Abuja: Stakeholders in the financial and capital market sectors have called on African governments to invest in infrastructure and encourage innovations to support long-term productivity and integration. The stakeholders made the call at the 3rd Prof. Uche Uwaleke PUU Colloquium on the Capital Market, in Abuja.
According to News Agency of Nigeria, they emphasized that coordinated investment in transport networks, energy systems, and sustainable Africa-wide integration required macro-economic convergence, price stability, and fiscal discipline. Sen. Osita Izunaso, the Chairman of the Senate Committee on Capital Market and Institutions, highlighted the importance of strong governance for a robust market, noting that strengthening the capital market would help mobilize long-term finance, support cross-border investment, and allocate resources efficiently across the continent.
Ms Patience Oniha, the Director-General of the Debt Management Office (DMO), remarked on the evolution of the country’s capital market, which has facilitated government issuance of bonds even in times of crisis. She reiterated the DMO’s commitment to supporting the development of the country’s capital market.
Shamsedeen Ogunjimi, the Accountant-General of the Federation, praised Uwaleke for organizing the colloquium at a crucial time for the continent. He stated that African capital markets, although expanding, remain shallow compared to global peers. Ogunjimi believed that the African Continental Free Trade Agreement (AfCTA) would significantly boost inter-Africa trade, especially in manufactured goods, services, and value-added exports, thus reducing dependency on commodity-driven growth patterns. He stressed that trade integration cannot be sustained without strong financial integration.
Mairiga Katuka, the Chairman of the Securities and Exchange Commission (SEC), affirmed the commission’s unwavering commitment to regulating and developing a fair, dynamic, and efficient capital market. He emphasized the importance of investor protection, market participation, product innovation, and sustainable finance in line with global best practices. Katuka also recognized the necessity of collaboration between regulators, operators, public and private sectors, and academia and industry for meaningful market growth.
Uwaleke, the Convener, expressed concern that African economies were operating in silos, with low intra-African trade volumes. He stated that the colloquium aimed to change this narrative and promote more intra-African dialogue. Uwaleke stressed the need for adequate infrastructure, such as roads, power, and ports, to facilitate integration and the free movement of goods and people.
He also highlighted the potential of Africa’s youthful population to drive innovation. Uwaleke underscored the critical role of capital markets in economic integration, as they mobilize long-term funds and support the continent’s development.
Prof. Sa’adatu Liman, Vice Chancellor of Nasarawa State University, Keffi, represented by Dr. K’tso Ngharbu, emphasized that universities should extend their knowledge beyond lecture halls to inform policy reforms.