Director-General of Securities and Exchange (SEC), Dr Emomotimi Agama, has urged West African nations to accelerate capital market integration.
According to him, this is the only viable path to mobilise the scale of investment needed to meet the region’s developmental demands.
Speaking at the Experts Meeting on the Validation of the West Africa Securities Regulators Association (WASRA) Charter in Abuja yesterday, Agama described the initiative as a ‘watershed moment’ in West Africa’s financial evolution.
He warned that the region could no longer afford fragmented capital markets, given the mounting challenges of infrastructure gaps, climate change, digital transformation, and rising unemployment.
To meet the urgent demands, he stated that capital must be mobilised at a scale which cannot be achieved within isolated national boundaries.
“No single national market can provide the resources we need. An integrated regional capital market is no longer a luxury; it is a necessity,” Agama said
He cautioned that each year of delay costs the region vital opportunities to fund transformative projects, especially when West Africa faces billions in infrastructure financing needs.
Agama urged finance ministers across ECOWAS to show strong political will in supporting the WASRA agenda, insisting that regional transformation hinges not just on technical frameworks but on leadership and commitment.
Also speaking at the meeting, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, noted that the gathering marked a significant step in the collective journey toward a harmonised regulatory framework, one that reflects the shared aspirations of ECOWAS member states to deepen capital market integration, enhance cross-border investments, and promote financial stability.”
Edun, who was represented by the Principal Economist, Federal Ministry of Finance, Hassan Adamu Jibrin, also pointed out that the validation of the draft WASRA Charter is not merely a procedural formality, but a critical foundation for institutional coherence, regulatory cooperation, and sustainable market development across the sub-region.
Speaking on behalf of the ECOWAS Commission, Acting Director of the Private Sector, Peter Oluonye, said that for capital markets integration to gain traction in ECOWAS, there is a need for concerted efforts from all stakeholders towards harmonising rules, practices, and regulations to the standards acceptable to all jurisdictions.
