The United Kingdom has said Nigeria’s efforts to strengthen its capital markets could unlock new investment opportunities, create jobs and promote shared prosperity in both countries as Nigeria launches a 10-year roadmap to mobilise domestic and international capital.
The UK said deeper financial cooperation between both countries could help channel investment into businesses and infrastructure while strengthening economic ties.
The United Kingdom has said Nigeria’s efforts to strengthen its capital markets could unlock new investment opportunities, create jobs and promote shared prosperity in both countries as Nigeria launches a 10-year roadmap to mobilise domestic and international capital.
The remarks came as Nigeria launched the Nigeria Capital Market Masterplan 2.0, covering 2026 to 2036, alongside a National Savings Scheme aimed at mobilising domestic resources to support investment and economic development.
The launch was attended by Vice President Kashim Shettima, Minister of Finance and Coordinating Minister of the Economy Taiwo Oyedele, Vowles and Mark Napier, Chief Executive Officer of FSD Africa.
The masterplan sets out reforms to build a more diversified, efficient and transparent capital market, strengthen Nigeria’s position as a regional financial hub and support the country’s ambition to develop a $1 trillion economy.
UK backs Nigeria’s capital market reforms
British High Commissioner to Nigeria, Pete Vowles, said the UK was proud to have funded FSD Africa’s technical support for the development of the new masterplan, describing it as an ambitious, Nigerian-led reform initiative.
He said the roadmap would help mobilise more domestic and international investment by connecting capital with commercial opportunities in businesses and infrastructure.
- “By strengthening Nigeria’s capital markets and deepening links between our financial sectors, we can create new opportunities for investment, jobs and shared prosperity in both our countries,” Vowles said in a statement delivered by Paul Healey, Head of Green Growth and Private Sector Development at the British High Commission.
The support forms part of the broader UK-Nigeria Strategic Partnership, which prioritises economic growth and job creation.
According to the High Commissioner, stronger capital markets and closer links between both countries’ financial sectors could generate opportunities for investment and employment while supporting prosperity in Nigeria and the UK.
SEC targets stronger capital market
The Director-General of the Securities and Exchange Commission (SEC), Dr Emomotimi Agama, said the masterplan would help deepen Nigeria’s capital markets to the scale required to finance the country’s economic ambitions.
He stressed that capital markets play a critical role in converting household savings into productive investments that support businesses, infrastructure and employment.
- “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,” Agama said.
He explained that the simultaneous launch of the masterplan and the National Savings Scheme was intended to strengthen the link between domestic savings and investment.
- “Savings are the raw material of investment, and a nation that saves through its own capital market builds with its own resources,” he added.
The initiative is expected to support efforts to mobilise local savings and direct more funds towards productive sectors of the economy, reducing reliance on external financing.
FSD Africa highlights investment opportunities
Mark Napier, CEO of FSD Africa, said the masterplan was designed to ensure that capital market development translates into broader economic benefits.
- “Our support for Nigeria’s new Masterplan is grounded in the principle that capital markets need to work for the wider economy. With its scale and regional importance, Nigeria has a significant opportunity to mobilise more domestic and international capital towards businesses, infrastructure and sustainable growth,” he said.
Napier pointed to FSD Africa’s work in Zambia and Ethiopia, where support for financial market development and efforts to address regulatory and market constraints helped establish conditions for greater capital mobilisation, including investment in renewable energy.
FSD Africa’s support for Nigeria has focused on connecting capital market development with wider economic priorities, including infrastructure, small and medium-sized enterprises (SMEs), financial inclusion and sustainable development.
What the 10-year roadmap seeks to achieve
The Nigeria Capital Market Masterplan 2.0 seeks to position the capital market as a major driver of economic transformation by directing long-term funding towards infrastructure, energy, climate resilience, SMEs, financial inclusion and job creation.
- The proposed reforms include measures to make it easier for businesses and state governments to raise capital, expand retail and diaspora participation, attract foreign institutional investors and strengthen sustainable finance.
- The roadmap also provides for the development of digital and tokenised assets as part of efforts to diversify financial instruments and broaden investment opportunities.
- It is structured around five pillars: improving regulatory clarity and enforcement, modernising market infrastructure, broadening the range of issuers and financial instruments, diversifying the investor base, and strengthening institutional and professional capacity.
Each pillar is supported by an implementation framework outlining responsibilities, timelines and performance measures.
Building on previous reforms
The new masterplan builds on the previous Nigeria Capital Market Masterplan, which recorded an overall activity completion rate of 63%, according to the document.
- While the earlier programme supported several reforms, further progress was identified as necessary in financial inclusion, regional integration, sustainable finance and the mobilisation of capital for priority sectors.
- The new roadmap seeks to address these gaps while strengthening Nigeria’s capacity to attract long-term domestic and international investment.
- It also aims to expand Nigeria’s influence in African financial markets through greater cooperation with other countries, cross-border capital raising and listing arrangements, and closer alignment with initiatives under the African Continental Free Trade Area.
The success of the plan will depend on effective implementation, regulatory coordination and the ability to attract more investors and issuers into the market over the next decade.