With the economy’s foundations reset and a new law in force, the Nigeria Capital Market Master Plan 2026-2036 sets out how the savings of Nigerians can become the engine of the nation’s growth, writes Emomotimi Agama
A Rare Alignment
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. That work could not begin at a better time. Nigeria’s capital market stands at its most favourable policy juncture in recent history. The unification of foreign exchange windows, the removal of distortionary subsidies and the restoration of
macroeconomic discipline have reset the foundations of the economy. Difficult as
those reforms have been, they have cleared the ground on which a deep and trusted market can stand.
The law has moved, too. The Investments and Securities Act 2025 has given the Securities and Exchange Commission (SEC) its most expansive mandate to date. Systemic risk oversight, the regulation of digital and tokenised assets, and stronger enforcement powers now sit firmly within the capital market perimeter. The question is no longer whether we have the tools. It is what we will build with them.
A Ten-year Blueprint With a Clear Destination
The Nigeria Capital Market Master Plan 2.0, (NCMMP 2.0) is how we intend to seize this moment. It is a 10-year strategic blueprint for the development of our capital market, aligned with Nigeria Agenda 2050 and the Renewed Hope Development Plan (2026–2030). Its vision is simple to state and demanding to deliver: a diverse, efficient, transparent and innovative capital market that positions Nigeria as a regional financial hub. That market must also carry its share of the national drive towards a US$1 trillion economy by 2030. Over the life of the plan, we aim to grow the market from a baseline of N250 trillion to N750 trillion.
“The question is no longer whether we have the tools.It is what we will build with them.” These are not abstractions. For the pensioner, a deeper market means retirement savings that are safer and better rewarded. For the small business owner, it means long-term finance beyond the bank overdraft. For the young graduate with a smartphone, it means an investment account opened in minutes. For a state government, it means funding for roads and hospitals its citizens can see and use. That is what a capital market is for.
Five Pillars, One Purpose
The vision rests on five interrelated pillars. Each reinforces the others; none succeeds alone.
1. Regulatory clarity, coordination and enforcement
Investors commit capital where the rules are clear and fairly applied. We will harmonise regulation through unified rules and closer collaboration between agencies, so that issuers and investors face one coherent framework rather than many. Supervision will become more risk-based and market monitoring sharper.
Above all, investor protection will be strengthened through proactive enforcement and stronger safeguards. The goal is a regulatory environment that is transparent, efficient and, most importantly, trusted.
2. Modernising market infrastructure
A modern economy needs modern market plumbing. We will improve connectivity and interoperability across market infrastructure, and expand Nigeria’s commodity, derivatives and repo markets. Digital onboarding will make it easier to participate, while greater transparency will make it easier to trust what one sees. And as more of the market moves online, cybersecurity and operational resilience will be treated as non-negotiable.
3. Product and issuance diversification
A market is only as useful as the choices it offers. We will deepen the markets for federal and sub-national government debt, and widen the routes through which private companies, including small and medium-sized enterprises, can raise funds.
The range of investment products will grow to include more non-interest, commodity-linked and securitised instruments. Together, these measures will boost liquidity and attract the patient, long-term capital that nation-building requires.
4. Deepening the investor base
A resilient market is one owned by many. We will mobilise institutional, retail, Diaspora and foreign investors alike. Digital channels and inclusion initiatives will bring investment within reach of Nigerians who have never owned a share or a bond. For foreign investors, we will simplify onboarding and the repatriation of funds. Our sons and daughters in the Diaspora, in particular, should find it as easy to invest at home as they do abroad.
5. Institutional capacity and professional development
None of this endures without capable institutions and skilled people. We will
strengthen the commission’s own regulatory and supervisory capabilities, and improve the resilience and governance of market intermediaries. Through education, certification and training, we will develop the next generation of capital market talent. This is how growth becomes sustainable rather than a passing cycle.
From Blueprint to Delivery
The Master Plan will be formally launched at the National Capital Market Conference in Abuja on October 19, 2026, alongside the National Savings Scheme. The pairing is deliberate. Savings are the raw material of investment, and a nation that saves through its own capital market builds with its own resources.
But a plan is only as good as the will to carry it out, and this one belongs to all of us. To issuers: the market is ready to fund your growth. To investors at home and abroad: the rules are clearer, the protections stronger and the opportunities wider than ever. To state governments: there is a better way to finance development. To market operators and professionals: your skills and integrity are the foundation on which everything else rests.
Nigeria has spent the past few years doing the hard work of reform. The next 10 years are about harvesting it. With NCMMP 2.0, we intend to build a capital market worthy of a great nation, one that works for every Nigerian who dares to save, invest and believe in our shared future.
* Dr. Agama is the Director-General and Chief Executive Officer of the Securities and Exchange Commission, Nigeria. He is Vice-Chair of the IOSCO Africa/Middle East Regional Committee and Chairman of the West Africa Securities Regulators Association