Nigeria's capital market must accelerate regulatory reforms, expand access to long-term financing for small and medium-sized enterprises, and embrace digital innovation to attract more investment and support economic growth, financial market experts have said. The experts spoke at the 30th Anniversary Symposium of the Association of Issuing Houses of Nigeria (AIHN) in Lagos, where industry stakeholders reviewed three decades of capital-market development and examined opportunities for deeper investment, innovation, and economic transformation.
Group Managing Director of Afrinvest West Africa Limited, Dr Ike Chioke, said the pace and quality of regulatory reforms would remain critical to the market's development. Chioke acknowledged the progress made in moving Nigeria from paper-based transactions to more efficient issuance and capital-raising processes. He called for stronger collaboration between regulators and market operators as technology and financial products evolve.
Chioke also urged companies to help SMEs formalize their businesses, strengthen corporate governance, and become investment-ready. According to him, incentives should encourage businesses, particularly those in agriculture and local manufacturing, to establish proper boards, accounting systems, and governance structures that would enable them to access long-term capital. Chioke said current market conditions offered companies an opportunity to raise funds.
Deputy Managing Director of Udo Udoma & Belo-Osagie, Mrs Ozofu 'Latunde Ogiemudia, said Nigeria could not afford prolonged gaps between major capital-market legislative reforms. She noted that the Investments and Securities Act 2025 built on earlier reforms but pointed to the 18-year gap between the 2007 Act and the 2025 legislation as evidence of the need for faster legislative responses.
Managing Director/CEO of FundQuest Financial Services, Mr Abiodun Akinjayeju, identified stronger capital requirements for market operators and the demutualisation of the Nigerian Exchange as important developments that had improved market resilience and corporate governance. Meanwhile, SEC Deputy Director and Head of Securities Offering, Mrs Adama Babadoko, said innovation and regulation should not be treated as opposing forces.
AIHN President and Managing Director, Investment Banking, Chapel Hill Denham, Kemi Awodein, said the association's 30th anniversary provided an opportunity to reflect on the contribution of issuing houses through public offerings, rights issues, debt issuances, mergers, and acquisitions. She called for a more inclusive and globally competitive market with greater funding access for SMEs, infrastructure, and emerging sectors.
In a keynote delivered on his behalf, SEC Director-General, Dr Emomotimi Agama, said the next phase of capital-market development would be driven by technology, sustainability, and greater regional and global integration. Agama said emerging areas, including tokenisation, digital assets, open data, and artificial intelligence, were reshaping how securities are issued, traded, settled, and supervised, making continuous adaptation essential to the market's future.
Key points
- Experts call for regulatory reforms to deepen Nigeria's capital market.
- Incentives are needed to help SMEs formalize and access long-term capital.
- The capital market's next phase will be driven by technology, sustainability, and global integration.
