• Shettima says market bridge between people’s savings, nation’s investment needs
•Oyedele: strong market, recipe for $1trn economy vision
•UK says Nigeria now well-placed to fully tap into market
•SEC launches national savings scheme to deepen retail investment
•Deutsche Bank bullish on naira, adds Nigeria to frontier FX watchlist
Ndubuisi Francis in Abuja
Vice President Kashim Shettima yesterday launched the Nigerian Capital Market Master Plan (NCMMP 2.0), configured to fully harness the nation’s vast potential and expand the capital market from a baseline of about N250 trillion to N750 trillion by 2036.
Shettima, who launched the NCMMP 2026–2036 during the National Capital Market Conference 2026, in Abuja, described the market as the bridge between citizens’ savings and Nigeria’s investment needs.
Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, said at the occasion that Nigeria should target a $1 trillion capital market within the next 10 years, stressing that a strong capital market is a recipe for the country’s envisioned $1 trillion economy.
Equally speaking at the conference, British High Commissioner to Nigeria, Pete Vowles, represented by Head of Green Growth and Private Sector Development at the British High Commission, Paul Healey, said Nigeria was now well positioned to tap the potential of the capital market.
Welcoming quests and stakeholders to the conference, Director-General of Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, attributed the current advances at the Nigerian capital market to President Bola Tinubu’s reform agenda.
Relatedly, Deutsche Bank AG yesterday included Nigeria in its frontier foreign exchange monitor, indicating rising investor appetite for the naira amid prospects of further appreciation against the US dollar.
Shettima, who was represented by Deputy Chief of Staff in his office, Senator Ibrahim Hassan Hadeja, stated that the capital market was no longer merely a marketplace for investors, but it had become a strategic pillar of national economic policy and a critical instrument for Nigeria’s development aspirations.
He recalled that when the current administration assumed office in May 2023, the All-Share Index of the Nigerian Exchange stood at over 55,000 points.
He stated, “Today, it stands above 247,000. In just over three years, the index has more than quadrupled. The value of listed equities has grown from about N30 trillion to over N160 trillion. In January this year, equity market capitalisation crossed N100 trillion for the first time in our history. Add our bond market, and the total value of the market now exceeds N221 trillion.
“This is not only a naira story. Measured in US dollars, after we unified the exchange rate and let the naira find its true value, the Nigerian market ranked third out of 92 markets in the world by August this year, returning about 65 per cent.
“Global investors who once asked whether they could get their money out of Nigeria are now asking how much more they can put in. Behind those figures are real Nigerians: Pensioners whose retirement savings have grown, young investors opening their first accounts on their phones, and companies that have raised capital at home instead of borrowing abroad.”
The vice president tied the market’s growth to reforms undertaken by the federal government, including the removal of petrol subsidy, the unification of the foreign exchange market, tax reforms, bank recapitalisation, and the enactment of the Investments and Securities Act 2025.
He said despite the short-term costs of the reforms, they had helped to strengthen investor confidence by improving the policy framework and regulatory environment.
Shettima said the Nigerian Capital Market Master Plan 2026–2036 would place the capital market at the centre of infrastructure financing, enabling governments at the federal and subnational levels to fund long-term projects through domestic savings rather than rely excessively on short-term or foreign borrowing.
He added that the plan would also strengthen the bond market for subnational governments, broaden retail participation through technology and investor education, and provide opportunities for businesses in agriculture, solid minerals, and other sectors to raise capital locally.
The vice president, who chairs the National Economic Council (NEC), expressed a desire to work with state governors to encourage responsible use of the capital market through properly structured bonds, credible project pipelines, and greater transparency. He added that access to capital market financing could promote fiscal discipline and strengthen accountability in public spending.
While urging the market operators and regulators to sustain the momentum, he warned that policy reversals could undermine investor confidence and erode gains recorded in recent years.
Shettima stated that the success of the 10-year NCMMP 2.0 would depend on consistent policies, effective regulation, and the ability of market participants to protect investors, while expanding investment opportunities across the country.
In his welcome address, Agama said the giant strides and gains by the capital market did not come by chance. He said they were the fruits of the reforms spearheaded by Tinubu, citing the unified exchange rate, the end of fuel subsidy, and far-reaching tax reforms.
