By Iroyin Yoruba Television
ABUJA, NIGERIA — The Federal Government has launched a 10-year capital market development plan aimed at expanding Nigeria’s capital market from a baseline of approximately ₦250 trillion to ₦750 trillion by 2036, as authorities seek to mobilise more domestic savings and attract investment for infrastructure, businesses and economic growth.
Vice-President Kashim Shettima unveiled the Nigerian Capital Market Master Plan 2.0 for 2026–2036 at the National Capital Market Conference in Abuja on Monday, 19 October 2026.
The plan, developed by the Securities and Exchange Commission (SEC), is intended to strengthen the market’s ability to channel savings into productive investments, improve access to long-term financing and broaden participation among individual and institutional investors.
Finance Minister and Coordinating Minister of the Economy Taiwo Oyedele also called for Nigeria to pursue a capital market valued at $1 trillion over the next decade, arguing that deeper financial markets would support the country’s wider economic ambitions.
The ₦750 trillion target is the SEC’s stated goal for the master plan, while the $1 trillion capital-market ambition was presented by the finance minister as a broader proposed target. They are separate measures and should not be treated as interchangeable.
WHY THE GOVERNMENT WANTS A LARGER CAPITAL MARKET
A capital market enables companies, governments and other eligible issuers to raise funds by offering financial instruments such as shares and bonds to investors.
A well-functioning market can provide businesses with alternatives to conventional bank loans and help governments finance suitable long-term projects. Investors, in turn, gain opportunities to participate in the financial performance of companies or earn returns on qualifying debt instruments.
The government wants Nigeria’s capital market to play a greater role in financing infrastructure, expanding businesses and supporting economic development.
Shettima said the market should serve as a bridge between citizens’ savings and the country’s investment needs. He also highlighted the potential for capital-market financing to support projects at federal and state levels.
The approach could reduce excessive reliance on short-term financing where appropriately structured long-term instruments are available. However, issuing securities does not automatically guarantee cheaper financing or successful projects. Borrowers must still demonstrate their ability to meet obligations, and investors need reliable information to assess risk.
The plan therefore places importance on improving regulation, expanding participation and strengthening the institutions responsible for maintaining confidence in the market.
FIVE PILLARS OF THE MASTER PLAN
The master plan is organised around five broad areas of reform.
The first focuses on regulatory clarity, coordination and enforcement. Clear rules and effective oversight are important for protecting investors, reducing uncertainty and ensuring that market participants comply with their obligations.
The second concerns modernising market infrastructure. Efficient trading, settlement, custody and related systems can help reduce operational difficulties and improve the experience of investors and issuers.
The third focuses on expanding the range of securities and investment products available in the market. A broader range of suitable instruments could give businesses more financing options and allow investors to diversify their holdings.
The fourth seeks to deepen and diversify the investor base. The government wants more Nigerians to participate in regulated investment products rather than leaving a large share of household savings outside the formal financial system.
The fifth concerns institutional capability and professional development. Stronger institutions and skilled market professionals are important for administering new products, protecting investors and supporting sustainable market growth.
The five pillars are intended to work together. Expanding the market’s value without strengthening investor protection, infrastructure and participation could leave important weaknesses unresolved.
GOVERNMENT SETS HIGHER PARTICIPATION TARGETS
The finance minister outlined proposed benchmarks intended to increase the scale and reach of Nigeria’s capital market.
These include raising the number of listed companies from approximately 146 to 250 and increasing retail investor participation from about six million to 20 million.
The plan also proposes expanding equity market capitalisation relative to gross domestic product, deepening the corporate bond market, increasing participation in Sukuk instruments and growing pension assets relative to the economy.
The targets are ambitions for the coming decade, not achievements already completed. Meeting them will require sustained participation from businesses, households, pension funds, financial institutions and government agencies.
Increasing the number of listed companies, for example, depends on whether eligible businesses are willing and able to meet listing requirements and accept the reporting and governance responsibilities associated with being publicly traded.
Similarly, attracting more retail investors requires accessible products, understandable information, reasonable costs and confidence that complaints and misconduct will be handled appropriately.
A larger investor population would not automatically mean that every participant earns a profit. Securities carry different risks, and investors need to understand the products they choose.
