Shettima unveils Capital Market Master Plan as SEC targets N750tn by 2036

Vice President Kashim Shettima has unveiled the Nigerian Capital Market Master Plan 2.0, a 10-year roadmap designed to expand the country’s capital market to N750tn by 2036 and mobilise long-term financing for infrastructure and economic development.

Speaking at the National Capital Market Conference 2026 in Abuja on Monday, Shettima said the capital market had become a critical instrument of national economic policy and a major channel for financing Nigeria’s future.

The plan, developed by the Securities and Exchange Commission (SEC), targets growth from a baseline of about N250tn to N750tn over the next decade.

Shettima said Nigeria’s capital market had recorded significant growth since the 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 N30tn to nearly N160tn in January 2026.

He added that the combined value of the equities and bond markets had exceeded N217tn, reflecting increased investor participation and the impact of economic reforms.

Shettima said the master plan would place the capital market at the centre of infrastructure financing, enabling governments to fund long-term projects through domestic savings rather than relying excessively on short-term or foreign borrowing.

He said the plan would also strengthen the bond market for state and subnational governments, broaden retail participation through technology and investor education, and provide opportunities for businesses in agriculture, solid minerals, and other sectors to raise capital locally.

The Vice President, who chairs the National Economic Council, said he would work with state governors to encourage responsible use of the capital market through properly structured bonds, credible project pipelines, and greater transparency.

According to him, access to capital market financing could promote fiscal discipline and strengthen accountability in public spending.

Shettima urged market operators and regulators to sustain the momentum, warning that policy reversals could undermine investor confidence and erode the gains recorded in recent years.

He said the success of the 10-year plan would depend on consistent policies, effective regulation, and the ability of market participants to protect investors while expanding investment opportunities across the country.

Also speaking at the unveiling, the Minister of Finance and Coordinating Minister for the Economy, Taiwo Oyedele, said Nigeria should target a $1tn capital market within the next 10 years, urging the government to accelerate the listing of selected state-owned enterprises, including the Nigerian National Petroleum Company Limited (NNPC) and Nigeria LNG Limited (NLNG).

Oyedele said the country should not limit its ambition to the Securities and Exchange Commission’s (SEC) target of growing the capital market from about N250tn to N750tn by 2036.

He said a $1tn capital market would be necessary to support Nigeria’s ambition of building a $1tn economy by 2030 and expanding the economy further in subsequent years.

He argued that Nigeria needed to mobilise more domestic savings, attract foreign investment, and create more opportunities for businesses to raise long-term capital locally.

According to him, the proposed Nigerian Capital Market Master Plan 2026–2036 would focus on coordinated regulation, modern market infrastructure, new investment products, broader investor participation, and stronger institutions.

Oyedele said the plan should 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.

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He also proposed 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.

As part of efforts to expand participation in the capital market, the SEC also announced plans to launch the National Savings Scheme to provide Nigerians with a formal avenue to save and invest.

The Director-General of the SEC, Emomotimi Agama, said the scheme was designed to encourage savings among different segments of the population, including traders, farmers, and young graduates, while connecting domestic savings to productive investments.