SEC Spot Capital Market integration as West Africa’s pathway to economic growth

The Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has stressed the need for West African countries to integrate their capital markets to drive the region’s development.

Speaking at the Experts Meeting on Validation of the West Africa Securities Regulators Association (WASRA) Charter and Recognition of WASRA as the Regulatory Body for Cross-Border Securities Market in ECOWAS, Agama described capital market integration as a necessity for mobilizing the scale of investment required for the region’s growth.

Agama explained the region’s pressing development challenges, which include infrastructure deficits, climate adaptation, digital transformation, and job creation.

He mentioned that no single national market can provide the required capital alone, citing Africa’s annual infrastructure financing gap of over $100 billion.

According to him, “West Africa alone requires tens of billions of dollars to modernize transport corridors, upgrade energy systems, and build resilient digital infrastructure.”

The SEC boss outlined the benefits of integration, including increased capital mobilization, improved investor confidence, and economic transformation.

He said “integrated markets can mobilize capital for value-chain development, agro-processing, and food security, supporting the region’s agricultural sector.

Agama said “Regional capital can also support innovation hubs, fintech scale-ups, and broadband expansion, ensuring West Africa’s participation in the fourth industrial revolution.

Agama urged policymakers, particularly finance ministers within ECOWAS, to champion the WASRA initiative, emphasizing that political will is crucial in turning aspirations into reality.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, noted that the gathering marked a significant step toward a harmonized regulatory framework, deepening capital market integration, enhancing cross-border investments, and promoting financial stability.

The validation of the WASRA Charter is seen as a critical foundation for institutional coherence, regulatory cooperation, and sustainable market development across the sub-region.

With a population of over 400 million and a combined GDP of about $800 billion, West Africa has enormous potential, but decisive action is needed to unlock its growth.