The Director-General of the Securities and Exchange Commission (SEC), Emomotimi Agama, has disclosed that fintech investment platforms are fueling a new wave of retail participation in Nigeria’s capital market, particularly among young investors.
Speaking during an appearance on Moneyline with Nancy, Agama said early indicators show that mobile investment applications are significantly increasing access to stocks and other capital market instruments, helping to reshape investor demographics across the country.
According to him, the SEC is currently conducting a nationwide survey on investor behavior and plans to release updated data on retail investor participation before the end of 2026.
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“One of the things we will do at the year-end, 2026, is to provide new data. That survey is happening now, so it will be premature to give you information. But beyond all of that is the fact that there is a new wave and a new interest in the Nigerian capital market, and that we must sustain,” Agama stated.
The SEC chief attributed the market’s recent growth to a combination of regulatory reforms, government support, and efforts by the commission to make investing more accessible to Nigerians.
He noted that the Nigerian capital market has recorded historic milestones, with the Nigerian Exchange All-Share Index surpassing 250,000 points for the first time.
Agama revealed that market capitalization has risen to N161 trillion from N55 trillion when the current SEC leadership assumed office, representing nearly a threefold increase.
He also disclosed that the market capitalization-to-GDP ratio has improved from 13 per cent to over 33 per cent, reflecting broader market expansion and increased investor confidence.
Despite the impressive growth, Agama acknowledged that retail investor participation remains relatively low compared to Nigeria’s population of more than 220 million people. However, he insisted that the trend is rapidly changing as technology lowers barriers to entry.
“Prior to this time, the information that was available suggested that not so many people were investing in the market. That is the old story. It’s completely changing,” he said.
According to the SEC boss, more than 30 fintech investment applications are currently operating in Nigeria, contributing to increased transaction volumes and attracting younger investors into the capital market.
He added that while non-investors still outnumber investors—a pattern common in many advanced economies—the growing adoption of fintech platforms is gradually transforming participation levels.
Agama also highlighted recent efforts to modernize the market’s infrastructure, including the successful implementation of the T+1 settlement cycle.
Under the framework, investors receive funds or securities one business day after a transaction is executed, significantly reducing settlement times and improving market liquidity.
“For the simple Nigerian investor, this means that when you do a transaction today, the trading day (T), in one day after that, you get your money. It allows for faster reinvestment, increased liquidity, and higher earning potential,” he explained.
The transition to T+1 follows Nigeria’s gradual migration from T+5 to T+3, then T+2 in 2025, culminating in the adoption of the global best-practice settlement model.
Earlier this week, Central Securities Clearing System Plc officially launched the T+1 settlement cycle alongside key stakeholders, including Securities and Exchange Commission and Nigerian Exchange Group.
Market operators believe the new settlement framework will enhance liquidity, improve efficiency, strengthen investor confidence, and make Nigeria’s capital market more competitive on the global stage.
With fintech innovation, regulatory reforms, and growing youth participation converging, the SEC believes Nigeria’s capital market is entering a new phase of growth that could significantly expand retail investment and deepen financial inclusion across the country.
