Nasarawa State University, Keffi (NSUK) began construction of the permanent site of its Institute of Capital Market Studies (ICMS) on Friday, a project stakeholders believe will reshape Nigeria’s economy and enhance Africa’s financial market research capacity. The announcement came on Sept. 19 during a foundation-laying ceremony held in Keffi, Nasarawa State.
Academics, regulators, and policy experts described the project as historic, calling it a knowledge hub that will bridge gaps in financial market education, drive innovation, and offer policy insights for sustainable economic growth. The ICMS, established in 2023 as Africa’s first university-based capital market institute, aims to train skilled professionals, conduct advanced research, and guide policy for the continent’s financial systems.
Pioneer Director and Nigeria’s first Professor of Capital Market Studies, Prof. Uche Uwaleke, said, “This institute is not just about a building but about building the future. It is a hub of innovation, a nursery for Africa’s financial giants, and a citadel of learning that will shape the economic destiny of our continent for generations to come.
”He noted that within two years, the Institute has launched three doctoral programmes—Financial Markets Regulation, Money and Capital Markets, and Development Finance—all approved by the National Universities Commission (NUC). The first group of PhD students is set to graduate next year. Uwaleke also shared plans to start an International Journal of Capital Markets Research, expand postgraduate courses, and build global partnerships, including with the West African Monetary Institute in Ghana. “This project will provide Nigeria and Africa with a premier centre for capital market research and policy engagement, strengthening financial markets as drivers of economic development,” he added.
Mallam Mairiga Aliyu Katuka, Chairman of the Securities and Exchange Commission (SEC), said the initiative aligns with the SEC’s mission to create a capital market that protects investors and promotes inclusive growth. “This event is about laying the foundation of knowledge, innovation, and Nigeria’s future. The capital market drives growth, ideas, and integrity, and the Institute’s policy research will support sustainable development and boost investor confidence,” he stated. He committed the SEC to ongoing collaboration to build a strong, stable, and globally competitive capital market.
Former Chief Economic Adviser to the Federal Government, Professor Magnus Kpakol, encouraged the Institute to integrate technology and artificial intelligence (AI) into its research, noting its growing role in capital markets. “You cannot develop as a nation without access to capital. This institute will help us harness that, and I will continue to support NSUK’s efforts,” he said.
Dr. Bala Isiaka, the university’s Registrar, called the ICMS building a legacy project that will endure for generations, highlighting the significant land allocated for its development. Vice Chancellor Professor Sa’adatu Liman, along with key figures like the Deputy Vice Chancellor (Academic) and Chairman of the Institute’s Board, Professor Maikano Ari, and the Dean of the School of Postgraduate Studies, Professor Suleiman Abdullahi Adamu, attended the event.
Stakeholders expressed optimism that the ICMS will transform financial market education and provide evidence-based policy solutions for government and private sectors, enhancing economic stability and growth. They noted its timely arrival as Nigeria seeks to deepen its capital markets to fund infrastructure, drive innovation, and support small and medium enterprises. By producing skilled professionals and research-driven insights, the Institute is poised to improve financial inclusion and boost Africa’s global market competitiveness.
For Prof. Uwaleke, the ceremony was both a dream fulfilled and the start of a broader journey. “This is our dream. This is our commitment. This is our contribution to Nigeria and to Africa,” he concluded.
