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By Bassey Udo
Nigeria’s capital market must grow far beyond current projections if the country is to realize its $1trn economy target by 2030, the Minister of Finance and Coordinating Minister for the Economy, Taiwo Oyedele, has said.
Mr Oyedele spoke on Monday at the formal unveiling of the Securities and Exchange Commission (SEC) 10-year
capital market masterplan 2.0 during the National Capital Market Conference 2026 in Abuja.
The representative of the Vice President, Kashim Shettima, performed the official unveiling of the masterplan, which is a roadmap to lift the market from the current valuation of about N250trn to N750trn by 2036.
While performing the unveiling, Shettima who said the masterplan was also designed to mobilise long-term funds for infrastructure and development, described the capital market as a critical instrument of national economic policy and a major channel for financing the country’s future development.
Since May 2023 when the present administration took office, he said the Nigerian Exchange All-Share Index rose from about 55,000 points to over 260,000, while the value of listed equities climbed from roughly N30trn to nearly N160trn and Equities and bonds combined now exceed N217trn.
He attributed the growth to government reforms, which included the removal of subsidy from the pricing template of petroleum products, the unification of the foreign exchange market, tax reforms, bank recapitalisation and the Investments and Securities Act 2025.
Despite their short-term costs, the VP said, the reforms improved the policy and regulatory environment and strengthened investor confidence.
The masterplan, he noted, would place the capital market at the centre of infrastructure financing, allowing governments at various levels to fund long-term projects from domestic savings rather than relying heavily on short-term or foreign borrowings.
Also, he said the masterplan would deepen the bond market for state and subnational governments, widen retail participation through technology and investor education, and give businesses in agriculture, solid minerals and other sectors of the economy a route to raise capital at home.
Shettima, who chairs the National Economic Council, said he would work with state governors to promote responsible use of the market through properly structured bonds, credible project pipelines and greater transparency.
Besides, he said capital market financing could encourage fiscal discipline and accountability in public spending, warning, however, that policy reversals could erode recent gains.
The success of the masterplan, he pointed out, would depend on consistent policies, effective regulation and strong investor protection.
Director-General of SEC, Dr Emomotimi Agama, said the Nigerian Capital Market Master Plan 2026–2036 was designed to deepen participation, expand investment products and strengthen the integrity and infrastructure of the market.
In addition, he said the masterplan would reposition the market as a major source of financing for the Federal Government’s $1trn economy ambition.
To ensure delivery, Agama announced the inauguration of a Project Steering Committee and a Capital Market Master Plan Implementation Committee at the conference.
“Every commitment in NCMMP 2.0 will have an owner, a timeline and a scorecard, and we will report progress openly to this nation,” he declared.
He noted that equities market capitalisation crossed N100trn for the first time in January and rose above N160tn in September, while the All-Share Index gained about 60 per cent in 2026 after a 51 per cent return in 2025.
Citing Nigeria’s reinstatement into the FTSE Russell Frontier Market Index on September 21 as evidence of growing international confidence, Agama cautioned that growth in market value had not been matched by participation.
He noted that too few Nigerians own shares, bonds or units in collective investment schemes in the capital market, while many businesses, infrastructure projects and state governments still lean on bank financing or foreign capital.
“The strength of any capital market rests on the savings of its people. Ours must rest on the savings of all of us,” he said.
The SEC DG also announced the National Savings Scheme meant to give traders, farmers, young graduates and others a formal way to save and invest.
Backed by the Investments and Securities Act 2025, the Savings scheme would be managed by professional fund managers registered with the Commission.
A memorandum of understanding involving the SEC, the Nigeria Revenue Service and FSD Africa would support it with tax incentives, adding that the UK Foreign, Commonwealth and Development Office and FSD Africa provided technical and financial support for both the master plan and the scheme.
On his part, Finance Minister Oyedele said Nigeria should not stop at the SEC’s N750trn target, saying growing the capital market capacity within the next 10 years was necessary to support a $1trn economy by 2030 and further expansion afterwards.
He argued that the country must mobilise more domestic savings, attract foreign investments and give businesses more opportunities to raise long-term capital locally.
Oyedele proposed raising equity market capitalisation from 33 per cent of gross domestic product to at least 60 per cent, increasing listed companies from 146 to 250, and growing retail investors from six million to 20 million.
The Minister also wanted corporate bond issuance as a share of GDP more than tripled, Sukuk penetration lifted from 0.3 per cent to at least five per cent of GDP, and pension assets raised from six per cent to 16 per cent of GDP.
Urging the government to speed up the process for the listing of selected state-owned enterprises, like the Nigerian National Petroleum Company Limited (NNPC) and Nigeria LNG Limited (NLNG), the Minister observed that the ongoing initial public offer of the shares of Dangote Refinery and Petrochemicals Limited has helped in democratizing the distribution wealth in the economy.
Such listings, he said, would improve transparency, broaden public ownership and let Nigerians share in the wealth of national assets.
Drawing a comparison with Saudi Aramco, the Minister said NNPC Ltd’s potential value could significantly enlarge the country’s market.
For private firms, he said the government would rely on incentives rather than compulsion to grow the market capacity. “We cannot force them. We would encourage Nigerian private businesses to list. We will use incentives to attract them,” he said.
Oyedele said reforms had revived investor interest, with equity market capitalisation rising from under N30trn in mid-2023 to about N160trn, while pension assets reached N27.5tn.
He cited the inclusion of Nigerian government bonds in a new J.P. Morgan government bond index at a weight of 7.4 per cent, adding that the government was working to return Nigeria to J.P. Morgan’s flagship index and secure an emerging-market upgrade.
The engagemenr of MSCI and credit rating agencies, he said, was targeting an investment-grade rating within three years, adding that this would require sustained reforms, better liquidity and reliable repatriation of foreign investors’ funds.
The plan would also simplify investor onboarding, strengthen custody, improve settlement and reduce barriers to cross-border investment.
Oyedele proposed a single investor identification number and investment channels through mobile networks and fintech platforms.
Meanwhile, in formally launching the National Savings Scheme, the Minister said it would offer regulated avenues to save for education, housing, business and retirement, with transparent information, reasonable costs, a functional complaints process and tax incentives within the law.
Lamenting that many young Nigerians were putting their money into betting platforms, unregulated cryptocurrency schemes and Ponzi schemes, Oyedele said Nigeria has only about six million retail investors in a population above 200 million.
He promised stronger enforcement of regularion against Ponzi schemes in the country through better surveillance, social media monitoring, cooperation with law enforcement and a fraud restitution mechanism for victims, along with a strengthened Investment and Securities Tribunal with a broader mandate.
Also, he argued that power plants, refineries and other long-term projects should be financed through equity and long-term bonds, rather than short-term bank loans, adding that pension fund administrators should diversify beyond government securities.
Progress, he said, should be judged by capital raised for productive investment, investor numbers, transaction costs and investor protection, not market capitalisation alone.
Meanwhile, the Chairman of the Senate Committee on Capital Market, Osita Izunaso, urged the government to encourage more companies, particularly NNPC Ltd and telecommunications firms currently operating in the country, to list on the Nigerian Exchange.
Izunaso who noted that of the over five million registered companies in the countey, only about 151 were listed in the capital market, called on the SEC to speed up regulations for digital assets and tokenisation.
Praising the Investments and Securities Act 2025, he urged stakeholders to ensure the masterplan delivered measurable results rather than remaining a policy document.
