The Securities and Exchange Commission (SEC) has unveiled a 10-year master plan aimed at growing Nigeria’s capital market to N750tn by 2036 from a baseline of about N250tn.
The Director-General of SEC, Dr Emomotimi Agama, disclosed this on Monday at the National Capital Market Conference 2026 held in Abuja.
Agama said the Nigerian Capital Market Master Plan 2026–2036, also known as NCMMP 2.0, was designed to deepen market participation, expand investment products and strengthen the integrity and infrastructure of the capital market.
He said the initiative would position the market as a major source of financing for President Bola Tinubu’s vision of building a $1tn economy.
According to him, the plan builds on the foundations of the first capital market master plan implemented over the past decade and reflects consultations with market operators, issuers, investors, regulators and government institutions.
Agama said the Commission would establish implementation structures to ensure that the plan delivers measurable results.
He disclosed that the Project Steering Committee and the Capital Market Master Plan Implementation Committee (CAMMIC) would be inaugurated at the conference to oversee the implementation process.
“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.
The SEC boss said Nigeria’s capital market had recorded significant growth, with equities market capitalisation crossing N100tn for the first time in January and rising above N160tn in September.
He added that the All-Share Index had gained about 60 per cent in 2026, following a 51 per cent return in 2025.
Agama also cited Nigeria’s reinstatement into the FTSE Russell Frontier Market Index on September 21 as evidence of growing international confidence in the country’s market reforms.
He attributed the performance to government reforms, including exchange rate unification, the removal of petrol subsidy and the enactment of the Investments and Securities Act 2025.
However, he warned that the market’s growth in value had not been matched by sufficient participation among Nigerians.
According to him, too few Nigerians own shares, bonds or units in collective investment schemes, while many businesses, infrastructure projects and state governments continue to rely heavily on bank financing or foreign sources of capital.
“The strength of any capital market rests on the savings of its people. Ours must rest on the savings of all of us,” he said.
As part of efforts to address the challenge, Agama announced that the National Savings Scheme would also be launched at the conference by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele.
He said the scheme was designed to provide Nigerians, including traders, farmers and young graduates, with a simple and trusted avenue to save and invest for the future.
The SEC director-general explained that the scheme had legal backing under the Investments and Securities Act 2025, with funds to be managed by professional fund managers registered with the Commission.
He added that a memorandum of understanding between the SEC, the Nigeria Revenue Service and FSD Africa would support the scheme with tax incentives to encourage savings.
Agama said the UK Government, through the Foreign, Commonwealth and Development Office, and FSD Africa had provided technical and financial support for the master plan and the savings initiative.
He stressed that the success of the capital market should ultimately be measured not only by market indices and capitalisation, but also by the number of Nigerians who participate in it, the businesses it finances and the economic opportunities it creates.
