**Nigeria's Capital Market Boasts of N123.93trn Growth, 33% GDP Contribution** In a remarkable turn of events, Nigeria's capital market has witnessed a staggering 125% growth in market capitalization since April 2024, soaring from N55 trillion to a whopping N123.93 trillion. This remarkable feat has seen the sector's contribution to the nation's Gross Domestic Product (GDP) skyrocket from 13% to a significant 33%. According to Dr. Emomotimi Agama, Director-General of the Securities and Exchange Commission (SEC), this growth is a testament to the confidence of investors and the resilience of the Nigerian capital market under the current administration. However, Agama emphasized that while market size is crucial, it is not the only factor. He noted that liquidity is essential to sustaining growth momentum, and that a market must be deep and efficient to effectively perform its primary function of capital formation. In essence, the SEC boss is calling for a more balanced approach to market development. He highlighted key challenges, including high transaction costs for institutional investors and the concentration of trading activities in a few highly capitalized stocks. These factors contribute to a relatively shallow market, making it difficult for investors to enter and exit positions without significant price distortions. To address these concerns, the SEC has established a multi-stakeholder Working Group comprising key market operators. The group will develop practical recommendations to improve trading efficiency, deepen participation, and enhance price discovery. Their mandates include reviewing trading and settlement infrastructure, identifying technical and structural bottlenecks, and proposing measures to broaden retail participation. The long-term goal is to onboard up to 20 million new investors through digital platforms, dematerialization of share certificates, and fintech partnerships. This will not only increase market liquidity but also promote financial inclusion, a critical aspect of economic development in Nigeria. In conclusion, the remarkable growth of the Nigerian capital market presents a significant opportunity for economic development. However, to sustain this momentum, the sector must address its liquidity and depth challenges. With the SEC's focus on market development and the establishment of the Working Group, there is hope that Nigeria's capital market will continue to grow and contribute significantly to the nation's GDP.