Vice President Kashim Shettima on Monday launched the Nigerian Capital Market Master Plan (NCMMP 2.0), configured to totally harness the nation’s huge potential and increase the capital market from a baseline of about N250 trillion to N750 trillion by 2036.
Shettima, who launched the NCMMP 2026–2036 throughout the National Capital Market Conference 2026, in Abuja, described the market because the bridge between residents’ financial savings and Nigeria’s funding wants.
Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, stated on the event that Nigeria ought to goal a $1 trillion capital market inside the subsequent 10 years, stressing {that a} robust capital market is a recipe for the nation’s envisioned $1 trillion financial system.
Equally talking on the convention, British High Commissioner to Nigeria, Pete Vowles, represented by Head of Green Growth and Private Sector Development on the British High Commission, Paul Healey, stated Nigeria was now effectively positioned to faucet the potential of the capital market.
Welcoming quests and stakeholders to the convention, Director-General of Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, attributed the present advances on the Nigerian capital market to President Bola Tinubu’s reform agenda.
Relatedly, Deutsche Bank AG on Monday included Nigeria in its frontier international change monitor, indicating rising investor urge for food for the naira amid prospects of additional appreciation in opposition to the US greenback.
Shettima, who was represented by Deputy Chief of Staff in his workplace, Senator Ibrahim Hassan Hadeja, said that the capital market was now not merely a market for buyers, nevertheless it had grow to be a strategic pillar of nationwide financial coverage and a vital instrument for Nigeria’s growth aspirations.
He recalled that when the present administration assumed workplace in May 2023, the All-Share Index of the Nigerian Exchange stood at over 55,000 factors.
He said, “Today, it stands above 247,000. In simply over three years, the index has greater than quadrupled. The worth of listed equities has grown from about N30 trillion to over N160 trillion. In January this 12 months, fairness market capitalisation crossed N100 trillion for the primary time in our historical past. Add our bond market, and the overall worth of the market now exceeds N221 trillion.
“This isn’t solely a naira story. Measured in US {dollars}, after we unified the change fee and let the naira discover its true worth, the Nigerian market ranked third out of 92 markets on this planet by August this 12 months, returning about 65 per cent.
“Global investors who once asked whether they could get their money out of Nigeria are now asking how much more they can put in. Behind those figures are real Nigerians: Pensioners whose retirement savings have grown, young investors opening their first accounts on their phones, and companies that have raised capital at home instead of borrowing abroad.”
The vp tied the market’s development to reforms undertaken by the federal authorities, together with the elimination of petrol subsidy, the unification of the international change market, tax reforms, financial institution recapitalisation, and the enactment of the Investments and Securities Act 2025.
He stated regardless of the short-term prices of the reforms, that they had helped to strengthen investor confidence by enhancing the coverage framework and regulatory surroundings.
Shettima stated the Nigerian Capital Market Master Plan 2026–2036 would place the capital market on the centre of infrastructure financing, enabling governments on the federal and subnational ranges to fund long-term tasks by way of home financial savings fairly than rely excessively on short-term or international borrowing.
He added that the plan would additionally strengthen the bond marketplace for subnational governments, broaden retail participation by way of know-how and investor training, and supply alternatives for companies in agriculture, strong minerals, and different sectors to boost capital domestically.
The vp, who chairs the National Economic Council (NEC), expressed a want to work with state governors to encourage accountable use of the capital market by way of correctly structured bonds, credible undertaking pipelines, and higher transparency. He added that entry to capital market financing might promote fiscal self-discipline and strengthen accountability in public spending.
While urging the market operators and regulators to maintain the momentum, he warned that coverage reversals might undermine investor confidence and erode beneficial properties recorded in recent times.
Shettima said that the success of the 10-year NCMMP 2.0 would rely upon constant insurance policies, efficient regulation, and the flexibility of market members to guard buyers, whereas increasing funding alternatives throughout the nation.
In his welcome handle, Agama stated the large strides and beneficial properties by the capital market didn’t come by likelihood. He stated they have been the fruits of the reforms spearheaded by Tinubu, citing the unified change fee, the tip of gas subsidy, and far-reaching tax reforms.
