Nigeria is proposing a shared securities passport covering 10 West African countries, allowing companies cleared to raise funds in one participating market to approach investors in the others without repeating the full approval process. Finance Minister Taiwo Oyedele outlined the proposal on Tuesday, 10 November 2026, at the S&P Global Ratings Africa Summit in Lagos.
The initiative would connect markets that currently operate under separate regulatory frameworks and trading infrastructure. Mutual recognition of issuance approvals could give bond issuers and companies seeking equity investment access to a broader pool of capital. Oyedele proposed starting with a pilot linking Nigeria, Ghana and the regional BRVM stock exchange.
The BRVM connects eight of the proposed markets
The BRVM serves the eight members of the West African Economic and Monetary Union: Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo. Adding Nigeria and Ghana would bring the proposed network to 10 countries. The securities passport would address issuance approvals and the procedures involved in reaching investors across those markets.
The plan also includes a common investor identification system. Investors registered in one participating market could purchase shares or bonds in another without repeating the full onboarding process. Nigeria is also advocating links between trading, settlement and payment systems to make it easier to settle securities transactions directly in local currencies.
A regional bond index and credit support for infrastructure
Oyedele also proposed a regional local-currency bond index and a credit enhancement facility to help mobilise longer-term funding. The facility would be intended to improve the risk profile of securities used to finance projects such as infrastructure, making them more accessible to investors seeking regional exposure.
The minister pointed to existing initiatives, including the West African Capital Markets Integration Council, the African Exchanges Linkage Project and the Pan-African Payment and Settlement System (PAPSS). These arrangements offer a foundation for connecting securities regulators, financial intermediaries and payment infrastructure across the region.
According to a report of the speech by MoneyCentral, Oyedele urged willing regulators to test a first passport and a cross-border bond within 12 months while work continues on an ECOWAS charter for a regional securities regulator.