By Anthony Isaac
The Securities and Exchange Commission (SEC) has unveiled a 10-year growth plan to expand Nigeria’s capital market from about N250 trillion to N750 trillion by 2036, with the Federal Government seeking to mobilise more domestic savings and attract long-term investments to finance economic development.
Vice President Kashim Shettima unveiled the Nigerian Capital Market Master Plan 2.0 at the National Capital Market Conference 2026 in Abuja on Monday, describing the capital market as a critical instrument for financing infrastructure, businesses and the country’s economic transformation.
The plan is designed to broaden investor participation, strengthen market institutions and provide governments and businesses with alternatives to short-term bank loans and foreign borrowing.
Shettima said the capital market had recorded significant growth since the President Bola Tinubu administration assumed office in May 2023.
According to him, the Nigerian Exchange All-Share Index rose from about 55,000 points in May 2023 to more than 260,000 points, while the value of listed equities increased from approximately N30 trillion to nearly N160 trillion in January 2026.
He added that the combined value of the equities and bond markets had exceeded N217 trillion, reflecting increased investor participation and the impact of economic reforms.
The Vice President attributed the growth to government reforms, including the removal of petrol subsidy, unification of the foreign exchange market, tax reforms, bank recapitalisation and the enactment of the Investments and Securities Act 2025.
He said the master plan would position the capital market at the centre of infrastructure financing, enabling governments to raise long-term funds locally rather than rely excessively on short-term or foreign borrowing.
Shettima added that the plan would strengthen the bond market for state and subnational governments, expand retail participation through technology and investor education, and provide businesses in agriculture, solid minerals and other sectors with opportunities to raise capital locally.
The Vice President, who chairs the National Economic Council, said he would work with state governors to encourage responsible capital market financing through properly structured bonds, credible project pipelines and greater transparency.
He warned that policy reversals could undermine investor confidence and erode the gains recorded in recent years, stressing that consistent policies and effective regulation would be essential to the plan’s success.
Meanwhile, the Minister of Finance and Coordinating Minister for the Economy, Taiwo Oyedele, said Nigeria should aim for a $1 trillion capital market within the next decade to support the Federal Government’s ambition of building a $1 trillion economy by 2030.
He urged the government to accelerate the listing of selected state-owned enterprises, particularly the Nigerian National Petroleum Company Limited (NNPC) and Nigeria LNG Limited (NLNG), to deepen the market and broaden public ownership of national assets.
Oyedele argued that listing the companies would improve transparency, create investment opportunities and enable Nigerians to share in the wealth generated by strategic national businesses.
He also said the government would introduce incentives to encourage more privately owned Nigerian companies to list on the Nigerian Exchange rather than compel them to do so.
“We cannot force them. We would encourage Nigerian private businesses to list. We will use incentives to attract them,” he said.
Under the proposed master plan, Oyedele said Nigeria would target increasing equity market capitalisation from 33 per cent of gross domestic product to at least 60 per cent, raising the number of listed companies from 146 to 250 and expanding retail investors from six million to 20 million.
Other targets include more than tripling corporate bond issuance as a share of GDP, increasing sukuk market penetration from 0.3 per cent to at least five per cent of GDP, and raising pension assets from six per cent to 16 per cent of GDP.
The minister also cited Nigeria’s reinstatement in the FTSE Russell Frontier Market Index on September 21, 2026, and the inclusion of Nigerian government bonds in a new J.P. Morgan government bond index, with a weight of 7.4 per cent, as signs of improving international investor confidence.
He said the government was working towards returning Nigeria to J.P. Morgan’s flagship government bond index and securing an eventual upgrade to emerging-market status.
Oyedele added that Nigeria was targeting an investment-grade credit rating within three years, noting that this would require sustained reforms, improved market liquidity and reliable repatriation of foreign investors’ funds.
As part of efforts to deepen domestic investment, the minister formally launched the National Savings Scheme, designed to provide Nigerians with regulated avenues to save and invest towards education, housing, business development and retirement.
He said the initiative would offer accessible investment channels, transparent information, reasonable costs and a functional complaints process, with tax incentives provided within the law.
Oyedele expressed concern that many young Nigerians were putting their money into betting platforms, unregulated cryptocurrency schemes and Ponzi schemes instead of regulated investment products.
He said the savings scheme would help channel domestic savings into productive investments, including through small contributions made using mobile phones.
The government, he added, would strengthen enforcement against Ponzi schemes through improved surveillance, social media monitoring and collaboration with law enforcement agencies. Plans were also underway to strengthen the Investment and Securities Tribunal to accelerate dispute resolution.
Speaking at the conference, SEC Director-General, Dr Emomotimi Agama, said the master plan was designed to deepen market participation, expand investment products and strengthen the integrity and infrastructure of Nigeria’s capital market.
He disclosed that the Project Steering Committee and the Capital Market Master Plan Implementation Committee would be inaugurated to oversee implementation.
“Every commitment in NCMMP 2.0 will have an owner, a timeline and a scorecard, and we will report progress openly to this nation,” he said.
Agama said equity market capitalisation crossed N100 trillion for the first time in January and rose above N160 trillion in September, while the All-Share Index gained about 60 per cent in 2026, following a 51 per cent return in 2025.
However, he warned that growth in market value had not been matched by sufficient participation among Nigerians, noting that too few citizens owned shares, bonds or units in collective investment schemes.
“The strength of any capital market rests on the savings of its people. Ours must rest on the savings of all of us,” he said.
