• Bagudu: rise in revenue, debt reduction indicators of improved economy

The capital market is a major facilitation plank for the Federal Government’s $1 trillion economy target, Coordinating Minister of the Economy Wale Edun has said.

According to him, this will be achieved through innovation, a stronger regulatory environment and new products and platforms to drive investor participation.

Also yesterday, Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, said the Federal Government was drawing up strategies that will generate double-digit growth as a partway to achieving the $1 trillion economy target.

While Edun spoke in Lagos during the Capital Market Committee (CMC) meeting and the unveiling of a new law, Bagudu spoke in Abuja during a meeting with the World Bank’s new Country Director for Nigeria, Mr. Matthew Verghis.

Edun, represented by Minister of State (Finance) Dr. Doris Uzoka-Anite, believes that with improvements in governance structures and innovations, the capital market will facilitate the $1 trillion economy agenda.

The minister said the capital market remains a focal point of President Tinubu’s reform agenda, given its importance to the sustainable development of the economy.

According to him, the capital market is expected to contribute more to the economy by not only providing funding for the private and public sectors but also by stimulating wealth creation, economic inclusion, and long-term national resilience.

Edun said the new Investment and Securities Act (ISA) 2025 modernises the legal and regulatory framework for the market, streamlines enforcement mechanisms, and provides grounds for the development of emerging areas, such as digital assets and crowdfunding.

He believes the new Act would help to deepen market participation, as well as ensure regulatory coordination remains tight.

The minister said the government was committed to providing an enabling environment for the private sector to thrive.

He pointed out that the capital market has shown strong resilience over the past decade, adding that the revision of the Capital Market Master Plan is expected to further boost the development of the market.

Edun said the revised plan prioritises digitalisation, innovation, sustainability, inclusion, and capital formation, aligning with the broader economic reform agenda.

Director General, Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, said the enactment of the ISA 2025 marked the beginning of a transformative new era for the capital market.

He highlighted the commission’s efforts to deepen engagement with stakeholders, ensure widespread dissemination and understanding of the new law, and drive innovation and compliance.

He stressed the importance of restoring investor confidence, bringing timely relief to aggrieved investors, and creating a platform for broad-based participation of Nigerians in wealth creation.

The SEC boss noted that the commission has constituted an implementation team to thoroughly engage with every provision of the ISA 2025 and set up a dedicated sensitisation team to deepen public understanding of the new law.

A podcast series has also been launched to simplify the ISA 2025 and make it accessible to all Nigerians.

Agama highlighted the Nigerian capital market’s impressive performance in 2024, with the NGX All-Share Index increasing by 37.65 per cent and market capitalisation growing by 53.39 per cent.

He also noted the commission’s efforts to enhance regulatory efficiency, promote market integrity, and protect investors.

The SEC boss emphasised the importance of financial inclusion and investor education, citing initiatives to empower women, youth, and grassroots communities.

He underscored the SEC’s commitment to technology-driven solutions, including the launch of an e-survey to assess emerging technology adoption in the Nigerian capital market.

He emphasised the commission’s commitment to fostering growth, transparency, and sustainability in the capital market and looked forward to fruitful deliberations at the meeting.

Bagudu: our focus is to unlock full economic potential

Bagudu expressed appreciation to the World Bank for its ongoing support to Nigeria’s reform efforts.

He described the Nigeria Development Update (NDU) as credible documentation of the country’s economic progress.

The minister said the report offers independent validation of the direction and impact of the government’s policy choices.

“Our ambition is to grow the Nigerian economy to $1 trillion.

“To achieve that, we need to craft and implement a strategy capable of delivering double-digit economic growth,” Bagudu said.

He added that the reform programme enjoys broad-based acceptance among critical stakeholders, including the political class, labour unions, and the private sector.

This level of cooperation, he said, is essential for sustaining reforms and building momentum for structural transformation.

“We are confident that we will stay on course,” Bagudu said.

The minister added that the administration remains focused on unlocking the full potential of the Nigerian economy.

Mr. Verghis reflected on lessons from other developing economies.

He noted that India faced similar economic challenges in the early 1990s but undertook tough decisions that laid the foundation for over three decades of sustained economic growth, lifted millions out of poverty, and delivered a major turnaround for the country.

Verghis expressed the Bank’s readiness to partner with Nigeria in advancing its development objectives, particularly in accelerating economic growth, creating jobs, deepening financial inclusion, and supporting agricultural transformation.

He said the World Bank was committed to contributing both technical expertise and financial resources to help Nigeria achieve inclusive and sustainable development.

Before his current posting to Nigeria, Verghis served as the South Asia Regional Director for Equitable Growth, Finance, and Institutions at the World Bank.

His previous assignments also included stints as Practice Manager for Macroeconomics, Trade, and Investment in East and Southern Africa, and Practice Manager in East Asia, covering China, Vietnam, and Southeast Asia.