Nigeria Proposes Integration of West African Financial Markets

Nigeria has proposed a plan to integrate its financial market with those of the West African Economic and Monetary Union (UEMOA) and Ghana. Nigerian Finance Minister Taiwo Oyedele presented this initiative on November 10, 2026, in Lagos, during the S&P Global Ratings Africa Summit. It aims to facilitate cross-border investment by simplifying the purchase of bonds and stocks in ten countries. The project involves Nigeria, Ghana, and the eight WAEMU countries.

Abuja is proposing a “regional passport” for licensed companies, allowing them to solicit investors in other countries without needing new authorizations. A common investor identification system is also being considered to avoid duplicate registrations. The initiative calls for the integration of market trading, settlement, and payment systems. The goal is to enable direct settlement of transactions in local currencies, reducing dependence on the U.S. dollar and lowering conversion costs.

This regional initiative involves ten West African countries. At the same time, Nigeria is pursuing ambitious national financial goals. The country aims to achieve an investment-grade credit rating within three years. It also intends to increase the value of its capital market to at least $1 trillion over ten years. To support integration, a regional index of bonds denominated in local currencies and a credit enhancement mechanism are under consideration.

For investors, this integration promises simplified and expanded access to investment opportunities in the region, with streamlined administrative procedures and reduced transaction costs. Companies and governments will benefit from access to a larger pool of investors, diversifying their sources of financing. This openness is crucial for mobilizing significant capital, particularly for financing major infrastructure projects. The plan aims to enhance Nigeria’s appeal to investors.

The initial assessment is that regional financial markets operate too independently, hindering cross-border investment and limiting the ability to attract financing. Nigeria’s ambition builds on existing initiatives, including the West African Capital Markets Integration Council, the African Exchanges Linkage Project, and the Pan-African Payment and Settlement System (PAPSS). Minister Taiwo Oyedele emphasized that the challenge lies in linking these elements to create a more cohesive West African financial market.