Shared Vision Vital For Africa’s Prosperity – Shettima

Nigeria’s Vice President, Kashim Shettima has emphasized the importance of a shared regional vision for Africa and the Middle East in shaping the future of finance.

Speaking at the ongoing Africa and Middle East Depositories Association (AMEDA) Conference in Lagos, Shettima stressed that nations in both regions must move beyond domestic solutions to harness collective growth potential.

Shettima highlighted the significant shifts occurring in both regions, driven by demographic changes, digital advancements, and economic realignments.

These factors are positioning Africa and the Middle East for transformative growth, which he described as an urgent task that requires repositioning financial systems to become engines of inclusive, resilient, and sustainable growth.

According to Shettima, the future of financial markets and infrastructures will be crucial in this transformation.

He pointed out that financial market infrastructures—such as depositories, clearing houses, payment systems, and digital platforms—are vital for maintaining trust, ensuring transparency, and providing the necessary liquidity for market stability.

These systems, often operating quietly in the background, are central to the flow of capital, unlocking opportunities, and inspiring confidence in the long-term economic prosperity of nations.

Shettima also reaffirmed Nigeria’s commitment to strengthening its financial infrastructure under the leadership of President Bola Ahmed Tinubu.

He outlined the government’s plans to implement regulatory reforms, capital market development strategies, and foster strong public-private partnerships to support this vision.

Key initiatives include expanding participation in capital markets, improving access to finance for micro, small, and medium enterprises (MSMEs), startups, and funding infrastructure through green bonds and social bonds.

Additionally, Shettima stressed the importance of innovation in financial systems. By leveraging fintech and mobile platforms, the government aims to create a more efficient, accessible, and inclusive financial ecosystem.

However, he emphasized that innovation must be responsible, secure, and equitable to ensure that no citizen is left behind.

The Vice President also highlighted the African Continental Free Trade Area (AfCFTA), which has the potential to unite 54 countries into a single market of over 1.4 billion people.

He noted the growing momentum to harmonize capital markets and expand cross-border investment as a crucial step toward regional integration and economic growth.

In Nigeria, Shettima pointed to the introduction of a new regulatory framework designed to enhance digital access and support capital market development.

These efforts, he said, are part of Nigeria’s broader ambition to grow its economy to $1trn within the next decade.

To achieve this goal, he emphasized the need for sound policies, enduring partnerships, and collaboration with experts from various sectors.

Shettima called on the conference delegates to work together to build financial systems that are efficient, inclusive, and resilient.

He urged the development of systems that reward innovation, integrity, and courage while empowering young people, entrepreneurs, and underserved communities. By doing so, he said, both Africa and the Middle East can shape a prosperous financial future.

Director-General, SEC, Dr. Emomotimi Agama in his welcome address said that market infrastructures such as clearing houses, depositories, trading platforms, and surveillance systems, form the invisible backbone of the transformation.

He noted that without their efficiency, security, and innovation, the market cannot fulfil its promise in delivering an excellent performance.

“In Nigeria, we are committed to building a capital market that is resilient, inclusive, transparent, and fit for the future.

“This vision is powerfully supported by the recent passing of the Investments and Securities Act (ISA), 2025, which repealed the 2007 Act and ushered in a new era of regulatory modernisation,” Agama said.

He noted that the ISA 2025 is a landmark achievement. It expands the regulatory powers of the SEC, enhances investor protection, introduces frameworks for new asset classes such as digital assets and derivatives, and brings Nigeria in line with global best practices.

“For the first time, we have a legal and institutional framework that is not only reactive to existing realities but proactive about future innovation.

“Among its many forward-looking features, the ISA 2025 strengthens oversight of market infrastructures, reinforces the fight against illegal investment schemes, and enables the SEC to collaborate with other regulators across borders, especially through mechanisms like the IOSCO E-MMOU,” he said.

Shared Vision Vital For Africa’s Prosperity – Shettima is first published on The Whistler Newspaper