The Securities and Exchange Commission (SEC) has urged businesses, investors, and market stakeholders across Nigeria to seize the expansive opportunities introduced by the newly enacted Investments and Securities Act, 2025 (ISA 2025) — a landmark reform designed to modernize Nigeria’s capital market and catalyze long-term economic growth.

Speaking during a stakeholder forum held Thursday in Lagos, SEC Director-General Dr. Emomotimi Agama, represented by Mr. Habib Abubakar, Head of Market Development Department, emphasized that ISA 2025 marks a turning point for the Nigerian capital market. The forum, jointly organized by the SEC and the Lagos Chamber of Commerce and Industry (LCCI), was themed “Unlocking Capital Market Opportunities for Business Growth and Development.”

Agama described the new law as the most comprehensive overhaul of Nigeria’s capital market framework since the 2007 version of the Act, adding that its implementation could usher in a new era of inclusive growth, product innovation, investor protection, and technology-driven transformation.

“The Investments and Securities Act 2025 is more than legislation. It is a strategic tool to reposition Nigeria’s capital market for global competitiveness and economic resilience,” Agama said.

Capital Market Reboot: Key Pillars of ISA 2025

Agama identified three central pillars that would help stakeholders unlock the full value of the new legislation:

1. Accessibility and Inclusivity

For the first time, Nigeria’s capital market has been structured to accommodate small and medium enterprises (SMEs) more deliberately. ISA 2025 introduces simplified registration and listing frameworks to lower the entry barrier for startups and growth-stage businesses in need of long-term, affordable capital.

This is significant in a country where over 90% of businesses operate in the informal sector, largely cut off from formal financing. Agama said the Act’s design ensures that these businesses can now list, raise funds, and scale operations without being bogged down by complex regulatory processes.

2. Digital Assets and Technology

ISA 2025 officially recognizes digital assets as valid investment vehicles, offering legal clarity to a sector long operating in a gray area. This recognition positions the Nigerian capital market at the forefront of fintech-driven financial inclusion, opening the door for platforms offering tokenized securities, digital crowdfunding, and blockchain-enabled exchanges.

“With digital assets now part of the recognized investment landscape, Nigeria can attract younger investors, tech-savvy entrepreneurs, and a wave of innovation-driven financing structures,” Agama noted.

The law encourages regulators and capital market operators to adopt digital tools to streamline compliance, improve transparency, and enhance investor access.

3. Innovation and Product Diversification

The Act broadens the range of instruments available in the market, creating legal and regulatory space for green bonds, sustainability-linked debt, private equity and venture capital funds, commodities derivatives, and Real Estate Investment Trusts (REITs). With climate change concerns and ESG investing gaining momentum globally, the SEC sees this as a way for Nigeria to plug into the $30 trillion global sustainable finance market.

The law also makes room for Sharia-compliant instruments and alternative finance models that can appeal to Nigeria’s large Muslim population, offering untapped financing routes for infrastructure and industrial projects.

Building Confidence, Attracting Capital

Agama emphasized that investor confidence remains the bedrock of capital market development. Accordingly, ISA 2025 incorporates stronger provisions for investor protection, disclosure requirements, and corporate governance.

The law strengthens the SEC’s enforcement powers, enhances dispute resolution mechanisms, and mandates transparency in the operations of capital market operators. These provisions, according to Agama, are designed to deepen market participation, especially from retail investors who have historically been cautious due to governance failures and weak recourse systems.

The push to maximize ISA 2025 comes at a time when Nigeria is grappling with sluggish economic growth, rising public debt, a declining naira, and foreign investor apathy. Capital market operators have long argued that Nigeria’s overdependence on commercial bank lending and deficit-driven government spending has stifled the private sector.

ISA 2025 offers a credible pathway to raise non-debt capital for critical sectors including agriculture, infrastructure, housing, healthcare, and manufacturing, by removing structural bottlenecks. It also seeks to position the capital market as the main engine for financing inclusive, private-sector-led development.

Agama said the SEC will intensify its public engagement drive, including media campaigns, townhalls, and investor roadshows, to create awareness and ensure adoption of the new framework.

