MORGANABLE BUSINESS / MARKET
Nigeria plans to expand its capital market to about ₦750 trillion by 2036 under a ten-year roadmap unveiled in Abuja on October 19, 2026. Vice-President Kashim Shettima presented the Nigerian Capital Market Master Plan 2.0 at the National Capital Market Conference.
Akure —
Nigeria plans to expand its capital market to about ₦750 trillion by 2036 under a ten-year roadmap unveiled in Abuja on October 19, 2026.
Vice-President Kashim Shettima presented the Nigerian Capital Market Master Plan 2.0 at the National Capital Market Conference.
The Securities and Exchange Commission developed the plan to attract investment and support long-term economic growth.
The roadmap aims to grow the market from a baseline of about ₦250 trillion to ₦750 trillion over the next decade. That would triple its value in nominal naira terms.
Officials want a deeper market to connect savings with businesses, infrastructure projects and other investments that can support Nigeria’s wider economic ambitions.
A TEN-YEAR ROADMAP
SEC Director-General Emomotimi Agama said the plan would broaden participation, expand financial products and strengthen market integrity and infrastructure. These priorities matter because market growth depends on more than rising share prices.
The plan sets out measures to turn commitments into practical action. Agama said each commitment would have a responsible owner, a timeline and a scorecard.
The commission also pledged to report progress publicly, giving investors and market participants a way to track implementation over time.
Shettima described the capital market as an important source of long-term funding for national development.
He said the market should help finance roads, power projects, factories and other productive investments.
However, public and private issuers must offer credible projects, transparent information and sound financial management to maintain investor confidence.
SAVINGS AND RETAIL INVESTMENT
The SEC launched a National Savings Scheme alongside the master plan to encourage Nigerians to save and invest.
Agama said the initiative had been proposed in the earlier master plan but was now moving towards implementation.
The SEC also plans to work with the Nigeria Revenue Service and FSD Africa on the scheme, including possible tax incentives.
The initiative addresses a major challenge: market value has risen, but participation remains limited.
More households need accessible ways to invest in shares, bonds and collective investment schemes.
However, participation will depend on public awareness, easy-to-use services and clear explanations of investment risks.
MORE FUNDING OPTIONS FOR BUSINESSES
A broader capital market could give businesses more options than bank loans alone. Companies may raise money by issuing shares or bonds, while investors gain opportunities to support businesses and earn returns.
In addition, a deeper market could help state governments fund well-planned projects through properly structured bonds.
The government has also encouraged the listing of selected state-owned enterprises on the Nigerian Exchange. Proposals mentioned by officials include the Nigerian National Petroleum Company Limited and Nigeria LNG Limited.
A listing could widen investment choices and improve disclosure, but each transaction would require decisions on valuation, ownership and timing.
These proposals are not completed listings. The companies and relevant authorities would need to determine whether and how to proceed.
Any sale of shares would also require clear information about the business, its financial position and the rights investors would receive.
RECENT MARKET GROWTH
Officials say Nigeria’s market has expanded significantly since President Bola Tinubu took office in May 2023.
At the conference, Shettima cited a rise in the Nigerian Exchange All-Share Index from about 55,000 points to more than 260,000 points.
He also said listed equity value had increased from roughly ₦30 trillion to nearly ₦160 trillion.
The SEC reported that equity market capitalisation crossed ₦100 trillion for the first time in January 2026 and moved above ₦160 trillion in September.
Agama also said the All-Share Index gained about 60 per cent in 2026 after returning 51 per cent in 2025. These gains show strong market performance, but they do not guarantee future returns.
Share prices can fall, while inflation and exchange-rate movements can affect the real value of investments.
Investors should therefore assess company performance and risk rather than rely only on rising market totals.
Sustained progress will require strong businesses, credible reporting and consistent regulation.
ATTRACTING FOREIGN INVESTORS
Nigeria also wants to improve its standing with international investors. The country returned to FTSE Russell’s Frontier Market Index on September 21, 2026, ending nearly three years outside the benchmark. The SEC cited the reinstatement as a sign of renewed visibility among global investors.
However, index inclusion alone cannot guarantee new investment. International funds also consider market liquidity, access to foreign exchange, clear regulations and the ability to move money when needed.
Nigeria will need to maintain consistent policies and keep improving the systems that support trading and settlement.
Officials have linked recent market gains to economic reforms, including exchange-rate unification, the removal of fuel subsidies and the Investments and Securities Act 2025.
These changes have influenced investor expectations, although their effects differ across businesses and households. Policymakers must keep explaining reforms and address concerns that could weaken confidence.
CHALLENGES AND OUTLOOK
The ₦750 trillion goal is a target, not a guaranteed outcome. The market must grow while protecting investors and maintaining public confidence.
Regulators need to enforce rules, prevent market abuse and require timely company disclosures. Businesses, meanwhile, must use raised funds productively and show investors how they create value.
Implementation will be crucial over the next ten years. The SEC has promised assigned responsibilities, deadlines and performance measures, but progress will depend on action from regulators, companies, investors and government agencies. Public reporting can help people judge whether the plan is delivering measurable results.
Ultimately, a larger market should do more than increase headline valuations. It should help businesses secure long-term funding, give households credible investment opportunities and support productive projects.
By 2036, the real test will be whether the roadmap turns savings into capital, strengthens investor protection and delivers benefits across Nigeria’s economy.
