* National savings scheme to offer tax incentives
Deji Elumoye in Abuja
The Presidency and the Securities and Exchange Commission (SEC) have unveiled plans to deepen Nigeria’s capital market and mobilise domestic savings in a bold move to support President Bola Tinubu’s $1 trillion economic growth target.
While SEC is to introduce a National Savings Scheme backed by tax incentives, as part of the initiative, Vice-President Kashim Shettima is expected to endorse the Nigerian Capital Market Master Plan 2.0, a 10-year strategic framework for the development of the market.
The initiatives will feature prominently at the Capital Market Conversation scheduled for October 19, 2026, at the State House, Abuja.
The Presidency and SEC disclosed this weekend during a strategic partnership meeting in Abuja ahead of the event, which is expected to attract local and international investors, capital market operators, listed companies, market infrastructure institutions, policymakers and other stakeholders.
Speaking during the briefing, the Technical Adviser to the President on Economic and Financial Inclusion (Office of the Vice-President), Dr Nurudeen Abubakar Zauro, said the administration regards a deeper capital market as critical to mobilising capital, broadening investment opportunities, and strengthening financial inclusion.
Zauro said the October 19 conversation would provide an opportunity for stakeholders to review developments in the sector, and identify measures for further growth.
“It is no longer news that the capital market of Nigeria has been doing very well, especially under Mr President, with all the reforms that are ongoing to make Nigeria an investor-friendly environment,” he said.
According to him, the event would also provide an opportunity to “celebrate our very own success stories within the capital market and democratise access to the market”.
Zauro noted that financial inclusion should go beyond merely opening bank or investment accounts, stressing the need to ensure that ordinary Nigerians could access financial and economic opportunities and participate in investment.
“When you are talking about inclusion, you are not only talking about opening an account; you are also talking about access to basic financial and economic services.
“Because of the recent reforms, the last mile now understands that with the little money that he has, he can be able to invest in the capital market,” Zauro said.
He said the October conversation would focus on investment inclusion, savings mobilisation, digital financial services and the development of products capable of attracting more Nigerians into the market.
The initiative, Zauro said, was aligned with Tinubu’s Renewed Hope Agenda and the administration’s $1 trillion economic target.
“The whole conversation on that day is deepening the sector to achieve the $1 trillion economy target set by Mr President, and that aligns with his Renewed Hope Agenda.”
He added that the administration is willing to draw on the expertise of stakeholders in developing policies for the sector.
“Mr President is having an open-door policy whereby people are also encouraged to come together and advise us on the best way we can do it. We believe we don’t know it all, but at least we leverage on people’s advice to see how we can make things better,” he noted.
Also speaking, Director-General of the SEC, Dr Emomotimi Agama, said the National Savings Scheme was designed to provide Nigerians with an opportunity to save and have their savings invested for the future.
“The National Savings Scheme, principally, is an inclusion tool wherein every Nigerian is given an opportunity to save, and such savings will now be invested for the future,” Agama explained.
He stated that the scheme would incorporate tax incentives, adding that the initiative was consistent with the Federal Government’s wider fiscal reforms.
According to him, the tax reliefs provided for citizens below specified income thresholds would leave more disposable income with low-income earners and potentially increase their capacity to save and invest.
The SEC DG also announced the planned endorsement of the Nigerian Capital Market Master Plan 2.0 by Shettima at the October 19 event.
He described the document as a 10-year strategic framework that would provide direction for the development of the market and establish measurable indicators for assessing its performance.
“The Nigerian Capital Market Master Plan 2.0 is a 10-year master plan that provides the direction of the market, understanding that the capital market is the barometer of the economy,” he said.
According to him, the plan would provide indicators for measuring the growth of the market, including its contribution to Gross Domestic Product (GDP) and the number of investors participating in the market.
Agama said the vice-president’s endorsement was significant given his role as Chairman of the National Economic Council (NEC) and the administration’s broader economic reform agenda.
He said the October 19 gathering would also provide an opportunity to benchmark the Investment and Securities Act against the projected development of the market, particularly efforts to increase the market-to-GDP ratio and expand the investor base.
“These are indicators that are very critical in measuring the progress of our economy.
“With what we have done as market reforms in the last two and a half years, three years to be precise, it is very instructive that government is deliberate at economic emancipation and the growth of the Nigerian state,” he added.
The October 19 Capital Market Conversation is expected to bring together stakeholders from across Nigeria’s financial ecosystem to deliberate on the future of the market and measures for mobilising more domestic savings into productive investment.