When President Bola Tinubu hosted the Director General of Securities and Exchange Commission (SEC) and the Board of NGX Group during his recent state visit to Brazil, he noted the phenomenal increase in the value and volume of trading on the Nigerian Bourse.
President Tinubu who acknowledged that the dialogue was vital to achieving the Renewed Hope Agenda’s economic targets and positioning Nigeria as Africa’s premier investment destination, also said that his administration’s reforms are broadening investment opportunities for Nigerians and international investors.
Reforms elevating Nigeria’s financial ecosystem…
“Nigeria’s markets must be a trusted engine of enterprise and prosperity. My government will continue to pursue reforms that unlock capital, protect investors, and drive innovation, so that our economy works for every Nigerian,” President Tinubu said.
Specifically at the meeting, President Tinubu lauded the SEC leadership and the NGX Board for their commitment, affirming his administration’s unwavering resolve to elevate Nigeria’s financial ecosystem.
President Tinubu, who assured his administration’s readiness to protect investors commended Nigeria’s capital market’s remarkable growth since he assumed office over two years ago, also described the market’s performance as a clear reflection of investor confidence in his administration’s reforms and bold economic measures.
SEC sees ISA 2025 propelling Nigeria toward N300 trillion market…
Speaking at the meeting with President Tinubu in Brazil, Emomotimi Agama, Director General, SEC applauded the recent signing of the Investment and Securities Act (ISA) 2025 and described it as one of Africa’s most comprehensive legal frameworks for capital markets.
He stated that the Act will propel Nigeria toward a N300 trillion market while ensuring equitable wealth distribution through strong investor protection and regulatory clarity.
Agama has focused on initiatives to modernise the capital market, including a Listings Growth Initiative (LGI) for Small and Medium Enterprises (SMEs), the development of frameworks for tokenised securities and stablecoins, and the promotion of digital asset investment.
He emphasises innovation, transparency, investor protection, and financial inclusion through regulatory frameworks, education, and the adaptation of new technologies like blockchain and quantum computing.
Agama’s key initiatives as SEC DG…
Digital Asset Opportunity: Agama projects digital assets could create a $10 trillion market by 2030, driving the SEC to develop frameworks for stablecoins and tokenised securities to foster innovation and investor protection.
Listings Growth Initiative for SMEs: A new initiative is planned to help Small and Medium Enterprises access capital markets, boosting their growth and the overall economy.
Regulatory Innovation and Technology Adoption: The SEC is actively engaging with fintech and blockchain companies to create new regulatory frameworks that balance innovation with security and stability.
Investor Education and Confidence: Agama has intensified efforts to educate the public about capital market opportunities and risks, aiming to build investor confidence and awareness of consequences for illegal activities.
Financial Inclusion: There’s a commitment to making the capital market resilient and inclusive, reducing financial gaps and lifting more Nigerians out of poverty.
Global Role: As the vice chairman of IOSCO’s Africa/Middle East Regional Committee (AMERC), Agama is working to develop regional policies, strengthen global standards, and ensure collaboration among securities regulators.
The ISA 2025 effect…
In a major boost to capital market regulation in Nigeria, President Tinubu assented to the Investments and Securities Bill (ISB) 2025, which repeals the Investments and Securities Act No. 29 of 2007.
This landmark legislation strengthens the legal framework of the Nigerian capital market, enhances investor protection, and introduces critical reforms to promote market integrity, transparency, and sustainable growth.
The SEC is leveraging the recently enacted ISA 2025, which introduces reforms to enhance transparency, expand market access, and strengthen regulatory enforcement.
Agama had lauded the President’s assent as a transformative step for the capital market saying that the ISA 2025 reflects a commitment to building a dynamic, inclusive, and resilient capital market.
“By addressing regulatory gaps and introducing forward-looking provisions, the new Act empowers the SEC to foster innovation, protect investors more efficiently and reposition Nigeria as a competitive destination for local and foreign investments.