He said, “They are also the fruit of the Investments and Securities Act 2025, which gave this Commission modern tools to regulate a modern market. I thank the distinguished Chairmen of our Senate and House Committees, here present.”
Agama stated the capital market was rising in worth, however was not but rising deep sufficient.
He said, “Too few Nigerians personal a share, a bond or a unit in a collective funding scheme. Too a lot of our financial savings sits idle, exterior the formal system, quietly eroded by inflation.
“And too a lot of our enterprises, our infrastructure tasks and our states nonetheless look overseas, or to the banks alone, for capital that must be raised from Nigerians, for Nigeria.
“The strength of any capital market rests on the savings of its people. Ours must rest on the savings of all of us. That is why we are here.”
He stated the Nigerian Capital Market Master Plan 2026–2036 constructed on the foundations laid by the primary Master Plan over the previous decade.
Meanwhile, Deutsche Bank AG included Nigeria in its frontier international change monitor, a sign of rising investor urge for food for the naira.
Bloomberg reported that strategists and economists on the Frankfurt-based financial institution imagine the naira’s undervaluation, enticing carry-trade alternatives, and beneficial actual rates of interest might help its outlook.
“The principal risk to the outlook is from the fiscal side,” the financial institution stated, pointing to Nigeria’s Debt Management Office’s bond issuance calendar for the quarter, which signalled “elevated issuance levels”.
Deutsche Bank anticipated fiscal spending to extend forward of Nigeria’s January elections however noticed “less risk from the elections themselves”.
However, Deutsche Bank cautioned that fiscal pressures might threaten the Nigerian foreign money’s efficiency.
Deutsche Bank’s frontier FX monitor additionally tracks different African currencies, together with Angola’s kwanza and Ghana’s cedi.
The financial institution stated the three economies had carried out effectively this 12 months, regardless of the fallout from the battle within the Middle East.
Higher crude oil costs have supported the exterior positions of Nigeria and Angola, whereas firmer gold costs have benefited Ghana’s financial system.
According to the lender, these beneficial commodity-price actions have strengthened the international locations’ current-account positions.
The economies are additionally benefiting from comparatively excessive actual rates of interest and substantial international change reserves, situations which have helped appeal to international investor inflows.
For Nigeria, the components have supported the naira by enhancing international change availability and making local-currency investments extra enticing to worldwide buyers.
Oyedele Eyes $1trn Capital Market in 10 Years
Addressing the National Capital Market Conference 2026, Oyedele stated the nation ought to goal a $1 trillion capital market inside the subsequent 10 years, saying Nigeria’s $1 trillion financial system goal by 2030 is closely depending on a robust capital market.
He said that the federal government would persuade and incentivise the itemizing of some Nigerian-owned enterprises, together with the Nigerian National Petroleum Company Limited (NNPCL) and Nigeria LNG Limited (NLNG), amongst others.
Oyedele stated the nation mustn’t restrict its ambition to SEC’s goal of rising the capital market from about N250 trillion to N750 trillion by 2036.
According to him, a $1trillion capital market can be essential to help Nigeria’s ambition of constructing a $1 trillion financial system by 2030 and, subsequently, increase thereafter.
But he made a case for the nation to mobilise extra home financial savings, appeal to international funding, and create extra alternatives for companies to boost long-term capital domestically.
The minister defined that the Nigerian Capital Market Master Plan 2026–2036 would deal with coordinated regulation, trendy market infrastructure, new funding merchandise, broader investor participation and stronger establishments.
He stated the plan ought to goal growing fairness market capitalisation from 33 per cent of gross home product to not less than 60 per cent, elevating the variety of listed firms from 146 to 250, and increasing retail buyers from six million to twenty million.
He additionally proposed greater than tripling company bond issuance as a share of GDP, growing Sukuk market penetration from 0.3 per cent to not less than 5 per cent of GDP, and elevating pension belongings from six per cent to 16 per cent of GDP.
Targets Global Investment Upgrade
The minister stated Nigeria’s financial reforms had helped revive investor curiosity, citing development in fairness market capitalisation, rising pension belongings, and renewed consideration from worldwide index suppliers.
He said that fairness market capitalisation had elevated from lower than N30 trillion in mid-2023 to about N160 trillion, whereas pension belongings had reached N27.5 trillion.
