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FG Unveils 10-Year Capital Market Plan to Hit N750trn by 2036
The Federal Government has launched a new 10-year roadmap to grow Nigeria’s capital market capitalisation from about N250 trillion to N750 trillion by 2036.
The Nigerian Capital Market Master Plan 2.0 was unveiled by Vice President Kashim Shettima at the National Capital Market Conference 2026 in Abuja on Monday, October 19, 2026.
Shettima described the capital market as a key pillar of national economic policy and a critical channel for financing development, stressing the need to reduce reliance on bank loans and external borrowing while strengthening domestic capital formation.
He attributed recent market growth to reforms under President Bola Tinubu, including fuel subsidy removal, foreign exchange unification, tax reforms and banking sector recapitalisation.
According to the Vice President, the NGX All-Share Index rose from about 55,000 points in May 2023 to over 260,000 points, while listed equities value increased from N30 trillion to nearly N160 trillion. The combined equities and bond markets now exceed N217 trillion.
The roadmap aims to deepen bond financing for state governments and expand capital raising for businesses in agriculture, solid minerals and other productive sectors. Shettima said the government would work with governors to promote well-structured bonds, credible projects and greater transparency, with the Investments and Securities Act 2025 providing legal backing.
He warned that policy reversals could erode investor confidence and undermine recent gains.
On his part, Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, proposed a more ambitious $1 trillion market size by 2036, beyond the SEC’s N750 trillion target, to support Nigeria’s ambition of becoming a $1 trillion economy by 2030.
Oyedele said the plan targets raising equity market capitalisation from 33% of GDP to at least 60%, increasing listed companies from 146 to 250, growing retail investors from six million to 20 million, expanding corporate bond issuance to more than three times its current share of GDP, raising Sukuk penetration from 0.3% to at least 5% of GDP, and increasing pension assets from 6% to 16%.
He said achieving this would require coordinated regulation, modern infrastructure, stronger institutions and new products, with incentives to encourage private companies to list voluntarily.
SEC Director-General, Emomotimi Agama, said the master plan will support a National Savings Scheme to encourage savings and investment among traders, farmers, young graduates and other groups, with funds managed by SEC-registered managers. He said the scheme has legal backing under the ISA 2025 and will be supported by a memorandum involving SEC, Nigeria Revenue Service and FSD Africa for proposed tax incentives.
Agama added that every commitment in the plan will have an owner, timeline and scorecard, with public reporting.
Senate Committee on Capital Market Chairman, Osita Izunaso, called for the listing of NNPC Limited and major telecom firms and faster regulation of digital assets and tokenisation.
Nairametrics had earlier reported Agama’s warning that a lack of credible issuers could inflate asset prices without deepening the market.
The government said the success of the roadmap will depend not just on rising valuations but on broader participation, credible issuers, improved disclosures and financing of productive activities.