He stated, “They are also the fruit of the Investments and Securities Act 2025, which gave this Commission modern tools to regulate a modern market. I thank the distinguished Chairmen of our Senate and House Committees, here present.”
Agama said the capital market was growing in value, but was not yet growing deep enough.
He stated, “Too few Nigerians own a share, a bond or a unit in a collective investment scheme. Too much of our savings sits idle, outside the formal system, quietly eroded by inflation.
“And too many of our enterprises, our infrastructure projects and our states still look abroad, or to the banks alone, for capital that ought to be raised from Nigerians, for Nigeria.
“The strength of any capital market rests on the savings of its people. Ours must rest on the savings of all of us. That is why we are here.”
He said the Nigerian Capital Market Master Plan 2026–2036 built on the foundations laid by the first Master Plan over the past decade.
Meanwhile, Deutsche Bank AG included Nigeria in its frontier foreign exchange monitor, an indication of rising investor appetite for the naira.
Bloomberg reported that strategists and economists at the Frankfurt-based bank believe the naira’s undervaluation, attractive carry-trade opportunities, and favourable real interest rates could support its outlook.
“The principal risk to the outlook is from the fiscal side,” the bank said, pointing to Nigeria’s Debt Management Office’s bond issuance calendar for the quarter, which signalled “elevated issuance levels”.
Deutsche Bank expected fiscal spending to increase ahead of Nigeria’s January elections but saw “less risk from the elections themselves”.
However, Deutsche Bank cautioned that fiscal pressures could threaten the Nigerian currency’s performance.
Deutsche Bank’s frontier FX monitor also tracks other African currencies, including Angola’s kwanza and Ghana’s cedi.
The bank said the three economies had performed well this year, despite the fallout from the conflict in the Middle East.
Higher crude oil prices have supported the external positions of Nigeria and Angola, while firmer gold prices have benefited Ghana’s economy.
According to the lender, these favourable commodity-price movements have strengthened the countries’ current-account positions.
The economies are also benefiting from relatively high real interest rates and substantial foreign exchange reserves, conditions that have helped attract foreign investor inflows.
For Nigeria, the factors have supported the naira by improving foreign exchange availability and making local-currency investments more attractive to international investors.
Oyedele Eyes $1trn Capital Market in 10 Years
Addressing the National Capital Market Conference 2026, Oyedele said the country should target a $1 trillion capital market within the next 10 years, saying Nigeria’s $1 trillion economy target by 2030 is heavily dependent on a strong capital market.
He stated that the government would persuade and incentivise the listing of some Nigerian-owned enterprises, including the Nigerian National Petroleum Company Limited (NNPCL) and Nigeria LNG Limited (NLNG), among others.
Oyedele said the country should not limit its ambition to SEC’s target of growing the capital market from about N250 trillion to N750 trillion by 2036.
According to him, a $1trillion capital market would be necessary to support Nigeria’s ambition of building a $1 trillion economy by 2030 and, subsequently, expand thereafter.
But he made a case for the country to mobilise more domestic savings, attract foreign investment, and create more opportunities for businesses to raise long-term capital locally.
The minister explained that the Nigerian Capital Market Master Plan 2026–2036 would focus on coordinated regulation, modern market infrastructure, new investment products, broader investor participation and stronger institutions.
He said the plan should target increasing equity market capitalisation from 33 per cent of gross domestic product to at least 60 per cent, raising the number of listed companies from 146 to 250, and expanding retail investors from six million to 20 million.
He also proposed more than tripling corporate bond issuance as a share of GDP, increasing Sukuk market penetration from 0.3 per cent to at least five per cent of GDP, and raising pension assets from six per cent to 16 per cent of GDP.
Targets Global Investment Upgrade
The minister said Nigeria’s economic reforms had helped revive investor interest, citing growth in equity market capitalisation, rising pension assets, and renewed attention from international index providers.
He stated that equity market capitalisation had increased from less than N30 trillion in mid-2023 to about N160 trillion, while pension assets had reached N27.5 trillion.
