The Director-General of the Securities and Exchange Commission (SEC), Dr Emomotimi Agama, has called on West African countries to accelerate the integration of their capital markets, describing it as a crucial step toward mobilising large-scale investment for regional development.

Speaking in Abuja, Thursday at the Experts Meeting on the Validation of the WASRA Charter and Recognition of the West Africa Securities Regulators Association (WASRA) as the regulatory body for cross-border securities in ECOWAS, Agama, who also chairs WASRA, said the initiative marks “a watershed moment” in the region’s financial history.

He noted that West Africa faces pressing challenges, including infrastructure gaps, climate adaptation, digital transformation and job creation, which require financing far beyond the capacity of individual national markets.

“An integrated regional capital market is no longer a luxury; it is a necessity,” he stated.

Agama lamented the slow pace of regional integration, stressing that Africa’s infrastructure financing gap exceeds $100 billion annually, while West Africa alone requires tens of billions to modernise transport corridors, upgrade energy systems and expand digital infrastructure.

Without integrated markets, he warned, governments and businesses would remain constrained by limited fiscal space and costly borrowing.

Drawing lessons from the European Union and ASEAN, he argued that harmonised regulations and investor confidence are essential to unlocking capital flows across borders.

“Potential means little without decisive action,” Agama said, highlighting opportunities in agriculture, digital innovation, fintech, and youth empowerment that could benefit from pooled regional capital.

He outlined WASRA’s mandate to drive integration through harmonised regulation, mutual assistance, and common projects. “Integration is not only about policy declarations; it is about practical collaboration and shared initiatives that deliver results,” he stressed, urging ECOWAS finance ministers to demonstrate the political will required.

Nigeria’s Finance Minister, Mr. Wale Edun, represented by Mr. Hassan Adamu Jibrin, described the WASRA Charter validation as a critical step toward harmonised regulation and sustainable market development in the sub-region.

Similarly, ECOWAS Commission’s Acting Director for the Private Sector, Mr. Peter Oluonye, emphasised that breaking down barriers to capital movement through common standards, interlinked trading systems and unified governance frameworks was vital to financing the region’s economic aspirations.

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