Nigeria’s capital market has continued its expansion, with total market capitalisation exceeding N217 trillion as of May 2026.
The figure comprises approximately N160.5 trillion in equities and N56.7 trillion in bonds.
Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, disclosed this at the Abuja Business &
Investment Summit and Expo (ABIE 2026) in Abuja, where he urged the Federal Capital Territory Administration (FCTA) to leverage the capital market to raise long-term financing for critical infrastructure projects and reduce its reliance on annual budgetary allocations.
Agama outlined several capital market instruments that the FCT could deploy to finance roads, railways, housing, water supply, transportation and other infrastructure projects.
According to him, the territory could utilise infrastructure bonds, green and sustainability-linked bonds, Real Estate Investment Trusts (REITs), asset recycling and tokenised municipal securities to establish sustainable financing models for Abuja’s development.
He stressed that economic growth and urban development are driven by investment and cannot depend on government budgets alone.
“Cities are not built by budgets alone. Cities are built by capital markets,” Agama said.
The SEC boss recommended that the FCT establish a long-term infrastructure bond programme backed by dedicated revenue streams, including ground rents, tenement rates, tolls, parking fees and land-use charges.
He explained that the arrangement would enable the territory to finance major infrastructure projects over several years without placing excessive pressure on annual budgets.
“A budget can only spend what a single year has collected. A bond can spend what 30 years will collect,” he said.
Agama noted that infrastructure projects generate economic value over extended periods and can therefore support long-term debt repayment.
He also identified green and sustainability-linked bonds as potential sources of relatively cheaper financing for environmentally friendly projects, including mass transit systems, light rail, solar-powered street lighting, waste-to-energy facilities and water infrastructure.
FCT Property Assets.
Agama proposed the establishment of an FCT Real Estate Investment Trust to unlock value from the territory’s extensive property portfolio while creating opportunities for ordinary Nigerians to participate in Abuja’s real estate market.
He further urged Abuja Investments Company Limited (AICL) to consider listing some of its businesses or establishing a listed infrastructure fund.
According to him, such initiatives could enable the FCT to raise additional capital without necessarily increasing government debt, while promoting greater transparency, accountability and corporate governance.
On the long-delayed Millennium Tower project, Agama said its estimated completion cost of more than N400 billion should be viewed as an investment opportunity rather than simply a budgetary burden.
He suggested that the project could be financed through a special purpose vehicle and offered to investors through the capital market.
“The question is not whether Nigeria can afford the Millennium Tower. The question is whether we will let ordinary Nigerians own it,” he said.
Asset Recycling and Tokenised Bonds
Agama also advocated an asset-recycling programme for the FCT, under which completed income-generating public assets—including transport terminals, markets, commercial properties and the International Conference Centre—could be securitised or concessioned to institutional investors.
He said proceeds from such transactions could subsequently be reinvested in new infrastructure projects.
The SEC DG also called on the FCT to pioneer a regulated tokenised municipal bond programme that would allow citizens to invest in specific infrastructure projects with amounts as low as N10,000 through their mobile phones.
He noted that the recently enacted Investments and Securities Act (ISA) 2025 had strengthened the legal framework for sub-national governments seeking to access the capital market, while enhancing investor protection and providing clearer regulation for digital assets.
Agama disclosed that Nigeria’s capital market had continued to expand, with total market capitalisation exceeding N217 trillion as of May 2026. The figure comprised approximately N160.5 trillion in equities and N56.7 trillion in bonds.
He added that recent reforms, including the migration to a T+1 settlement cycle and other measures aimed at deepening market participation, had improved market efficiency and strengthened investor confidence.
The SEC Director-General assured the FCTA of the Commission’s readiness to provide technical assistance in structuring and registering capital market instruments to support infrastructure financing in the nation’s capital.
He said the capital market remained critical to mobilising domestic savings for national development, stressing that the key challenge was not the availability of money but the capacity to deliver viable projects.
“Money is not scarce; delivery capacity is scarce, and financing follows delivery capacity,” Agama said.
