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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 N750 trillion 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 over the next decade.
He said: “Strong market performance is encouraging, but the ultimate purpose of a capital market is to support national development. Its true test is whether it builds roads, powers homes, finances factories and gives ordinary families a share in the nation’s growth.
“That is the ambition of the Masterplan 2.0. It is a ten-year roadmap, from 2026 to 2036, that seeks to grow the market from about ₦250 trillion to ₦750 trillion. More importantly, it sets out how that capital will be put to work.”
The vice president said the plan places the market at the centre of infrastructure finance, so that long-term projects are funded with long-term domestic savings rather than short-term or foreign borrowing. It also deepens the bond market for states and sub-nationals, broadens retail participation through technology and investor education, and opens a path for solid minerals, agriculture and growing enterprises to raise capital at home.
Shettima said the initiative would position the market as a major source of financing for the federal Government’s ambition of building a $1tn economy.
He said the market had recorded significant growth since the Tinubu administration assumed office in May 2023, with the Nigerian Exchange All-Share Index rising from about 55,000 points to more than 260,000, and the value of listed equities from about N30tn to nearly N160tn. The combined value of the equities and bond markets, he added, had exceeded N217tn.
Shettima attributed the growth to 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.
“Each of these reforms carried a short-term cost. Each was criticised. But together they told investors something they had waited a long time to hear: that Nigeria would price its currency honestly, manage its finances responsibly, and protect capital under clear rules,” the vice president said.
He said the reforms, despite their short-term costs, had strengthened investor confidence, but warned that policy reversals could erode the gains.
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.
The SEC Director-General, Dr Emomotimi Agama, said the plan was designed to deepen market participation, expand investment products and strengthen the integrity and infrastructure of the market. He stated that the Project Steering Committee and the Capital Market Master Plan Implementation Committee would be inaugurated at the conference.
“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 equities market capitalisation crossed N100tn for the first time in January and rose above N160tn in September. The All-Share Index, he added, gained about 60 per cent in 2026, following a 51 per cent return in 2025.
He cited Nigeria’s reinstatement into the FTSE Russell Frontier Market Index on September 21 as evidence of growing international confidence.
However, he warned that growth in market value had not been matched by participation, with too few Nigerians owning 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.
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