Barbara Bako, Abuja.
Vice President Kashim Shettima on Monday unveiled a 10-year capital market master plan targeting N750 trillion by 2036, as the Federal Government seeks to mobilise domestic savings and attract long-term investment to finance economic growth.
The Nigerian Capital Market Master Plan 2026–2036, unveiled at the National Capital Market Conference in Abuja, aims to grow the market from about N250 trillion and position it as a major source of financing for infrastructure and businesses.
Shettima said the capital market had recorded significant growth since President Bola Tinubu assumed office in May 2023, with the Nigerian Exchange All-Share Index rising from about 55,000 points to more than 260,000 points.
He said listed equities had increased in value from approximately N30 trillion to nearly N160 trillion, while the combined value of the equities and bond markets exceeded N217 trillion.
The Vice President attributed the growth to government reforms, including petrol subsidy removal, foreign exchange market unification, tax reforms, bank recapitalisation and the enactment of the Investments and Securities Act 2025.
He said the master plan would strengthen the bond market, expand retail participation and enable businesses in agriculture, solid minerals and other sectors to raise long-term financing locally.
He also pledged to work with state governors to promote transparent and responsible capital market financing.
Building on the plan, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, called for a more ambitious $1 trillion capital market within the next decade, arguing that a deeper market was essential to achieving Nigeria’s $1 trillion economic ambition.
Oyedele urged the government to consider listing selected state-owned enterprises, including the Nigerian National Petroleum Company Limited (NNPC) and Nigeria LNG Limited (NLNG), to broaden public ownership, improve transparency and create more investment opportunities.
He also proposed raising equity market capitalisation to at least 60 per cent of gross domestic product and expanding retail investor participation to 20 million.
The minister said the government would offer incentives to encourage private businesses to list on the Nigerian Exchange rather than compel them to do so.
“We cannot force them. We would encourage Nigerian private businesses to list. We will use incentives to attract them,” he said.
Oyedele also announced the launch of the National Savings Scheme, designed to provide Nigerians with regulated avenues to save and invest for education, housing, business development and retirement.
He said the initiative would channel domestic savings into productive investments and encourage Nigerians, particularly young people, to move away from Ponzi schemes and other unregulated financial products.
In his submission, Dr Emomotimi Agama, Director-General of SEC said the scheme would be managed by fund managers registered with the Commission with implementation support involving the SEC, the Nigeria Revenue Service and FSD Africa.
Agama said the Nigerian Capital Market Master Plan would be implemented through clear targets, timelines and performance assessments.
“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 said.
He also cited Nigeria’s reinstatement into the FTSE Russell Frontier Market Index in September as evidence of renewed international interest in the country’s capital market.
Meanwhile, Chairman of the Senate Committee on Capital Market, Osita Izunaso, urged the Federal Government to encourage NNPC and major telecommunications companies to list on the Nigerian Exchange, arguing that more listings would deepen domestic capital formation and expand investment opportunities.
Izunaso also called on the SEC to accelerate regulations for digital assets and tokenisation, saying a clear framework would help Nigeria benefit from emerging investment opportunities.
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