Capital market stakeholders seek urgent reforms to integrate African economies

Capital market stakeholders have called for urgent reforms to integrate African markets and accelerate economic growth across the continent.

The call was made at the third edition of the Prof. Uche Uwaleke Biennial Capital Market Colloquium held in Abuja on Monday.

Themed_ “Future-Proofing Africa-wide Economic Integration: Infrastructure, Innovation, and Capital Markets,_” the event brought together policymakers, academics, regulators, legislators and market operators to chart a sustainable path for continental development.

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Participants warned that without resilient capital markets, coordinated infrastructure investment and regulatory alignment, Africa’s economic integration ambitions could falter. They stressed that beyond agreements and declarations, deliberate policy actions and macroeconomic stability are required to unlock the full benefits of the African Continental Free Trade Area.

What they are saying

Speaking during the colloquium organised in his honour, Professor Uche Uwaleke, Director of the Institute of Capital Market Studies at Nasarawa State University, Keffi, Uwaleke said Africa stands at a defining moment in its quest to unlock the promise of the African Continental Free Trade Area (AfCFTA). He emphasised that infrastructure, innovation and capital markets are critical pillars for sustainable integration.

• “Infrastructure is the first pillar of this future. No economy integrates on paper alone. Trade agreements without roads, railways, ports, energy systems, and digital connectivity are aspirations without arteries,” Uwaleke said.
• “For Africa to trade efficiently within itself, goods must move seamlessly across borders. Power must be reliable. Broadband must be accessible. Logistics must be efficient,” he added.
• “The infrastructure we build must not only meet present demands but anticipate future scale. It must support industrialization, enable regional value chains, and facilitate digital commerce,” he concluded.
• _“Integration is not an event; it is a process that must be deliberately designed to endure.” _

Participants acknowledged the transformative potential of AfCFTA in boosting intra-African trade, deepening industrialisation and catalysing cross-border investment flows, but stressed that effective implementation and regulatory coordination are essential for tangible outcomes.

More insights

Deliberations at the forum centred on the need for deeper and more connected African capital markets to support long-term growth. Uwaleke described capital markets as the “bloodstream” of economic integration, noting that they mobilise long-term funds, allocate resources efficiently and provide risk management tools necessary for sustainable development.

• Stakeholders called for stronger cross-border listing frameworks, enhanced cooperation among securities regulators and interoperable settlement systems to enable seamless trading across exchanges.
• They emphasised that domestic savings from pension funds, insurance pools and sovereign wealth funds should be channelled into productive investments across the continent.
• Participants identified coordinated investments in transport networks, energy systems and digital infrastructure as critical to driving industrialisation and regional competitiveness.
• Blended financing models, infrastructure bonds, green bonds, diaspora bonds and public-private partnerships were recommended as viable funding options.

The forum also highlighted the importance of fiscal discipline, exchange rate predictability and credible monetary policy frameworks, warning that without macroeconomic stability, long-term infrastructure financing and cross-border capital mobility would remain vulnerable to shocks.

Trade barriers and financial integrity

Stakeholders pointed to persistent non-tariff barriers, customs inefficiencies and fragmented standards as obstacles to intra-African trade despite the AfCFTA legal framework. They urged improved trade facilitation systems and closer alignment with global trade obligations.

• The colloquium emphasised harmonised listing requirements, coordinated regulatory oversight and interoperable clearing and settlement infrastructure across African exchanges.
• Participants stressed the need to technologically integrate registrars, clearing houses, custodians and digital shareholder services.
• On financial reporting, they underscored accounting harmonisation and ethical standards to sustain investor confidence.
• Professional bodies, including the Institute of Chartered Accountants of Nigeria, were encouraged to deepen collaboration with counterparts across Africa.

The potential of fintech innovation and Central Bank Digital Currencies such as Nigeria’s eNaira to facilitate faster and more transparent cross-border payments was also acknowledged, although experts cautioned that interoperability, cybersecurity resilience and public trust would determine their success.

What you should know

The African Continental Free Trade Area is the world’s largest free trade area by number of participating countries and is designed to boost intra-African trade, industrialisation and cross-border investment. It seeks to create a single market for goods and services, reduce tariffs and eliminate trade barriers across the continent.

• Implementation remains a major challenge, with non-tariff barriers, customs bottlenecks and weak infrastructure limiting seamless trade.
• Macroeconomic stability, regulatory alignment and policy coordination are critical to achieving effective integration.
• Capital market integration, including harmonised regulations and interoperable settlement systems, is central to mobilising long-term funds for development.
• Innovative financing instruments such as green and diaspora bonds are expected to support sustainable infrastructure investment.

At the close of the colloquium, participants resolved to advocate stronger macroeconomic coordination, harmonised capital market regulations and accelerated AfCFTA implementation to ensure Africa’s integration agenda delivers inclusive and sustainable growth.

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