The SEC chief noted that achieving the Act’s objectives will require more than regulatory effort—it demands collective ownership from all stakeholders: businesses, market operators, institutional investors, fintech innovators, and the media.

“We are calling on stakeholders across sectors to familiarize themselves with the Act’s provisions and align their operations to its opportunities,” Agama stated. “Let’s not wait to be told what’s possible. Let’s lead the charge.”

The SEC is expected to release a suite of new implementation guidelines, compliance frameworks, and sector-specific rulebooks in the coming months to operationalize key provisions of ISA 2025. Market watchers say these will be crucial in determining whether the Act’s promises translate into tangible outcomes.

For many, ISA 2025 is not just a reform — it’s a test case for whether Nigeria can finally unleash the full power of its capital market to drive sustainable economic transformation.

Nigerian telecom subscribers hit a historic peak in data usage in May 2025, consuming a record 1.04 million terabytes, the highest monthly figure ever recorded since the Nigerian Communications Commission (NCC) began publishing such statistics in January 2023.

The surge comes even as active internet subscriptions fell, reflecting how rising costs and economic pressures are reshaping digital behavior across the country.

The May consumption figure surpasses the previous record of 1 million terabytes set in January 2025, and also represents a sharp rise from April’s 983,283 terabytes. The data underscores the increasing reliance on internet-based services by Nigerians, despite economic hurdles, including a 50% hike in data tariffs recently implemented by all telecom operators.

Internet Subscriptions Slide Despite Data Surge

While data consumption continues to rise, the number of active internet subscriptions is shrinking, suggesting users are either reducing the number of devices connected or dropping multiple SIMs to manage costs.

According to the NCC’s latest industry data, total internet subscriptions—including mobile, fixed, wired, ISP, and VoIP—fell to 141.5 million in May, down from 141.9 million in April. Mobile network operators (MNOs), who dominate the internet access market, were the biggest contributors to the decline.

The four major MNOs—MTN, Airtel, Globacom, and 9mobile—saw their combined internet subscriptions fall from 141.4 million to 141 million. The drop is particularly notable as it comes at a time when digital dependency is deepening across all sectors, from education to finance and streaming.

Active Mobile Subscriptions Also Dip

The broader mobile subscriber base also saw a contraction, dropping to 172.4 million in May from 172.6 million a month earlier. The loss was driven primarily by MTN and 9mobile, which shed 258,313 and 291,214 subscribers, respectively.

MTN, which remains the largest operator in Nigeria, saw its active user base fall to 90.2 million, while 9mobile declined to 2.6 million, despite a recent strategic partnership to tap into MTN’s infrastructure.

In contrast, Airtel gained 342,597 subscribers, expanding its base to 58.9 million, while Globacom’s numbers remained flat at 20.6 million.

Despite its monthly loss, MTN continues to dominate the Nigerian telecom landscape, holding 52.33% of the mobile market, followed by Airtel with 34.17%, Globacom at 11.96%, and 9mobile trailing with a mere 1.55% share.

The slight drop in subscriptions also affected Nigeria’s teledensity, which measures the number of telephone connections for every 100 inhabitants. It dropped to 79.65% in May from 79.78% in April, based on a national population estimate of 216 million.

What the Numbers Mean

The paradox of surging data usage amid shrinking subscriptions paints a nuanced picture. On one hand, the trend suggests that data is becoming a lifeline, powering work, entertainment, and daily activities. On the other hand, it reflects growing economic strain, as many Nigerians are opting out of multiple SIM usage or letting data plans expire due to affordability concerns following the 50% price increase.

While telcos are seeing revenue boosts from higher per-user data consumption, the subscription losses indicate a tightening grip on household budgets in the face of inflation, subsidy removals, and a weakening naira. For operators like MTN and Airtel, maintaining user numbers while boosting average revenue per user (ARPU) will be a delicate balancing act in the months ahead.

Industry analysts expect that unless pricing models are adjusted or broadband access becomes more decentralized and affordable, the country could see a continued divergence between data volume growth and subscriber base contraction.

In the short term, however, Nigeria’s appetite for data shows no sign of slowing—even if fewer people are footing the bill.