WorldStage– The Securities and Exchange Commission (SEC) has urged West African countries to accelerate the integration of their capital markets to accelerate growth in the region.
The Director-General of SEC, Dr Emomotimi Agama, made the call at a meeting on Validation of the West African Securities Regulators Association (WASRA) Charter in Abuja on Thursday.
Agama described the integration as the only way to mobilise the scale of investment needed to drive the region’s development.
Agama, also the Chairman of WASRA, said that West Africa was faced with urgent developmental challenges ranging from infrastructure deficits and climate adaptation to digital transformation and job creation.
”To meet these challenges, we require capital at scale, and the truth is simple, no single national market can provide it alone.
”An integrated regional capital market is no longer a luxury; it is a necessity.
”Without integrated markets that pool liquidity and broaden investor participation, our governments and private sector will remain constrained, relying on limited fiscal space and expensive borrowing,” Agama said.
Presenting the objectives of WASRA, Agama said the body was established with a clear mandate to anchor market integration.
“First, to contribute to the establishment of appropriate mechanisms for the regulation of capital markets; ensuring their proper functioning and the protection of investors.
”This speaks directly to the heart of investors: confidence, without which no market can thrive.
”Integration is not only about policy declarations; it is about practical collaboration and shared initiatives that deliver results for our markets and our people,” he said.
He added that WASRA would foster integration through joint programmes and common projects, promote mutual assistance across the region, and set common standards for effective regulation.
Agama called on policymakers, especially finance ministers within the ECOWAS region, to champion the WASRA initiative.
Mr Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, said the gathering marked a significant step in the collective journey toward a harmonised regulatory framework.
Edun, represented by Mr Hassan Jibrin, Principal Economist, Federal Ministry Of Finance, said the meeting reflected the shared aspirations of ECOWAS member states to deepen capital market integration, enhance cross-border investments, and promote financial stability.
He said the validation of the draft WASRA charter was critical for institutional coherence, regulatory cooperation, and sustainable market development across the sub-region.
Mr Peter Oluonye, the Acting Director Private Sector, who spoke for the ECOWAS Commission, said that for capital markets integration to gain traction in ECOWAS, there was need for all stakeholders to harmonise rules, practices and regulations.
“We are aware that our member states depend much on external capital flows and direct investment to sustain and deliver on economic development programmes of our governments.
”The region is in dire need to develop critical economic infrastructure projects, requiring huge capital investment and facilitate gross capital formation.
”The capital market is a major vehicle that should support this aspiration,” he said.
WASRA is a regional body that facilitates cooperation and information exchange among West African securities regulators.
