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Senator Izunaso: New Investment Act Will Make $1 Trillion Economy Goal Achievable

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Osita Izunaso, who serves as the senator for Imo West and chairs the Senate Committee on Capital Markets, has voiced his belief that the recently enacted Investment and Securities Act 2025 will facilitate the current government’s aim of achieving a trillion-dollar economy.

He additionally mentioned that the newly enacted legislation will streamline access to the capital market for the subnational entities.

Senator Izunaso made this statement when speaking with reporters in Abuja.

He stated: “Today, Mr. President is discussing a $1 trillion economy. With the enactment of this legislation, Nigeria is poised to achieve that $1 trillion economic milestone.”

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So today, the capital markets have been recalibrated for this objective. It should also be noted that the era of Ponzi schemes, insider trading, and market manipulation is now closed in Nigeria.

Under the new legislation, state governments and local authorities have the option to access the capital markets for extended financing periods. Rather than depending solely on federal funds and conventional loans, these entities along with the 774 Local Government Areas can now seek long-term funding through the capital markets for their initiatives.

At present, only the Lagos Island Local Government Area has ventured into the capital market to obtain loans for funding its projects.

Expanding on the legislation enacted last week by President Tinubu, the legislator from Imo stated that it would significantly boost the development of digital assets such as cryptocurrencies.

He stated, “For the first time in Nigerian history, digital assets along with cryptocurrencies have officially been acknowledged as securities due to our actions today. Consequently, individuals can now engage in trading these digital assets and cryptocurrencies, which will come under the proper regulation of the Securities and Exchange Commission.”

What this implies is that both virtual asset service providers and digital asset operators fall under the jurisdiction of the SEC at present. This move aims to make operations within the capital markets clearer for all involved parties. By implementing this new legislation, investor confidence will be bolstered, and Nigeria’s position will be enhanced since previously, the ISA enacted in 2007 did not align with the standards set by the International Organization of Securities Commission. Consequently, trading activities across Nigeria can now occur on an international scale based on recognized records rather than those which remain unknown, unlike our previous practices.

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