeria’s prosperity – SEC

The Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, on Tuesday, insisted that achieving Nigeria’s N1 trillion economy “Is not merely an aspirational goal, but a necessity for the prosperity and resilience of Nigeria.”

He spoke on Tuesday in Lagos while delivering a keynote presentation at the 2024 SEC Journalists Academy.

His presentation was titled “The Role of the Capital Market in Driving Nigeria’s $1Trillion Economy.”

Agama, who was represented by John Briggs, the SEC’s Head, Lagos Zonal office, noted that the capital market remains the engine that drives economic progress by channeling resources from savers to those who need capital for productive use.

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According to him, globally, countries that have achieved economic milestones—whether in industrialisation, infrastructure, or innovation—have relied heavily on the capital market to mobilise and allocate resources efficiently.

He said “In Nigeria, this reality holds immense potential. With the right policies, frameworks, and investor confidence, the capital market can transform into a formidable force for financing the aspirations of our economy. But how does this translate into actionable benefits for Nigeria?

“A significant pathway to economic transformation lies in financing critical national projects, especially in infrastructure. Nigeria has already demonstrated how the capital market can fund these needs through innovative instruments like sovereign bonds and a number of Sukuk.”

Agama noted that the total market capitalisation of the Nigerian Exchange Limited currently stands at N60 trillion, saying the feat is a testament to the growing role of the private sector in driving national economic outcomes.

He said “…achieving a N1 trillion economy is not merely an aspirational goal; it is a necessity for the prosperity and resilience of Nigeria.

“The capital market, as the financial backbone of our economy, is poised to drive this transformation.”

In his paper titled “Leveraging Modern Technology to Attract Youths to the Capital Market”, Dr Akeem Oyewale, MD/CEO, Marble Capital Limited, noted that youth participation in the capital market is negligible.