Nigeria's Federal Government has set a target to grow the capital market to N750 trillion by 2036, a threefold increase from a baseline of about N250 trillion, Vice President Kashim Shettima announced at the National Capital Market Conference 2026 in Abuja on Monday. The Nigerian Capital Market Master Plan 2.0, developed by the Securities and Exchange Commission (SEC), aims to position the capital market as a critical tool for mobilising long-term financing for infrastructure and economic development. The government is calling for the listing of selected state-owned enterprises, including the Nigerian National Petroleum Company Limited and Nigeria LNG Limited, on the Nigerian Exchange as part of this expansion.
Shettima attributed recent growth in the capital market since the President Bola Tinubu administration took office in May 2023 to government reforms, including the removal of petrol subsidy, unification of the foreign exchange market, tax reforms, bank recapitalisation and the enactment of the Investments and Securities Act 2025. The Vice President said the master plan would strengthen the bond market for state and subnational governments, broaden retail participation through technology and investor education, and allow businesses in agriculture, solid minerals and other sectors to raise capital locally. He warned that policy reversals could undermine investor confidence and erode recent gains.
Finance Minister Taiwo Oyedele went further, saying Nigeria should aim for a $1 trillion capital market within 10 years to support the country's ambition of building a $1 trillion economy by 2030. Oyedele said the government would use incentives rather than force to encourage privately owned Nigerian companies to list on the Nigerian Exchange. Under the proposed master plan, Nigeria targets increasing equity market capitalisation from 33 per cent of gross domestic product to at least 60 per cent, raising the number of listed companies from 146 to 250, and expanding retail investors from six million to 20 million.
The master plan also includes more than tripling corporate bond issuance as a share of GDP, increasing Sukuk market penetration from 0.3 per cent to at least five per cent of GDP, and raising pension assets from six per cent to 16 per cent of GDP, according to the SEC. Oyedele noted that Nigeria was reinstated in the FTSE Russell Frontier Market Index on September 21, 2026, and that Nigerian government bonds were included in a new J.P. Morgan government bond index with a weight of 7.4 per cent. The government is seeking an investment-grade credit rating within three years and eventual upgrade to emerging-market status.
As part of efforts to deepen domestic investment, Oyedele formally launched the National Savings Scheme to provide Nigerians with regulated avenues to save and invest towards education, housing, business development and retirement. The government also announced plans to strengthen enforcement against Ponzi schemes through improved surveillance, social media monitoring and collaboration with law enforcement agencies, and is considering a fraud restitution mechanism to support victims. The SEC said the Project Steering Committee and the Capital Market Master Plan Implementation Committee would be inaugurated to oversee implementation.