The Director-General (DG) of Nigeria’s Securities and Exchange Commission (SEC), Mr Emomotimi Agama, says Africa and the Middle East must tap into opportunities in digital assets, which will be worth $10 trillion by 2030.
The SEC DG said this in his acceptance speech after he was elected the Vice Chairman of the Africa/Middle East Regional Committee (AMERC) of the International Organisation of Securities Commissions (IOSCO).
According to a statement, with young and tech-savvy populations, Africa and the Middle East must lead and not follow in digital assets.
He said his mandate as the Vice Chairman was to transform the capital markets into engines of inclusive growth, innovation, and shared prosperity for Africa and the Middle East.
”We must aggressively expand listings by working with African Financial Markets Initiative (AFMI) and SSA exchanges to harmonise standards, reduce listing costs, and create cross-border linkages.
”To boost liquidity, we will pioneer regional market-making schemes and advocate for pension fund reforms to channel domestic savings into productive investments.
“Critically, we will partner with AFMI and development institutions to de-risk infrastructure investments and attract global capital.
”However, infrastructure alone is not enough. With 70 per cent of Africa’s population under 30, we must empower youth through: Retail investor programmes to democratise market participation, Fintech sandboxes to nurture youth-led innovation and Listings of high-growth startups to create wealth and jobs,” he said.
Mr Agama said there was still a lot of work to be done despite the progress made by IOSCO, calling on members to continue to render the mutual support and cooperation of past years for the benefit of investors, markets and indeed the world economy.
He noted that the committee would continue to deepen discussions and debates to launch a “Listings Growth Initiative” for Small and Medium Enterprises.
Mr Agama will serve on the Board of IOSCO, the highest decision making organ of the global securities regulatory organisation, till 2026.
IOSCO was established in 1983 as the standard setter for the securities industry worldwide and currently has over one hundred ordinary members. It is recognised as the leading international policy forum for securities regulators. The organisation’s membership regulates more than 95 per cent of the world’s securities markets in over 100 jurisdictions.