KEY POINTS
- Financial and capital market experts at the 3rd Prof. Uche Uwaleke Colloquium called for massive infrastructure investment and innovation to support African productivity.
- Stakeholders emphasized that the African Continental Free Trade Agreement (AfCFTA) cannot be sustained without strong financial integration and long-term capital mobilization.
- The Securities and Exchange Commission (SEC) reaffirmed its commitment to investor protection and sustainable finance while calling for deeper public-private collaboration.
MAIN STORY
Financial experts and policymakers have issued a unified call for African governments to prioritize infrastructure development as the foundation for continental economic integration. At the 3rd Prof. Uche Uwaleke (PUU) Colloquium on the Capital Market held in Abuja on Monday, stakeholders argued that the free movement of goods and persons, central to the African Continental Free Trade Agreement (AfCFTA) is impossible without coordinated transport networks, energy systems, and ports.
Sen. Osita Izunaso, Chairman of the Senate Committee on Capital Market and Institutions, noted that a “strong market requires strong governance.” He stressed that strengthening the capital market is essential for mobilizing long-term finance and allocating resources efficiently across the continent. Similarly, Ms. Patience Oniha, Director-General of the Debt Management Office (DMO), highlighted the evolution of Nigeria’s capital market, which has enabled the government to issue bonds even during global crises.
The Accountant-General of the Federation, Shamsedeen Ogunjimi, pointed out that while African capital markets have expanded, they remain shallow compared to global peers. He argued that trade integration must be matched by financial integration to reduce dependency on commodity-driven growth. Prof. Uche Uwaleke, the colloquium’s convener, warned that African economies are currently “operating in silos,” with low levels of intra-African trade. He described capital markets as the “bloodstream” of economic integration, urging governments to leverage the continent’s youthful population to drive innovation and bridge infrastructure gaps.
WHAT’S BEING SAID
- “African countries do not trade amongst themselves… you cannot integrate without adequate infrastructure—roads, power, and ports,” stated Prof. Uche Uwaleke.
- Sen. Osita Izunaso emphasized regulatory trust: “Sound legislation, effective oversight, and credible regulatory institutions are fundamental to investment confidence.”
- SEC Chairman Mairiga Katuka noted: “Regulation alone cannot drive market expansion. Meaningful growth requires strong collaboration between regulators, operators, and academia.”
WHAT’S NEXT
- The SEC is expected to advance new products in sustainable finance to align Nigerian markets with global best practices.
- Academics and industry leaders plan to establish closer ties to ensure research from universities informs real-world policy reforms.
- Stakeholders will continue to monitor the implementation of AfCFTA to see if financial integration milestones keep pace with trade goals.
BOTTOM LINE
The Bottom Line is that African economic integration remains a theory until physical and financial infrastructure catch up. By framing capital markets as the “bloodstream” for AfCFTA, stakeholders are signaling that the next phase of continental growth depends on moving beyond silos toward a unified, long-term financing model.
