Nigeria's Federal Government is aiming to expand retail investors in its capital market from six million to 20 million and increase listed companies from 146 to 250 by 2036, according to targets disclosed by the Minister of Finance and Coordinating Minister for the Economy, Taiwo Oyedele, at the National Capital Market Conference 2026 in Abuja on 19 October. The Securities and Exchange Commission said the expansion would represent an additional 14 million investors, a 233.3 per cent increase, while the number of listed companies would rise by 104, a 71.2 per cent increase.
The government also proposes expanding equity market capitalisation from 33 per cent of Nigeria's Gross Domestic Product to at least 60 per cent. The minister advocated for broadening Nigeria's capital market to 1 trillion dollars within ten years, exceeding the SEC's target of growing the market from approximately 250 trillion naira to 750 trillion naira by 2036. The government plans to attract more private businesses to list on the Nigerian Exchange through incentives rather than compulsion. Oyedele identified the potential listing of the Nigerian National Petroleum Company Limited and Nigeria LNG Limited as opportunities to deepen the market and broaden public ownership of national assets.
Other ambitions include more than tripling corporate bond issuance as a share of GDP, increasing sukuk market penetration from 0.3 per cent to five per cent, and raising pension assets from six per cent to 16 per cent of GDP. Oyedele disclosed that equity market capitalisation had increased from less than 30 trillion naira in mid-2023 to approximately 160 trillion naira, while pension assets had reached 27.5 trillion naira. Nigeria is also targeting an investment-grade credit rating within three years and an upgrade from frontier-market status to emerging-market classification.
Vice President Kashim Shettima unveiled the Nigerian Capital Market Master Plan 2026-2036, saying the capital market would play a central role in financing infrastructure and economic development. He attributed recent market growth to government reforms, including petrol subsidy removal, foreign exchange unification, bank recapitalisation and the Investments and Securities Act 2025. SEC Director-General Dr Emomotimi Agama expressed concern that market growth had not translated into sufficient participation among Nigerians and disclosed that the commission would establish implementation committees to monitor the master plan's progress with defined owners, timelines and scorecards.
The Minister of Finance also launched the National Savings Scheme to encourage Nigerians to invest in regulated financial products through accessible channels, including mobile phones. He expressed concern that many young Nigerians were investing in betting platforms, unregulated cryptocurrency schemes and Ponzi schemes rather than regulated investment products, and announced plans to strengthen surveillance of fraudulent investment schemes and introduce measures to support victims. The Chairman of the Senate Committee on Capital Market, Osita Izunaso, called for the listing of NNPC and major telecommunications companies, noting that Nigeria had more than five million registered companies but only about 151 listed firms.