SThe Securities and Exchange Commission (SEC) has urged the Federal Capital Territory Administration (FCTA) to reduce its dependence on annual budget allocations by turning to the capital market to finance major infrastructure projects across Abuja.
The SEC Director-General, Dr. Emomotimi Agama, made the recommendation at the Abuja Business & Investment Summit and Expo (ABIE 2026), where he outlined alternative financing models capable of funding roads, rail, housing, water and transport infrastructure.
‘Cities Are Not Built by Budgets Alone’
Agama said Abuja’s growing infrastructure needs require a financing model that goes beyond yearly government revenue.
“Cities are not built by budgets alone. Cities are built by capital markets,” he said.
He proposed that the FCT establish a long-term infrastructure bond programme backed by dedicated revenue streams such as ground rents, tenement rates, tolls, parking fees and land-use charges.
According to him, such a model would allow the territory to raise funds today and repay investors from revenues generated over several years.
“A budget can only spend what a single year has collected. A bond can spend what 30 years will collect,” Agama said.
SEC Proposes Green Bonds, REITs for Abuja
The SEC boss also identified green and sustainability-linked bonds as potential financing sources for environmentally focused infrastructure.
Projects such as mass transit, light rail, solar-powered street lighting, waste-to-energy facilities and water infrastructure could qualify for such financing.
He further proposed the establishment of an FCT Real Estate Investment Trust (REIT) to unlock value from Abuja’s large property portfolio while allowing Nigerians to participate in the city’s real estate investment market.
Millennium Tower Could Become Investment Opportunity
Agama said the estimated more than ₦400 billion required to complete the abandoned Millennium Tower should not necessarily be treated as a burden on the government budget.
Instead, he proposed financing the project through a special purpose vehicle and offering investment opportunities to members of the public 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.
SEC Backs Asset Recycling
The SEC DG also recommended an asset recycling programme for the FCT.
Under the proposal, completed revenue-generating public assets such as terminals, markets, commercial properties and the International Conference Centre could be securitised or concessioned to institutional investors.
Funds generated could then be channelled into new infrastructure projects.
He also suggested a regulated tokenised municipal bond programme that could allow Nigerians to invest in specific Abuja infrastructure projects with amounts as low as ₦10,000 through their mobile phones.
Capital Market Crosses ₦217tn
Agama said Nigeria’s capital market had continued to expand, with total market capitalisation exceeding ₦217 trillion as of May 2026.
He said the figure comprised about ₦160.5 trillion in equities and ₦56.7 trillion in bonds.
According to him, recent reforms, including the transition to a T+1 settlement cycle and measures aimed at increasing market participation, have helped improve market efficiency and investor confidence.
The SEC boss assured the FCTA of the commission’s technical support in structuring and registering capital market instruments for infrastructure financing.
He maintained that the challenge was no longer simply the availability of money but the capacity to structure and deliver bankable projects.
“Money is not scarce; delivery capacity is scarce, and financing follows delivery capacity.”
