The Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has urged the Federal Capital Territory Administration (FCTA) to leverage Nigeria’s capital market to mobilise long-term financing for critical infrastructure projects rather than relying mainly on annual budgetary allocations.
Agama made the call while speaking at the Abuja Business & Investment Summit and Expo (ABIE 2026) in Abuja, where he outlined various capital market instruments the FCT could deploy to finance roads, rail, housing, water, transportation and other infrastructure projects.
He identified infrastructure bonds, green bonds, real estate investment trusts (REITs), asset recycling and tokenised municipal securities as potential financing mechanisms for the territory.
According to him, Abuja’s development demonstrates that sustainable economic growth requires investment and innovative financing.
“Cities are not built by budgets alone. Cities are built by capital markets,” Agama said.
He proposed 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 such a framework would enable the territory to finance major infrastructure projects 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, stressing that infrastructure projects generate long-term economic value capable of supporting debt repayment over time.
The SEC boss also urged the FCTA to explore green and sustainability-linked bonds to finance environmentally friendly projects, including mass transit systems, light rail, solar-powered street lighting, waste-to-energy facilities and water infrastructure.
He further proposed the establishment of an FCT Real Estate Investment Trust to unlock the value of Abuja’s extensive property portfolio while providing Nigerians with opportunities to invest in the city’s real estate market.
Agama also called on Abuja Investments Company Limited (AICL) to consider listing some of its businesses or establishing a listed infrastructure fund.
He said such initiatives could provide access to fresh capital without necessarily increasing government debt, while also promoting stronger corporate governance and transparency.
On the abandoned Millennium Tower project, which he said could require more than N400 billion to complete, Agama argued that the project should be viewed as an investment opportunity rather than solely as a budgetary burden.
He suggested that a special purpose vehicle could be established to finance the completion of the project and subsequently offer investment opportunities to Nigerians 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.
Agama also advocated an asset recycling programme through which completed income-generating public assets, including terminals, markets, commercial properties and the International Conference Centre, could be securitised or concessioned to institutional investors.
He said proceeds generated from such transactions could then be reinvested in new infrastructure projects.
The SEC DG further urged the FCT to pioneer a regulated tokenised municipal bond programme that would enable citizens to invest small amounts, potentially as little as N10,000, through their mobile phones in specific infrastructure projects.
According to him, the recently enacted Investments and Securities Act (ISA) 2025 has strengthened the legal framework for sub-national governments to access the capital market, while enhancing investor protection and providing clearer regulation of digital assets.
Agama disclosed that Nigeria’s capital market had recorded significant growth, with total market capitalisation exceeding N217 trillion as of May 2026, comprising about N160.5 trillion in equities and N56.7 trillion in bonds.
He said recent reforms, including the migration to a T+1 settlement cycle and other measures designed to deepen market participation, had improved market efficiency and strengthened investor confidence.
The SEC boss assured the FCTA of the Commission’s readiness to provide technical support in structuring and registering capital market instruments.
He said the SEC would work with the territory to unlock innovative financing opportunities capable of accelerating infrastructure development in Abuja.
Agama stressed that the capital market remained critical to mobilising domestic savings for national development, adding 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,” he said.
