Nigeria unveils 10-year capital markets plan, targets $1trn economy

Nigeria has unveiled a 10-year capital markets masterplan and a national savings plan aimed at mobilising domestic and international investments to support its ambition of building a $1 trillion economy by 2030.

The Nigeria Capital Market Masterplan 2.0, covering 2026 to 2036, is designed to deepen the country’s financial markets, expand investment opportunities, strengthen financial inclusion and position Nigeria as a regional financial hub.

The plans were launched by Vice President Kashim Shettima, alongside the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele; representatives of the United Kingdom government; and the Chief Executive Officer of FSD Africa, Mark Napier.

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Developed by the Securities and Exchange Commission (SEC), with technical support from FSD Africa funded by the UK government, the masterplan seeks to strengthen the capacity of Nigeria’s capital markets to finance economic growth, infrastructure development and job creation.

Under the roadmap, Nigeria aims to increase assets under management in collective investment schemes from $5.6 billion to $56 billion over the next decade.

The plan also targets an increase in annual diaspora investments channelled through the capital market from $4 billion to $10 billion, while raising the proportion of institutional investment portfolios allocated to non-sovereign assets from about 40 per cent to 50 per cent.

Similarly, the number of corporate bonds is expected to increase fivefold, from 100 to 500, while cross-border listings are projected to rise from five to 40 within the 10-year period.

Speaking at the launch, the Director-General of the
SEC, Dr Emomotimi Agama, said the masterplan would help deepen Nigeria’s capital markets to the scale required to finance the country’s economic ambitions.

He said the simultaneous launch of the masterplan and the National Savings Scheme reflected the government’s recognition of the importance of domestic savings in financing national development.

“Every great economy has, at its heart, a capital market that turns the savings of ordinary people into the factories, roads, homes and businesses that create jobs. Nigeria has the people, the enterprise and the ambition. What we are now building is a market to match them,” Agama said.

He added that mobilising domestic savings through the capital market would enable Nigeria to finance more of its development priorities using local resources.

“Savings are the raw material of investment, and a nation that saves through its own capital market builds with its own resources,” he said.

The masterplan seeks to channel long-term financing into critical sectors, including infrastructure, energy, climate resilience, small and medium-sized enterprises, financial inclusion and job creation.

To achieve these objectives, the proposed reforms include measures to make it easier for businesses and state governments to raise capital, increase participation by retail investors and Nigerians in the diaspora, attract foreign institutional investors and expand sustainable finance.

The roadmap also provides for the development of digital and tokenised assets as part of efforts to modernise the financial market and broaden investment opportunities.

Representing the British High Commissioner to Nigeria, Peter Vowles, the Head of Green Growth and Private Sector Development at the British High Commission, Paul Healey, said the UK was proud to have supported the development of the masterplan through FSD Africa.

He said the initiative would help mobilise domestic and international capital and connect investment with commercial opportunities in businesses and infrastructure.

“Our support forms part of the wider UK and Nigeria’s Strategic Partnership, which has growth and jobs at its heart. By strengthening Nigeria’s capital markets and deepening links between our financial sectors, we can create new opportunities for investment, jobs and shared prosperity in both our countries,” Healey said.

He added that the initiative was expected to strengthen financial cooperation between Nigeria and the UK while creating opportunities for businesses and investors in both countries.

The Chief Executive Officer of FSD Africa, Mark Napier, said the masterplan would provide a framework for mobilising capital towards Nigeria’s economic development.

“Our support for Nigeria’s new Masterplan is grounded in the principle that capital markets need to work for the wider economy. With its scale and regional importance, Nigeria has a significant opportunity to mobilise more domestic and international capital towards businesses, infrastructure and sustainable growth,” Napier said.

He cited experiences in Zambia and Ethiopia, where support for financial market development and efforts to address regulatory and market constraints had helped establish conditions for increased capital mobilisation, including investments in renewable energy.

FSD Africa’s support for Nigeria’s masterplan has focused on strengthening the relationship between capital market development and broader economic priorities, including infrastructure, small business growth, financial inclusion and sustainable development.

The masterplan is organised around five pillars: regulatory clarity and enforcement; modernisation of market infrastructure; expansion of issuers and financial instruments; diversification of the investor base; and strengthening institutional and professional capacity.

Each pillar is backed by an implementation framework outlining responsibilities, timelines and measurable targets.

The new roadmap also builds on the achievements and shortcomings of the previous Capital Market Masterplan, which recorded an overall activity completion rate of 63 per cent.

While the earlier plan supported several reforms, financial inclusion, regional integration, sustainable finance and the mobilisation of capital to priority sectors were identified as areas requiring further progress.

The 2026–2036 masterplan is expected to address these gaps by promoting a more diversified, efficient and transparent market capable of attracting long-term investments.

It also seeks to strengthen Nigeria’s position within Africa’s financial system through greater cooperation with other African markets, expanded cross-border capital raising and listing arrangements, and closer alignment with initiatives under the African Continental Free Trade Area.

The government expects the reforms, alongside the National Savings Scheme, to strengthen domestic resource mobilisation, improve access to long-term financing and increase the contribution of the capital market to Nigeria’s economic transformation.