•As SEC launches National Savings Scheme
By Obas Esiedesa, Abuja
The Federal Government (FG) has unveiled a 10-year plan to grow Nigeria’s capital market to N750 trillion by 2036, while calling 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.
This was disclosed by Vice President Kashim Shettima, while unveiling 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 instrument for mobilising long-term financing for infrastructure and economic development.
The plan, developed by the Securities and Exchange Commission (SEC), targets expansion of the capital market from a baseline of about N250 trillion to N750 trillion over the next decade.
Shettima said Nigeria’s capital market had recorded significant growth since the President Bola Tinubu administration assumed office in May 2023.
The Vice President attributed the growth to reforms undertaken by the Federal Government, 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 position 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 provide businesses in agriculture, solid minerals and other sectors with opportunities 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 aim for a $1 trillion capital market within the next 10 years to support the country’s ambition of building a $1 trillion economy by 2030.
He 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.
On the proposed listing of state-owned enterprises, Oyedele 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.
Under the proposed master plan, the Minister said Nigeria would target 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 retail investors 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.
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, the Director-General of the SEC, 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 the Project Steering Committee and the Capital Market Master Plan Implementation Committee would be inaugurated to oversee implementation.
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