Oyedele targets $1tn market to support $1tn economy
SEC launches National Savings Scheme to deepen retail investment
By Obas Esiedesa, Abuja
The Federal Government has unveiled a 10-year plan to expand Nigeria’s capital market to ₦750 trillion by 2036, while pushing for the listing of selected state-owned enterprises, including the Nigerian National Petroleum Company Limited (NNPC) and Nigeria LNG Limited (NLNG), on the Nigerian Exchange.
Vice-President Kashim Shettima unveiled the Nigerian Capital Market Master Plan 2.0 at the National Capital Market Conference 2026 in Abuja on Monday, describing the market as a critical platform for mobilising long-term financing for infrastructure and economic development.
The plan, developed by the Securities and Exchange Commission (SEC), targets growth from a baseline of about ₦250 trillion to ₦750 trillion over the next decade.
Shettima said Nigeria’s capital market had recorded significant growth since President Bola Tinubu 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 ₦30 trillion to nearly ₦160 trillion in January 2026.
He added that the combined value of the equity and bond markets had exceeded ₦217 trillion, reflecting increased investor participation and the impact of economic reforms.
The Vice-President attributed the growth to Federal Government 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.
He said the master plan would place the capital market at the centre of infrastructure financing, enabling governments and businesses to raise long-term funds locally rather than rely excessively on short-term or foreign borrowing.
Shettima added that the plan would strengthen the bond market for state and subnational governments, broaden retail participation through technology and investor education, and enable 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 capital market financing through properly structured bonds, credible project pipelines and greater transparency.
He said such financing could promote fiscal discipline and strengthen accountability in public spending, warning that policy reversals could undermine investor confidence and erode recent gains.
However, the Minister of Finance and Coordinating Minister for the Economy, Taiwo Oyedele, said Nigeria should target a $1 trillion capital market within the next decade to support its ambition of building a $1 trillion economy by 2030.
Oyedele urged the government to accelerate the listing of selected state-owned enterprises, particularly NNPC and NLNG, arguing that making their shares available to investors would deepen the market, improve transparency and broaden public ownership of national assets.
He said the government would also introduce incentives to encourage privately owned Nigerian companies to list on the Nigerian Exchange rather than compel them to do so.
“We cannot force them. We would encourage Nigerian private businesses to list. We will use incentives to attract them,” he said.
Oyedele argued that listing NNPC and NLNG could significantly expand Nigeria’s capital market, drawing a comparison with Saudi Aramco, the Saudi Arabian oil company.
He said the initiative would enable Nigerians to participate in the wealth generated by national assets while creating more investment opportunities for domestic and international investors.
Under the proposed master plan, the government is targeting an increase in equity market capitalisation from 33 per cent of gross domestic product to at least 60 per cent, while raising the number of listed companies from 146 to 250 and expanding the retail investor base from six million to 20 million.
Other targets include 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.
Oyedele said Nigeria was also working to improve its standing among international investors, citing the country’s reinstatement in the FTSE Russell Frontier Market Index on September 21, 2026, and the inclusion of Nigerian government bonds in a new J.P. Morgan government bond index, with a weight of 7.4 per cent.
He said the government was seeking a return to J.P. Morgan’s flagship government bond index and an eventual upgrade to emerging-market status.
The minister added that the government was targeting an investment-grade credit rating within three years, noting that this would require sustained reforms, improved market liquidity and reliable repatriation of foreign investors’ funds.
As part of efforts to deepen domestic investment, Oyedele formally launched the National Savings Scheme, designed to provide Nigerians with regulated avenues to save and invest towards education, housing, business development and retirement.
He said the scheme would offer accessible investment channels, transparent information, reasonable costs and a functional complaints process, with tax incentives provided within the law.
Oyedele expressed concern that many young Nigerians were investing their money in betting platforms, unregulated cryptocurrency schemes and Ponzi schemes instead of regulated investment products.
He said the scheme would help channel domestic savings into productive investments, including through small contributions made using mobile phones.
The minister also announced plans to strengthen enforcement against Ponzi schemes through improved surveillance, social media monitoring and collaboration with law enforcement agencies. He added that the government was considering a fraud restitution mechanism to support victims.
Speaking at the conference, SEC Director-General Dr Emomotimi Agama said the master plan was designed to deepen market participation, expand investment products and strengthen the integrity and infrastructure of the capital market.
He disclosed that a Project Steering Committee and a Capital Market Master Plan Implementation Committee would be inaugurated to oversee implementation.
“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 equity market capitalisation crossed ₦100 trillion for the first time in January and rose above ₦160 trillion in September, while the All-Share Index gained about 60 per cent in 2026, following a 51 per cent return in 2025.
However, he warned that the increase in market value had not been matched by sufficient participation among Nigerians, noting that too few citizens owned 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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