Nigeria has unveiled a 10-year capital market improvement roadmap focusing on N750 trillion in market capitalisation by 2036, whereas Finance Minister Taiwo Oyedele has proposed a extra formidable $1 trillion goal throughout the identical interval.
Vice President Kashim Shettima unveiled the Nigerian Capital Market Master Plan 2.0 on the National Capital Market Conference 2026 in Abuja on Monday, October 19, with the Securities and Exchange Commission (SEC) outlining measures to deepen funding participation and mobilise long-term capital.
The roadmap seeks to broaden Nigeria’s capital market from roughly N250 trillion to N750 trillion, whereas supporting financing for infrastructure, companies and authorities initiatives.
Shettima unveils N750 trillion roadmap:
Shettima described the capital market as a vital instrument of nationwide financial coverage and a serious channel for financing Nigeria’s improvement. He mentioned the brand new grasp plan would strengthen home capital formation and scale back extreme dependence on financial institution lending and overseas borrowing.
The Vice President attributed current market progress to financial reforms underneath President Bola Tinubu, together with gasoline subsidy removing, overseas change market unification, tax reforms and banking recapitalisation.
- The NGX All-Share Index elevated from roughly 55,000 factors in May 2023 to greater than 260,000 factors, in line with Shettima.
- Listed equities’ market worth rose from about N30 trillion to almost N160 trillion, whereas the mixed equities and bond markets exceeded N217 trillion.
- The roadmap will search to deepen bond financing for state governments and help capital elevating by companies in agriculture, strong minerals and different productive sectors.
- Shettima pledged to work with state governors to advertise responsibly structured bonds, credible initiatives and improved transparency.
- He additionally cited the Investments and Securities Act 2025 as a part of the reforms supporting market improvement.
The Vice President warned that coverage reversals might undermine investor confidence and weaken the progress recorded lately. He mentioned the federal government would proceed pursuing insurance policies that strengthen market establishments and enhance entry to long-term financing.
Oyedele pushes $1 trillion goal:
Finance Minister Taiwo Oyedele known as for a capital market value $1 trillion by 2036, arguing that Nigeria ought to purpose past the SEC’s N750 trillion goal. He mentioned a deeper market would offer a stronger financing base for the nation’s ambition of constructing a $1 trillion financial system by 2030.
Oyedele additionally disclosed plans to introduce incentives encouraging non-public corporations to checklist on the Nigerian Exchange quite than compelling them to supply shares publicly.
- Equity market capitalisation ought to improve from 33% of gross home product to at the least 60%.
- The variety of listed corporations ought to rise from 146 to 250, whereas retail buyers ought to improve from six million to twenty million.
- Corporate bond issuance ought to broaden to greater than thrice its present share of GDP.
- Sukuk market penetration ought to improve from 0.3% to at the least 5% of GDP, whereas pension property ought to rise from 6% to 16%.
- Oyedele mentioned reaching these targets would require coordinated regulation, trendy market infrastructure, stronger establishments and new funding merchandise.
The proposals are meant to broaden financing past listed equities and channel extra long-term home financial savings into productive investments. His $1 trillion ambition stays a proposed goal, distinct from the N750 trillion purpose contained within the newly unveiled grasp plan.
SEC Plans National Savings Scheme:
SEC Director-General Emomotimi Agama mentioned the grasp plan would help the introduction of a National Savings Scheme designed to encourage Nigerians throughout earnings teams to avoid wasting and make investments. The scheme would goal merchants, farmers, younger graduates and different teams, with funds managed by SEC-registered skilled fund managers.
Agama mentioned the initiative has authorized backing underneath the Investments and Securities Act 2025, whereas a memorandum of understanding involving the SEC, Nigeria Revenue Service and FSD Africa would help proposed tax incentives.
- The SEC plans to determine implementation buildings with outlined duties, timelines and efficiency measures.
- Senate Committee on Capital Market Chairman Osita Izunaso known as for the itemizing of NNPC Limited and main telecommunications corporations.
- Izunaso additionally urged quicker regulation of digital property and tokenisation to broaden funding alternatives.
- Nairametrics previously reported Agama’s warning {that a} scarcity of credible issuers might inflate present asset costs as an alternative of deepening the market.
- Agama mentioned the roadmap’s implementation can be topic to public accountability.
- “Every commitment in NCMMP 2.0 will have an owner, a timeline and a scorecard, and we will report progress openly to this nation.”
- The push for added listings follows earlier indications of a possible NNPC public providing, though the corporate mentioned in September that no date had been fastened and the ultimate determination rested with shareholders.
The roadmap’s success will due to this fact rely not solely on increased market valuations but in addition on broader investor participation, credible issuers, stronger disclosures and the flexibility to finance productive financial exercise.
