The Securities and Exchange Commission (SEC) is setting its sights on significantly expanding the Nigerian investor base, aiming to attract 20 million new participants by 2026. According to Uche Uwaleke, President of the Capital Market Academics of Nigeria (CMAN), this ambitious goal necessitates a concerted effort and strategic alliances, particularly with fintech companies.

In an interview with the News Agency of Nigeria (NAN) on Sunday, February 22, 2026, Uwaleke stressed that a coordinated ecosystem approach is essential. This includes collaboration among regulators, exchanges, banks, universities, market operators, and technology platforms to drive broad retail participation.

Uwaleke's comments follow the recent inauguration of a liquidity working group by the SEC, tasked with expanding the investor base by at least 20 million participants. He believes that scaling partnerships with fintech companies will be critical for seamless onboarding, lowering entry barriers, and providing retail investors with real-time access to market data.

He also highlighted the importance of product innovation tailored to small-ticket investors, including micro-investment offerings, to attract younger and first-time participants. Sustained financial literacy programs are also necessary, with investor education campaigns being institutionalized rather than conducted on an ad hoc basis.

The SEC has already taken steps to promote capital market studies in Nigerian universities, inaugurating a curriculum review committee. Uwaleke emphasized that embedding capital market literacy within tertiary education would create a sustainable foundation for long-term participation, especially given Nigeria’s large youth population and increasing digital adoption.

Emomotimi Agama, the Director-General (DG) of the SEC, inaugurated the Capital Market Working Group on Market Liquidity in Abuja on Friday, noting that expanding investor participation is essential to improving market liquidity and resilience. Despite strong growth in market capitalization, active participation remains limited to a relatively small segment of the population. A shallow investor base undermines the market’s ability to efficiently allocate capital, as trading activity becomes concentrated among a few institutional players and a narrow group of retail investors.

Uwaleke pointed out that Nigeria, with a population exceeding 200 million people, currently has fewer than one million active capital market investors. This highlights a significant gap compared to markets such as South Africa, which supports a deeper and more liquid market despite a smaller population.

The Nigerian equities market closed January 2026 on a strong note, rising 6.27% as over 15 billion shares exchanged hands, demonstrating positive momentum heading into the year.