President Bola Tinubu’s administration says it is targeting 20 million retail investors and 250 listed companies in Nigeria’s capital market by 2036. Finance and economy minister Taiwo Oyedele outlined the targets at the National Capital Market Conference in Abuja on Monday.
He proposed increasing the number of retail investors from six million and the number of listed companies from 146 as part of a decade-long drive to mobilise savings and expand access to long-term funding.
The targets would bring an additional 14 million individual investors and 104 companies into the market.
Mr Oyedele said the government would use incentives to encourage private businesses to list on the Nigerian Exchange, giving them access to investment funds while allowing members of the public to buy shares.
“We cannot force them. We would encourage Nigerian private businesses to list. We will use incentives to attract them,” he said.
The minister also proposed simpler registration procedures, a single investor identification number and investment channels through mobile networks and financial technology platforms to make participation easier.
He said equity market capitalisation should rise from 33 per cent of gross domestic product to at least 60 per cent.
The proposals formed part of discussions on the Nigerian Capital Market Master Plan 2026–2036, which Vice-President Kashim Shettima unveiled at the conference.
Developed by the Securities and Exchange Commission, the plan seeks to expand the capital market from about N250 trillion to N750 trillion by 2036.
Mr Oyedele, however, called for a more ambitious target of a $1 trillion capital market within the same period. He said a larger market would support business expansion and help finance infrastructure through equity and long-term bonds.
He identified the Nigerian National Petroleum Company Limited and Nigeria LNG Limited as potential listings that could broaden public ownership and increase investment opportunities.
The minister also launched the National Savings Scheme, designed to help Nigerians invest through regulated products towards education, housing, business development and retirement.
According to the statement, the scheme will offer investment channels through mobile phones, with transparent information, reasonable costs and a complaints process. Tax incentives would be provided within the law.
SEC’s director-general, Emomotimi Agama, said registered professional fund managers would manage funds under the scheme. He said the initiative would reach different groups, including traders, farmers and young graduates, and connect their savings to productive investment.
Mr Agama acknowledged that growth in market value had not been matched by sufficient participation among Nigerians. He said too few people held shares, bonds or units in collective investment schemes, while businesses and governments continued to depend heavily on banks and foreign financing.
To oversee the new master plan, he announced implementation structures, including a project steering committee and a dedicated implementation committee.
“Every commitment in NCMMP 2.0 will have an owner, a timeline and a scorecard, and we will report progress openly to this nation,” Mr Agama said.
Mr Shettima said the plan would help governments finance infrastructure through domestic savings and properly structured bonds. He added that his office would work with governors through the National Economic Council to encourage capital market financing backed by credible projects and greater transparency.
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