“We commend all stakeholders within and outside the capital market community for their unwavering solidarity towards the achievement of this historic milestone and solicit their continued collaboration in respect of the effective implementation of the ISA 2025 for the benefit of our economy,” he had said.
Agama while commenting on the Act said the enactment of the ISA 2025 reaffirms the authority of the SEC as the apex regulatory authority of the Nigerian Capital Market and also introduces transformative provisions to further align Nigeria’s market operations with international best practice.
At the meeting in Brazil, President Tinubu promised to continue supporting the capital market, while also expressing his readiness to implement additional reforms to strengthen and expand the sector.
Fast-tracking major state-owned enterprises listing is crucial….
Also at the meeting in Brazil, Umaru Kwairanga, chairman, NGX Group expressed gratitude for the President’s bold reforms, noting that trading volumes and market values have nearly tripled since the commencement of the current administration.
In just seven months to July 2025, Nigeria recorded N6trillion worth of equities transaction, the highest since 2007. The record value of equities transactions in seven months to July, which is the highest in the past 18 years, also doubles the N3trillion recorded in twelve months to December 2024.
Month-on-month (MoM), investors at the Nigerian Exchange Limited (NGX) traded N1.815trillion in July, the highest months transaction. In July, foreign investors traded stocks worth N1.459billion or 8.04 percent while domestic investors were responsible for equities transactions valued at N1.669trillion or 91.96 percent.
Kwairanga urged the fast-tracking of the listing of major state-owned enterprises, such as NNPC Limited, and the introduction of tax incentives to sustain this momentum. He also invited the President to visit the NGX trading floor to recognise these achievements.
Expanding retail investor participation through digital channels…
Temi Popoola, CEO, NGX Group emphasised the importance of positioning Nigeria’s Exchange as a global investment hub through stronger partnerships, modernised market infrastructure, and deeper product innovation.
He joined the delegation in thanking the President for his bold reforms. Furthermore, he emphasised that expanding retail investor participation through digital channels will promote inclusive and sustainable market growth.
He noted the critical role of capital markets in strengthening Nigeria–Brazil trade and investment ties, particularly by creating growth opportunities for small and medium-sized enterprises (SMEs).
He said the NGX Group is positioning Nigerian market as a global investment hub through global partnerships, modernised market infrastructure, and product innovation.
According to him, NGX Group has been positioned as a gateway for cross-border capital flows and a catalyst for deepening bilateral economic collaboration.
He noted that Nigerian Exchange Limited (NGX), Africa’s second-largest bourse by transaction size, has nearly doubled its market capitalisation in the past 18 months to about $90 billion, covering equities, fixed income, derivatives, and alternative investment instruments.
“Historically, exchanges have been platforms for large corporations, but the reality is shifting. Today, SMEs are critical to our economies, and exchanges must innovate to support their growth,” Popoola stated.
To this end, he explained that NGX has introduced a Growth Board with lower entry barriers for smaller companies, partnered with the Bank of Industry (BOI) to channel funding, and expanded access to alternative financing options through private markets, crowdfunding, and receivables financing.
On cross-border flows, Popoola stressed the ease of investing in Nigeria: “It is easy to invest in Nigeria. Our markets are digital, intermediaries are established, and capital flows freely. Investors who typically allocate funds to Brazil as an emerging market also view Nigeria as an attractive frontier market.”
He further highlighted NGX Group’s leadership in advancing regional integration through initiatives such as the African Exchanges Linkage Project and its recent investment in the Ethiopia Stock Exchange, aligned with the objectives of the African Continental Free Trade Area (AfCFTA).
For instance, investors in Nigeria’s equities market have continued to reap bountiful returns this year, hovering around 40 percent.
Increased domestic and foreign participation has also significantly stimulated the primary market segment, with more than N6 trillion raised by companies and governments in recent period.
