The Securities and Exchange Commission (SEC) has called for the use of Artificial Intelligence (AI) to improve how Nigeria’s capital market is monitored and regulated.
At a recent lecture by the Capital Market Academics of Nigeria, SEC Director-General Dr. Emomotimi Agama explained that AI-driven systems would help regulators watch market activities in real time. This means quicker detection of fraud and better management of risks, moving away from the old reactive approach to a more predictive and tech-savvy way of overseeing the market.
Dr. Agama pointed out that despite recent reforms, Nigeria’s capital market still struggles with issues like poor coordination between the SEC and the Central Bank of Nigeria, and challenges in raising capital fairly. He suggested Nigeria learn from the UK’s fintech model, which uses phased licensing and regulatory sandboxes to safely test new financial technologies.
The SEC also projects Nigeria’s cryptocurrency market to grow to $52.5 million by 2028, showing the rising interest in digital assets. However, Dr. Agama stressed the need for clear regulations and stronger security to protect investors.
He urged regulators, policymakers, and the private sector to work together to build a capital market that embraces innovation and gains investor trust.
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