Banks and companies raised ₦2.7 trillion in Nigeria’s capital market in 2024, boosting financial stability and driving economic growth.
The Securities and Exchange Commission (SEC) announced on Monday that banks and other companies raised a total of ₦2.7 trillion from the capital market in the first 11 months of 2024.
This significant figure, which excludes funds raised by capital market managers, reflects the expanding role of financial instruments in driving economic growth and industrial development.
Also read: IFC, Central Bank of Nigeria Join forces to unlock $1bn local currency financing
Of the total, approximately ₦1.7 trillion was raised by banks through a successful recapitalisation exercise, according to SEC Director-General Dr Emomotimi Agama.
Speaking at the 2024 SEC Journalists Academy in Abuja, themed “Fintech: Leveraging Technology to Drive Capital Market Participation”, Dr Agama underscored the importance of these funds in enhancing financial stability, boosting investor confidence, and strengthening the Nigerian economy.
Dr Agama highlighted initiatives undertaken by the SEC to address financial innovation and emerging risks, including the establishment of specialised departments such as Fintech and Innovation, Derivatives and Risk Management, and Municipal Bond Advocacy.
These measures aim to enhance service delivery and tackle challenges such as unclaimed dividends, crypto-asset regulation, and housing finance.
One such initiative, the Ministry of Finance Incorporated Real Estate Investment Fund, seeks to address Nigeria’s housing deficit.
Valued at ₦250 billion, the programme aligns with the government’s One Million Homes Initiative to enable affordable mortgage financing.
The SEC DG also detailed efforts to improve Nigeria’s financial credibility, including collaboration with the Nigerian Financial Intelligence Unit to exit the Financial Action Task Force (FATF) grey list.
This achievement, he stated, is critical for maintaining international financial credibility and preventing economic sanctions.
As part of its Revised Capital Market Masterplan (2021-2025), SEC has prioritised stakeholder engagement, capacity building, and the development of frameworks supporting innovative financial products.
Agama also revealed SEC’s focus for 2025, which includes enhancing market transparency, leveraging financial technology for inclusion, and strengthening international collaboration.
Dr Agama emphasised the role of fintechs under the SEC’s Regulatory Incubation Programmes in transforming Nigeria’s capital market landscape.
He commended the media for its role in shaping public perception, encouraging accurate reporting to foster trust and confidence in the market.
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