Nigeria has unveiled a 10-year capital market development roadmap targeting N750 trillion in market capitalisation by 2036, while Finance Minister Taiwo Oyedele has proposed a more ambitious $1 trillion target within the same period.
Vice President Kashim Shettima unveiled the Nigerian Capital Market Master Plan 2.0 at the National Capital Market Conference 2026 in Abuja on Monday, October 19, with the Securities and Exchange Commission (SEC) outlining measures to deepen investment participation and mobilise long-term capital.
The roadmap seeks to expand Nigeria’s capital market from approximately N250 trillion to N750 trillion, while supporting financing for infrastructure, businesses and government projects.
Shettima unveils N750 trillion roadmap:
Shettima described the capital market as a critical instrument of national economic policy and a major channel for financing Nigeria’s development. He said the new master plan would strengthen domestic capital formation and reduce excessive dependence on bank lending and foreign borrowing.
The Vice President attributed recent market growth to economic reforms under President Bola Tinubu, including fuel subsidy removal, foreign exchange market unification, tax reforms and banking recapitalisation.
- The NGX All-Share Index increased from approximately 55,000 points in May 2023 to more than 260,000 points, according to Shettima.
- Listed equities’ market value rose from about N30 trillion to nearly N160 trillion, while the combined equities and bond markets exceeded N217 trillion.
- The roadmap will seek to deepen bond financing for state governments and support capital raising by businesses in agriculture, solid minerals and other productive sectors.
- Shettima pledged to work with state governors to promote responsibly structured bonds, credible projects and improved transparency.
- He also cited the Investments and Securities Act 2025 as part of the reforms supporting market development.
The Vice President warned that policy reversals could undermine investor confidence and weaken the progress recorded in recent years. He said the government would continue pursuing policies that strengthen market institutions and improve access to long-term financing.
Oyedele pushes $1 trillion target:
Finance Minister Taiwo Oyedele called for a capital market worth $1 trillion by 2036, arguing that Nigeria should aim beyond the SEC’s N750 trillion target. He said a deeper market would provide a stronger financing base for the country’s ambition of building a $1 trillion economy by 2030.
Oyedele also disclosed plans to introduce incentives encouraging private companies to list on the Nigerian Exchange rather than compelling them to offer shares publicly.
- Equity market capitalisation should increase from 33% of gross domestic product to at least 60%.
- The number of listed companies should rise from 146 to 250, while retail investors should increase from six million to 20 million.
- Corporate bond issuance should expand to more than three times its current share of GDP.
- Sukuk market penetration should increase from 0.3% to at least 5% of GDP, while pension assets should rise from 6% to 16%.
- Oyedele said achieving these targets would require coordinated regulation, modern market infrastructure, stronger institutions and new investment products.
The proposals are intended to broaden financing beyond listed equities and channel more long-term domestic savings into productive investments. His $1 trillion ambition remains a proposed target, distinct from the N750 trillion goal contained in the newly unveiled master plan.
SEC Plans National Savings Scheme:
SEC Director-General Emomotimi Agama said the master plan would support the introduction of a National Savings Scheme designed to encourage Nigerians across income groups to save and invest. The scheme would target traders, farmers, young graduates and other groups, with funds managed by SEC-registered professional fund managers.
Agama said the initiative has legal backing under the Investments and Securities Act 2025, while a memorandum of understanding involving the SEC, Nigeria Revenue Service and FSD Africa would support proposed tax incentives.
- The SEC plans to establish implementation structures with defined responsibilities, timelines and performance measures.
- Senate Committee on Capital Market Chairman Osita Izunaso called for the listing of NNPC Limited and major telecommunications companies.
- Izunaso also urged faster regulation of digital assets and tokenisation to expand investment opportunities.
- It previously reported Agama’s warning that a shortage of credible issuers could inflate existing asset prices instead of deepening the market.
- Agama said the roadmap’s implementation would be subject to public accountability.
- “Every commitment in NCMMP 2.0 will have an owner, a timeline and a scorecard, and we will report progress openly to this nation.”
- The push for additional listings follows earlier indications of a potential NNPC public offering, although the company said in September that no date had been fixed and the final decision rested with shareholders.
The roadmap’s success will therefore depend not only on higher market valuations but also on broader investor participation, credible issuers, stronger disclosures and the ability to finance productive economic activity.
