Nigeria has unveiled a 10-year capital market roadmap targeting N750 trillion in market capitalisation by 2036, more than triple the current baseline of about N250 trillion. Vice President Kashim Shettima announced the Nigerian Capital Market Master Plan 2.0 at the National Capital Market Conference 2026 in Abuja on Monday, describing the capital market as a critical instrument for financing the country's economic development and infrastructure projects. The plan was developed by the Securities and Exchange Commission (SEC) and is designed to deepen market participation, expand investment products and strengthen market infrastructure.
The capital market has already expanded significantly since the Tinubu administration took office in May 2023. The Nigerian Exchange All-Share Index rose from about 55,000 points in May 2023 to more than 260,000 points, according to Shettima. The value of listed equities increased from approximately N30 trillion to nearly N160 trillion in January 2026, while the combined value of equities and bond markets exceeded N217 trillion. The All-Share Index gained about 60 per cent in 2026, following a 51 per cent return in 2025, the SEC said. Shettima attributed this growth to Federal Government reforms including 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 master plan aims to position the capital market as a major source of financing for Nigeria's $1 trillion economy ambition. It will place the capital market at the centre of infrastructure financing, strengthen bond markets for state and subnational governments, and broaden retail participation through technology and investor education. The plan also targets expanded access for businesses in agriculture, solid minerals and other sectors to raise capital locally. SEC Director General Emomotimi Agama noted that too few Nigerians own shares, bonds or units in collective investment schemes, while many businesses, infrastructure projects and state governments continue to rely heavily on bank financing or foreign sources of capital. As part of implementation efforts, the SEC announced plans to launch the National Savings Scheme to provide formal saving and investment avenues for traders, farmers and young graduates, with legal backing under the Investments and Securities Act 2025.
Finance Minister Taiwo Oyedele urged the government to accelerate the listing of state-owned enterprises, arguing that Nigeria should target a $1 trillion capital market within the next 10 years to support the broader $1 trillion economy goal. Oyedele proposed 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. Senate Committee on Capital Market Chairman Osita Izunaso highlighted that Nigeria has more than five million registered companies but only about 151 listed companies, and specifically questioned why the Nigerian National Petroleum Company Limited (NNPC) and major telecommunications companies had not listed on the stock exchange.
Stronger domestic capital market participation could help businesses and governments raise long-term financing locally rather than relying on foreign borrowing or short-term bank loans, while offering Nigerians greater investment opportunities. Nigeria was reinstated into the FTSE Russell Frontier Market Index on September 21, signalling growing international confidence in the country's market reforms. The SEC said it would establish implementation structures including a Project Steering Committee and Capital Market Master Plan Implementation Committee to oversee the initiative, with each commitment assigned an owner, timeline and scorecard.
Success of the 10-year plan will depend on consistent policies, effective regulation and protection of investors, Shettima warned, cautioning that policy reversals could undermine investor confidence. The UK Government through the Foreign, Commonwealth and Development Office and FSD Africa have provided technical and financial support for the master plan and the savings initiative.