PROPOSED LISTINGS OF MAJOR STATE-OWNED COMPANIES
The government also expressed interest in encouraging selected Nigerian-owned enterprises, including the Nigerian National Petroleum Company Limited and Nigeria LNG Limited, to consider listing on the Nigerian Exchange.
Oyedele said the government would seek to persuade and incentivise eligible enterprises to participate.
A listing could provide an avenue for companies to raise capital, broaden ownership and strengthen public disclosure. It could also create opportunities for domestic investors to participate in the performance of major businesses.
However, the announcement does not mean that either company has completed a listing or that a confirmed listing timetable has been established.
Any such move would depend on the relevant corporate decisions, government approvals, regulatory requirements and the terms of a potential offering.
The details would matter significantly, including the proportion of shares made available, the treatment of existing ownership and the safeguards established for investors.
NATIONAL SAVINGS SCHEME AIMS TO BROADEN ACCESS
Alongside the master plan, the government launched a National Savings Scheme designed to provide Nigerians with regulated opportunities to save and invest for objectives such as education, housing, business development and retirement.
The initiative is intended to encourage participation in formal investment products and help mobilise domestic savings for economic activity.
The government has expressed concern that some Nigerians place money in unregulated investment schemes and fraudulent arrangements promising unrealistic returns.
A regulated savings and investment framework could help address that problem if it offers accessible products, transparent information, reasonable costs and an effective process for dealing with complaints.
Nevertheless, the launch itself does not establish how many people will enrol, how much money the scheme will attract or what returns participants may receive.
Prospective participants will need clear information about eligibility, fees, risks, withdrawal arrangements and the protections available under the applicable rules.
Investor education will also be important. People should understand that legitimate investments can carry risks and that no investment return should be assumed to be guaranteed without a clear contractual basis.
CAPITAL-MARKET FINANCING FOR INFRASTRUCTURE
The government wants the market to support more long-term projects, including power infrastructure, industrial development and other productive activities.
Capital markets can provide financing through equity and longer-term debt, depending on the nature of the project and the issuer’s financial position.
For state governments, properly structured bonds may offer a way to finance eligible projects. However, such borrowing must be supported by credible project plans, transparent financial arrangements and a realistic capacity to repay investors.
Shettima said the government would work with state governors to encourage responsible use of capital-market financing and greater transparency in public spending.
The approach could help diversify funding sources, but it also creates responsibilities. Public authorities must assess the long-term cost of borrowing and ensure that funds are used for the purposes for which they were raised.
The success of this part of the plan will depend on the quality of projects brought to market, the transparency of their financing arrangements and the ability of issuers to meet their obligations.
FOREIGN INVESTMENT AND MARKET CONFIDENCE
The government also wants Nigeria to strengthen its position among international investment destinations.
Greater market participation and more efficient financial infrastructure could help foreign investors assess opportunities and transact more easily. However, investors also consider currency risks, the ability to repatriate funds, regulatory consistency and the reliability of settlement arrangements.
The master plan therefore includes measures intended to improve market access and strengthen confidence in the system.
The United Kingdom has supported the development of the master plan through its wider cooperation with Nigeria, including assistance from FSD Africa.
International support can help strengthen market development, but lasting progress will depend on implementation by Nigerian institutions and continued confidence among domestic and international participants.
IMPLEMENTATION WILL DETERMINE THE OUTCOME
The launch of the master plan establishes a direction for the next decade, but the targets will require consistent implementation.
Regulators and market institutions will need to translate the proposals into practical measures, monitor progress and address obstacles that prevent businesses and households from participating.
The government will also need to maintain a predictable policy environment. Sudden reversals or inconsistent implementation could weaken investor confidence and make long-term financing decisions more difficult.
The proposed expansion to ₦750 trillion by 2036 will ultimately be measured against actual market development, while the wider goal of reaching 20 million retail investors will depend on whether more Nigerians find regulated investment products accessible and trustworthy.
Nigeria’s capital-market strategy offers an opportunity to connect domestic savings with productive investment. Its longer-term value, however, will depend not only on the size of the market but also on the quality of the institutions, products and projects it supports.
For businesses seeking capital, households seeking investment opportunities and governments planning infrastructure, the critical test will be whether the reforms create a market that is accessible, transparent, resilient and capable of delivering sustainable economic benefits.