The Securities and Exchange Commission (SEC) has set a target to grow Nigeria’s capital market by 200 per cent to N750 trillion by 2036, from a baseline of approximately N250 trillion, under its 10-year Nigerian Capital Market Master Plan (NCMMP) 2026–2036.
The Director-General of the SEC, Emomotimi Agama, announced the target on Monday at the 2026 National Capital Market Conference in Abuja, where he also unveiled the National Savings Scheme, an initiative designed to encourage savings, investment and broader participation in the financial system.
According to Agama, the master plan is intended to position the capital market as a major source of financing for Nigeria’s economic expansion and support President Bola Tinubu’s ambition of building a $1 trillion economy.
He said the plan rests on three priorities: expanding participation, diversifying investment products, and strengthening market integrity and infrastructure.
Agama noted that despite the market’s significant growth in value, participation among Nigerians remains limited, with many households and businesses yet to benefit from investment opportunities in shares, bonds and collective investment schemes.
He added that the country’s savings potential remains underutilised, while businesses, infrastructure projects and state governments continue to rely heavily on bank financing and foreign capital.
The SEC chief said the National Savings Scheme would provide Nigerians with a formal and accessible channel to save and invest, enabling more people to participate in wealth creation through the capital market.
The scheme is backed by the Investments and Securities Act 2025, with funds to be managed by professional fund managers registered with the commission under established governance arrangements.
Agama also disclosed that the SEC would sign a memorandum of understanding with the Nigeria Revenue Service and FSD Africa to support the initiative, including the implementation of tax incentives designed to encourage savings and investment.
The scheme is expected to broaden retail participation by providing a structured avenue for individuals across different income groups to invest their savings through professionally managed funds.
The 2026–2036 master plan was developed following consultations with market operators, issuers, investors, regulators and government institutions. Its implementation will be coordinated through designated committees, with responsibilities, timelines and performance measures assigned to specific initiatives.
Agama said the commission would publicly report progress against the plan to improve accountability and ensure that its targets translate into measurable outcomes.
The SEC’s target follows a period of strong performance in Nigeria’s equity market. According to Agama, equity market capitalisation crossed N100 trillion for the first time in January 2026 and rose above N160 trillion in September.
He also said the Nigerian Exchange All-Share Index had gained approximately 60 per cent in 2026, following a 51 per cent return in 2025.
Nigeria’s reinstatement in the FTSE Russell Frontier Market Index on September 21, 2026, was another development highlighted by the SEC chief. The move ended nearly three years outside the global benchmark index.
Agama attributed the market’s performance to government economic reforms, including foreign exchange market changes, the removal of petrol subsidies and tax reforms, alongside the regulatory framework introduced by the Investments and Securities Act 2025.