The Federal Government has set a 10-year target to grow Nigeria’s capital market to ₦750 trillion by 2036 and is pressing for the listing of major state-owned companies, including the Nigerian National Petroleum Company Limited and Nigeria LNG Limited, on the Nigerian Exchange.
Vice-President Kashim Shettima presented the Nigerian Capital Market Master Plan 2.0 on Monday at the National Capital Market Conference 2026 in Abuja. The Securities and Exchange Commission developed the plan, which aims to expand the market from a current baseline of about ₦250 trillion.
Shettima said the capital market would serve as a key platform for raising long-term funds for infrastructure and economic development, reducing reliance on short-term or foreign borrowing. He noted strong growth since President Bola Tinubu took office in May 2023: the Nigerian Exchange All-Share Index rose from around 55,000 points to more than 260,000, while the value of listed equities climbed from approximately ₦30 trillion to nearly ₦160 trillion by January 2026. Combined equity and bond market value has surpassed ₦217 trillion.
He attributed the gains to reforms including the removal of petrol subsidy, foreign exchange market unification, tax changes, bank recapitalisation and the Investments and Securities Act 2025. The master plan, he said, would strengthen the bond market for state governments, expand retail participation through technology and education, and help businesses in agriculture and solid minerals raise capital locally.
Minister of Finance and Coordinating Minister for the Economy Taiwo Oyedele argued that Nigeria should aim higher, targeting a $1 trillion capital market within a decade to support the goal of a $1 trillion economy by 2030. He called for accelerated listing of selected state-owned enterprises, particularly NNPC and NLNG, saying the move would deepen the market, improve transparency and give more Nigerians ownership of national assets. He compared the potential impact to Saudi Aramco’s listing.
Oyedele said the government would use incentives rather than compulsion to encourage privately owned Nigerian companies to list. “We cannot force them. We would encourage Nigerian private businesses to list. We will use incentives to attract them,” he said.
Under the master plan, equity market capitalisation is targeted to rise from 33 per cent of GDP to at least 60 per cent. The number of listed companies would increase from 146 to 250, and the retail investor base from six million to 20 million. Other goals include more than tripling corporate bond issuance relative to GDP, raising sukuk market penetration from 0.3 per cent to at least five per cent of GDP, and increasing pension assets from six per cent to 16 per cent of GDP.
Oyedele noted Nigeria’s recent reinstatement in the FTSE Russell Frontier Market Index on September 21, 2026, and the inclusion of Nigerian government bonds in a new J.P. Morgan index with a 7.4 per cent weight. The government is seeking a return to J.P. Morgan’s flagship government bond index, eventual emerging-market status and an investment-grade credit rating within three years.
As part of efforts to deepen domestic participation, Oyedele launched the National Savings Scheme to give Nigerians regulated options for saving and investing towards education, housing, business and retirement. The scheme will offer accessible channels, including via mobile phones, with tax incentives within the law. He expressed concern that many young people are directing money into betting platforms, unregulated cryptocurrency schemes and Ponzi schemes instead of formal investment products, and announced plans to strengthen enforcement against fraud, including possible restitution for victims.
SEC Director-General Emomotimi Agama said equity market capitalisation crossed ₦100 trillion for the first time in January and rose above ₦160 trillion in September. The All-Share Index gained about 60 per cent in 2026 after a 51 per cent return in 2025. He warned, however, that market growth has not been matched by broad participation among Nigerians.
A Project Steering Committee and a Capital Market Master Plan Implementation Committee will oversee the plan’s execution, with public progress reporting, Agama said.
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