Nigeria has unveiled a 10-year capital market development roadmap targeting N750 trillion in market capitalisation by 2036, while Finance Minister Taiwo Oyedele has proposed a more ambitious $1 trillion target within the same period.
Vice President Kashim Shettima unveiled the Nigerian Capital Market Master Plan 2.0 at the National Capital Market Conference 2026 in Abuja on Monday, October 19, with the Securities and Exchange Commission (SEC) outlining measures to deepen investment participation and mobilise long-term capital.
The roadmap seeks to expand Nigeria’s capital market from approximately N250 trillion to N750 trillion, while supporting financing for infrastructure, businesses and government projects.
Shettima described the capital market as a critical instrument of national economic policy and a major channel for financing Nigeria’s development. He said the new master plan would strengthen domestic capital formation and reduce excessive dependence on bank lending and foreign borrowing.
The Vice President attributed recent market growth to economic reforms under President Bola Tinubu, including fuel subsidy removal, foreign exchange market unification, tax reforms and banking recapitalisation.
The Vice President warned that policy reversals could undermine investor confidence and weaken the progress recorded in recent years. He said the government would continue pursuing policies that strengthen market institutions and improve access to long-term financing.
Finance Minister Taiwo Oyedele called for a capital market worth $1 trillion by 2036, arguing that Nigeria should aim beyond the SEC’s N750 trillion target. He said a deeper market would provide a stronger financing base for the country’s ambition of building a $1 trillion economy by 2030.
Oyedele also disclosed plans to introduce incentives encouraging private companies to list on the Nigerian Exchange rather than compelling them to offer shares publicly.
The proposals are intended to broaden financing beyond listed equities and channel more long-term domestic savings into productive investments. His $1 trillion ambition remains a proposed target, distinct from the N750 trillion goal contained in the newly unveiled master plan.
SEC Director-General Emomotimi Agama said the master plan would support the introduction of a National Savings Scheme designed to encourage Nigerians across income groups to save and invest. The scheme would target traders, farmers, young graduates and other groups, with funds managed by SEC-registered professional fund managers.
Agama said the initiative has legal backing under the Investments and Securities Act 2025, while a memorandum of understanding involving the SEC, Nigeria Revenue Service and FSD Africa would support proposed tax incentives.
The roadmap’s success will therefore depend not only on higher market valuations but also on broader investor participation, credible issuers, stronger disclosures and the ability to finance productive economic activity.