Oyedele additionally cited the inclusion of Nigerian authorities bonds in a brand new J.P. Morgan authorities bond index, with a weight of seven.4 per cent, and Nigeria’s reinstatement within the FTSE Russell Frontier Market Index on September 21, 2026.
He stated the federal government was working in direction of returning Nigeria to J.P. Morgan’s flagship authorities bond index and securing an improve into the emerging-market class.
The minister added that he had engaged international index supplier, MSCI, and worldwide credit standing companies as a part of efforts to enhance Nigeria’s standing amongst funding locations.
He stated the federal government was concentrating on an investment-grade credit standing inside the subsequent three years, acknowledging, nevertheless, that the ambition would require sustained reforms, improved market liquidity, and dependable repatriation of international buyers’ funds.
Oyedele stated the brand new grasp plan would introduce measures to simplify investor on-boarding, strengthen custody preparations, enhance settlement methods, and cut back boundaries to cross-border funding.
He additionally proposed a single investor identification quantity and funding channels by way of cellular networks and fintech platforms to make participation simpler for Nigerians.
National Savings Scheme Launched
As a part of efforts to extend home funding, Oyedele formally launched the National Savings Scheme, designed by SEC to offer Nigerians with regulated avenues to avoid wasting and make investments for training, housing, enterprise growth, and retirement.
He stated the initiative would provide accessible funding channels, clear info, cheap prices, and a practical complaints course of, with tax incentives supplied inside the regulation.
The minister expressed concern that many younger Nigerians have been placing their cash into betting platforms, unregulated cryptocurrency schemes, and Ponzi schemes as a substitute of regulated funding merchandise.
He stated the nation had solely about six million retail buyers in a inhabitants exceeding 200 million, representing a comparatively small proportion of the inhabitants.
Oyedele stated the financial savings scheme and different proposed reforms would allow extra Nigerians to spend money on regulated funds and native companies, together with by way of small contributions made utilizing cellphones.
He additionally introduced plans to strengthen enforcement in opposition to Ponzi schemes by way of improved surveillance, social media monitoring, collaboration with regulation enforcement companies, and a proposed fraud restitution mechanism to help victims.
He said, “Many younger Nigerians at this time are placing their cash into betting platforms. Unregulated crypto schemes and pyramid schemes. We have solely six million retail buyers in a rustic of over 240 million folks.
“We want our young people to be able to buy into regulated funds, and Nigerian companies give a small amount from their funds at low cost.”
Oyedele stated the National Savings Scheme was designed to deal with that.
According to him, the federal government would additionally strengthen the Investment and Securities Tribunal to resolve funding disputes extra rapidly and increase its mandate to cowl industrial dispute decision.
Oyedele stated the masterplan was supposed to make sure that capital market development translated into productive funding, job creation, and improved financial alternatives.
He said that long-term infrastructure tasks, together with energy crops, refineries, and different main developments, ought to more and more be financed by way of fairness and long-term bonds fairly than short-term financial institution loans.
However, he urged pension fund directors to diversify their investments past authorities securities and channel extra funds into productive sectors, topic to relevant funding guidelines.
Vowles said on the capital market convention, “The UK is proud to have funded FSD Africa’s help for the event of Nigeria’s Capital Markets Masterplan 2.0. This formidable, Nigerian-led reform will assist mobilise extra home and worldwide funding and join capital with industrial alternatives in companies and infrastructure.
“Our support forms part of the wider UK and Nigeria’s Strategic Partnership, which has growth and jobs at its heart. 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.”
Mark Napier, CEO, FSD Africa, lauded the grasp plan as key in guiding Nigeria’s ambition of deepening its capital markets for higher development and job creation.
Napier stated, “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 added.
“We have seen how sustained capital market development can help create conditions for greater capital mobilisation. In Zambia and Ethiopia, our support to strengthen the country’s financial market architecture and address key regulatory and market constraints, helped lay the foundations for greater capital mobilisation, including into sectors such as renewable energy.”
FSD Africa’s help has centered on strengthening the hyperlink between capital-market growth and Nigeria’s wider financial priorities, together with infrastructure, SME development, monetary inclusion and sustainable growth.
Ndubuisi Francis in Abuja
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