From Adanna Nnamani, Abuja
The Securities and Exchange Commission (SEC) has said that closing the financial inclusion gender gap could lift 700,000 Nigerians out of poverty by 2030.
Director-General of the Commission, Dr Emomotimi Agama, stated this on Wednesday, June 25, at the United Capital Asset Management Investment Forum held in Lagos.
According to a statement from the SEC, Agama, while delivering a keynote address titled “Advancing Financial Inclusion through Investments: Bridging Nigeria’s Knowledge and Wealth Gap,” stressed that Nigeria must harness its demographic dividend to deepen investment and avoid widening inequality.
“Our theme, ‘Advancing Financial Inclusion through Investments,’ is not aspirational; it is foundational to national survival. We stand at a pivotal moment. By 2030, Nigeria can either harness its demographic dividend or face deepening inequality. The knowledge-wealth gap is not merely an economic challenge; it is a moral imperative,” he said.
Agama said the concept of inclusion must be reframed beyond access to encompass empowerment, adding that capital should become a tool for transformation.
He said, “Closing the financial inclusion gender gap could lift 700,000 Nigerians from poverty. Nigeria has a large population, yet we have a tiny drop of this number of persons involved in the capital market. That’s one reason for poverty, because we are running from money. We have to do something. Our market capitalisation is an opportunity to do something.”
He urged stakeholders to take deliberate steps towards transforming the market, noting the SEC’s commitment to fairness and investor protection.
“We need to change the narrative and move the market forward. We must reach out to make the difference. We are committed to protecting investors and developing the market. Our goal is to do the right thing no matter whose ox is gored. We will work by the principles of fairness and equity to change the market. We will provide a fair ground for everyone to aspire,” he said.
Agama cited the example of MTN Nigeria’s public offering, which drew 150,000 new investors, 75 per cent of whom were women and 85 per cent under the age of 40, as evidence of the untapped investment potential in the country.
He outlined a four-pillar strategy to bridge the financial inclusion gap, beginning with the “democratisation of financial knowledge” to ensure more Nigerians understand and can access financial opportunities.
The strategy also includes support for MSME investment channels to stimulate grassroots economic growth, the creation of blended finance vehicles, and strategic partnerships, notably with the Bank of Industry, to de-risk loans for women-led SMEs.
“We need to educate people about finances. As we drive this market, we do so for a purpose. I enjoin everyone to be the disciples and the apostles. Getting this market to move is a deliberate action,” he added.
