Regulatory overhaul sets stage for inclusive growth, digital innovation in Nigeria’s capital market

Nigeria’s capital-market community on Saturday converged in Lagos for the 2025 edition of the Capital Market Correspondents Association of Nigeria (CAMCAN) Workshop, where regulators, operators, and industry stakeholders underscored the transformative impact of the newly enacted Investment and Securities Act (ISA) 2025 on the nation’s investment climate and economic future.

With the theme “Regulatory Reforms: ISA 2025 and Nigeria’s Investment Climate,” the workshop brought together top industry leaders, including the Chairman of the Nigerian Exchange Group (NGX Group), Alhaji (Dr.) Umaru Kwairanga; the Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama; and the Group Managing Director of GTI Group, Alhaji Abubakar Lawal, who served as guest speaker.

Across their separate remarks, the speakers aligned on one central message: ISA 2025 is not just a reform; it is a national economic strategy with the potential to modernise the market, restore confidence, empower millions of Nigerian youths, and anchor the country’s aspiration to become a $1 trillion economy by 2030.

A Pivotal Moment for Nigeria’s Capital Market

In his opening remarks as Chairman of Occasion, Dr. Umaru Kwairanga praised CAMCAN for providing a platform that consistently drives informed discourse around capital-market growth. He described ISA 2025 as “a foundational shift designed to modernize our capital-market architecture, attract deeper pools of capital, and position Nigeria as a top-tier investment destination within Africa and globally.”

Kwairanga highlighted ongoing reforms within the Nigerian Exchange Group aimed at improving transparency, democratizing investing, and widening market participation—initiatives he said align seamlessly with the spirit of ISA 2025.

He noted the success of NGX Invest, the digital public-offer platform that has enabled millions of Nigerians to participate directly in capital-raising activities via their mobile devices.

According to him, such innovations demonstrate how technology can drive inclusion and efficiency, adding that the new Act places even greater emphasis on digital access, regulatory compliance, and investor protection. He commended financial journalists for their crucial role in shaping investor behaviour and maintaining public trust, urging them to uphold accuracy and integrity in their reporting.

SEC DG: ISA 2025 Is Nigeria’s Blueprint for Market Stability and Global Competitiveness

Delivering the keynote address, SEC Director-General, Dr. Emomotimi Agama, described ISA 2025 as the most significant regulatory overhaul in nearly two decades—one that closes long-standing gaps, aligns Nigeria with global standards, and provides a clear framework for innovation, governance, and investor protection.

He emphasised that the Act was the product of nearly 10 years of stakeholder engagement, beginning with the Market-Wide Review Committee in 2016, and driven by urgent realities: the rise of digital assets, new financing structures, rampant Ponzi schemes, and the need for stronger regulatory authority.

“For the first time,” Agama said, “the Act clearly defines the mandate of the SEC, strengthens our powers, and enhances accountability. It tells the SEC exactly who it is, what it must do, and how it must do it.”

The new law expands the regulator’s scope from supervising only capital market operators to overseeing all “regulated entities,” including digital-asset platforms, warehouse operators, crowdfunding intermediaries, market-infrastructure providers, and commodity-exchange participants.

Agama explained that reforms in systemic-risk monitoring, financial-market infrastructure (FMI) oversight, public-company transactions, and investor-protection mechanisms would help stabilize the market and attract long-term investors.

“These reforms,” he said, “signal a more resilient and predictable market environment—one that is better able to withstand shocks and inspire investor confidence.”

He added that ISA 2025 represents a bold step toward creating a stronger, safer, and more innovative capital market capable of supporting Nigeria’s economic transformation.

Guest Speaker: ‘ISA 2025 Is the Bridge Between Aspiration and Achievement’

Guest speaker and chief executive of GTI Group, Alhaji Abubakar Lawal, delivered a powerful, forward-looking address that linked the new law to Nigeria’s quest to become a trillion-dollar economy.

Calling ISA 2025 “a visionary roadmap,” Lawal said the Act ushers in a new era in which Nigeria can finally compete in global financial markets while empowering local innovators, entrepreneurs, and young investors.

According to him, the previous regulatory framework had become increasingly outdated in the face of technological disruption, new financing models, and global market dynamics. ISA 2025, he argued, places Nigeria firmly on the path of innovation and inclusive growth.

Lawal emphasised the transformational impact of recognising digital and virtual assets as securities, noting that it gives legal clarity to an industry dominated by Nigeria’s youth.

Quoting him: “For the first time, our young people—who make up more than 60 percent of our population—can participate in wealth creation through regulated digital-asset exchanges. This is not just about crypto; it is about empowerment, inclusion, and national prosperity.”

He pointed to success stories from Nigeria’s thriving fintech ecosystem—Flutterwave, Paystack, and Moniepoint—as evidence of what is possible when young innovators are given structure and legitimacy.

Lawal also highlighted provisions that expand fundraising opportunities for SMEs, startups, sub-nationals, free-trade-zone operators, and collective-investment schemes. He stressed that new frameworks for commodities exchanges and warehouse receipts would unlock rural prosperity, strengthen agriculture, and diversify the economy.

On non-interest finance, he explained that expanding sukuk instruments to state and local governments would deepen financial inclusion and accelerate infrastructure development.

“ISA 2025 is the instrument that will turn Nigeria’s youthful energy into economic power,” he declared.

From Reform to Execution: The Road Ahead

While the speakers celebrated the significance of the new Act, they agreed that its true impact will depend on implementation, collaboration, and public awareness.

Kwairanga urged journalists to interpret complex reforms for the public accurately, emphasising that “credible and informed communication remains indispensable in sustaining investor confidence.”

Agama stressed that enforcement consistency, inter-agency coordination, and a proactive approach to risk will determine the SEC’s success in delivering on the Act’s objectives.

Lawal added that stakeholders must align their strategies with the Revised Capital Market Master Plan, describing ISA 2025 as a critical pillar in achieving Nigeria’s broader economic transition.

“A law is only as powerful as its implementation,” he warned. “If we educate, collaborate, and innovate, Nigeria will not only achieve its trillion-dollar target but will also stand as a beacon of opportunity in Africa.”

A Defining Turning Point

As Nigeria navigates economic challenges—from foreign-exchange instability to limited capital flows—ISA 2025 has emerged as a timely reform with far-reaching implications.

By strengthening governance, expanding investment channels, empowering digital innovation, and enhancing investor protection, stakeholders believe the Act will restore trust in the market and attract both domestic and global capital.

The CAMCAN 2025 workshop ended with a resounding consensus: Nigeria has opened the door to a new era of market transformation. Whether the nation walks through that door, stakeholders say, depends on disciplined execution, media support, and a shared national commitment to unlocking the promise of ISA 2025.