Oyedele also cited the inclusion of Nigerian government bonds in a new J.P. Morgan government bond index, with a weight of 7.4 per cent, and Nigeria’s reinstatement in the FTSE Russell Frontier Market Index on September 21, 2026.
He said the government was working towards returning Nigeria to J.P. Morgan’s flagship government bond index and securing an upgrade into the emerging-market category.
The minister added that he had engaged global index provider, MSCI, and international credit rating agencies as part of efforts to improve Nigeria’s standing among investment destinations.
He said the government was targeting an investment-grade credit rating within the next three years, acknowledging, however, that the ambition would require sustained reforms, improved market liquidity, and reliable repatriation of foreign investors’ funds.
Oyedele said the new master plan would introduce measures to simplify investor on-boarding, strengthen custody arrangements, improve settlement systems, and reduce barriers to cross-border investment.
He also proposed a single investor identification number and investment channels through mobile networks and fintech platforms to make participation easier for Nigerians.
National Savings Scheme Launched
As part of efforts to increase domestic investment, Oyedele formally launched the National Savings Scheme, designed by SEC to provide Nigerians with regulated avenues to save and invest for education, housing, business development, and retirement.
He said the initiative would offer accessible investment channels, transparent information, reasonable costs, and a functional complaints process, with tax incentives provided within the law.
The minister expressed concern that many young Nigerians were putting their money into betting platforms, unregulated cryptocurrency schemes, and Ponzi schemes instead of regulated investment products.
He said the country had only about six million retail investors in a population exceeding 200 million, representing a relatively small proportion of the population.
Oyedele said the savings scheme and other proposed reforms would enable more Nigerians to invest in regulated funds and local businesses, including through small contributions made using mobile phones.
He also announced plans to strengthen enforcement against Ponzi schemes through improved surveillance, social media monitoring, collaboration with law enforcement agencies, and a proposed fraud restitution mechanism to support victims.
He stated, “Many young Nigerians today are putting their money into betting platforms. Unregulated crypto schemes and pyramid schemes. We have only six million retail investors in a country of over 240 million people.
“We want our young people to be able to buy into regulated funds, and Nigerian companies give a small amount from their funds at low cost.”
Oyedele said the National Savings Scheme was designed to address that.
According to him, the government would also strengthen the Investment and Securities Tribunal to resolve investment disputes more quickly and expand its mandate to cover commercial dispute resolution.
Oyedele said the masterplan was intended to ensure that capital market growth translated into productive investment, job creation, and improved economic opportunities.
He stated that long-term infrastructure projects, including power plants, refineries, and other major developments, should increasingly be financed through equity and long-term bonds rather than short-term bank loans.
However, he urged pension fund administrators to diversify their investments beyond government securities and channel more funds into productive sectors, subject to applicable investment rules.
Vowles stated at the capital market conference, “The UK is proud to have funded FSD Africa’s support for the development of Nigeria’s Capital Markets Masterplan 2.0. This ambitious, Nigerian-led reform will help mobilise more domestic and international investment and connect capital with commercial opportunities in businesses and infrastructure.
“Our support forms part of the wider UK and Nigeria’s Strategic Partnership, which has growth and jobs at its heart. By strengthening Nigeria’s capital markets and deepening links between our financial sectors, we can create new opportunities for investment, jobs and shared prosperity in both our countries.”
Mark Napier, CEO, FSD Africa, lauded the master plan as key in guiding Nigeria’s ambition of deepening its capital markets for greater growth and job creation.
Napier said, “Our support for Nigeria’s new Masterplan is grounded in the principle that capital markets need to work for the wider economy. With its scale and regional importance, Nigeria has a significant opportunity to mobilise more domestic and international capital towards businesses, infrastructure and sustainable growth,” he added.
“We have seen how sustained capital market development can help create conditions for greater capital mobilisation. In Zambia and Ethiopia, our support to strengthen the country’s financial market architecture and address key regulatory and market constraints, helped lay the foundations for greater capital mobilisation, including into sectors such as renewable energy.”
FSD Africa’s support has focused on strengthening the link between capital-market development and Nigeria’s wider economic priorities, including infrastructure, SME growth, financial inclusion and sustainable development.