Nigeria’s Securities and Exchange Commission (SEC) has projected that the country’s capital market could rise to an estimated ₦300 trillion under the framework of the newly enacted Investments and Securities Act (ISA) 2025. This projection was shared by the SEC’s Director-General, Dr. Emomotimi Agama, during a meeting with President Bola Tinubu and members of the Nigerian Exchange (NGX) Group Board in Brazil.
Signed into law in March 2025, ISA 2025 represents one of the most comprehensive reforms of Nigeria’s financial markets in nearly two decades. It replaces the outdated 2007 Act and seeks to align the country’s capital market regulation with international best practices. Dr. Agama described the legislation as a landmark framework for Africa, emphasizing that it enhances market transparency, strengthens investor protection, and provides regulatory clarity that could attract both local and foreign investment.
A central feature of ISA 2025 is the formal recognition of digital assets. For the first time in Nigeria’s history, virtual assets such as cryptocurrencies and tokenized instruments fall under the regulatory oversight of the SEC. This legal backing paves the way for regulated exchanges, custodians, and service providers to operate legitimately, creating a foundation for growth in the country’s rapidly expanding digital economy. The Act also broadens the scope of regulated investment vehicles, bringing private equity and venture capital funds under its coverage while expanding permissible investment assets to include infrastructure, unlisted equities, and digital assets.
Another notable provision is the strengthening of investor protection. Fraudulent schemes such as Ponzi operations are now explicitly criminalized, with tougher penalties for violations. The Act also streamlines market infrastructure by introducing classifications for exchanges, codifying the role of clearinghouses and depositories, and requiring the use of international identifiers for improved transparency.
President Tinubu, in his remarks, praised the progress Nigeria’s capital markets have made since his administration began. He pointed to rising market capitalization and stronger trading volumes as proof of investor confidence in ongoing reforms. He described the market as a “trusted engine of enterprise and prosperity” and pledged his administration’s continued support to ensure its expansion. The NGX leadership echoed this sentiment, noting that trading volumes and valuations have nearly tripled in recent years. They further urged the government to accelerate the listing of major state-owned enterprises, including NNPC Limited, and called for tax incentives to deepen liquidity.
While the ₦300 trillion market size remains a bold and aspirational projection, its realization will depend heavily on how effectively ISA 2025 is implemented. Analysts note that the law’s provisions create strong foundations for long term growth, but sustained investor confidence, macroeconomic stability, and policy consistency will determine whether Nigeria can truly achieve this target.
ISA 2025 therefore stands not only as a legal reform but also as a symbol of Nigeria’s ambition to reposition its financial markets as globally competitive. By embracing innovation, tightening regulation, and expanding the pool of investable assets, the country has set itself on a path that could redefine the future of its capital markets. Whether the ₦300 trillion vision becomes reality will be a test of both policy execution and investor trust.
