The Federal Government has unveiled a new 10-year roadmap for Nigeria's capital market, setting a target of growing the market from about ₦250 trillion to ₦750 trillion by 2036. The Nigerian Capital Market Master Plan 2.0 was launched by Vice President Kashim Shettima at the National Capital Market Conference 2026 in Abuja on Monday, where he described the capital market as a key pillar of national economic policy and a critical channel for financing development.
The plan, developed by the Securities and Exchange Commission, is built around reducing Nigeria's reliance on bank loans and external borrowing. Shettima said it would place the capital market at the centre of infrastructure financing, strengthen the bond market for state and subnational governments, and open up capital raising for businesses in agriculture, solid minerals and other productive sectors, with the Investments and Securities Act (ISA) 2025 providing the legal backing.
The Targets: More Listings, More Investors
Finance Minister Taiwo Oyedele set out the participation targets behind the headline figure. The plan aims to raise equity market capitalisation from 33% of gross domestic product to at least 60%, increase the number of listed companies from 146 to 250, and grow retail investors from six million to 20 million. It also proposes more than tripling corporate bond issuance as a share of GDP, raising sukuk penetration from 0.3% to at least 5% of GDP, and lifting pension assets from 6% to 16% of GDP.
To get private companies onto the exchange, Oyedele said the government would use incentives rather than compulsion, although the specific incentives, qualifying companies and timelines have not yet been detailed. He also identified state-owned enterprises as potential listings, naming NNPC Limited and Nigeria LNG Limited (NLNG), while the Chairman of the Senate Committee on Capital Market, Osita Izunaso, called for NNPC and major telecommunications firms to list.
Oyedele argued the SEC's ₦750 trillion target should not cap Nigeria's ambition, proposing a $1 trillion capital market within the next decade instead.
Built on a Strong Run — and a New Savings Scheme
The roadmap follows a strong run for the market. Shettima attributed the growth since May 2023 to reforms including petrol subsidy removal, foreign exchange unification, tax reforms and bank recapitalisation. Over that period the NGX All-Share Index has risen from about 55,000 points, the value of listed equities has climbed from about ₦30 trillion to nearly ₦160 trillion, and the combined equities and bond markets have passed ₦217 trillion.
Alongside the master plan, the SEC launched a National Savings Scheme aimed at traders, farmers, young graduates and other groups, with funds to be managed by SEC-registered managers. SEC Director-General Emomotimi Agama said every commitment in the plan will have an owner, a timeline and a scorecard, with progress reported publicly.
What It Means for Investors
The success of the plan will not be judged on capitalisation alone. By the government's own framing, it depends on broader participation, credible new issuers, improved disclosures and financing reaching productive activity rather than simply inflating the prices of the companies already listed. Shettima also warned that policy reversals could erode investor confidence and undermine the gains recorded in recent years — a reminder that the ₦750 trillion target rests as much on policy consistency over the next decade as on any single reform.
