The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, yesterday highlighted the crucial role of the capital market in achieving the nation’s ambitious goal of becoming a $1 trillion economy.
Speaking at the Capital Market Committee (CMC) meeting, Edun, represented by Minister of State for Finance, Dr Doris Uzoka-Anite, highlighted the market’s transformation since 2015, with improvements in governance structures, new products and platforms, stronger regulatory environment and growing investor participation.
According to the minister, the implementation of the Capital Market Master Plan (2015-2025) has been instrumental in increasing the market’s contribution to the national economy, developing a sophisticated market structure, and improving competitiveness.
Edun said the revised plan prioritises digitalisation, innovation, sustainability, inclusion and capital formation, aligning with the broader economic reform agenda.
He said the passage of the new Act modernises the legal and regulatory framework, streamlines enforcement mechanisms, and provides clarity on emerging areas such as digital assets and crowdfunding.
On the challenges and opportunities inherent in the Act, the minister said it will help deepen market participation, as well as ensure that regulatory coordination remains tight.
Speaking on the government’s private sector innovation in creating the needed environment for businesses to thrive, Odun noted that government is committed to creating an enabling environment for private sector innovation to flourish within a fair and transparent environment.
The minister added that the market is expected to contribute to the economy, serving not only for capital raising but also as a vehicle for wealth creation, economic inclusion and long-term national resilience.
He explained further that with the Securities and Exchange Commission (SEC) undertaking regulatory reforms, including joining the GBMC Network of IOSCO in promoting and implementing ISSB Standards, amongst others, the domestic economy has recorded the fastest GDP growth in about a decade in 2024, driven by a strong fourth quarter and improved fiscal position.
Earlier in his speech, the DG SEC, Dr Emomotimi Agama, emphasised the commission’s commitment to regulatory reforms and capital market growth.
According to him, the enactment of the Investment and Securities Act (ISA) 2025 marks the beginning of a transformative new era for the capital market.
