By Kehinde Ibrahim, Lagos
NIGERIA has unveiled a 10-year capital market development strategy aimed at increasing market capitalisation to N750 trillion by 2036, deepening domestic investment and mobilising long-term financing for infrastructure and economic growth.
Vice President Kashim Shettima announced the Nigerian Capital Market Master Plan 2.0 at the National Capital Market Conference 2026 in Abuja on Monday, describing the capital market as a critical instrument for financing the country’s development priorities and supporting the Federal Government’s ambition of building a $1 trillion economy.
The plan, developed by the Securities and Exchange Commission (SEC), seeks to expand the capital market from a baseline of approximately N250 trillion to N750 trillion over the next decade.
However, Minister of Finance and Coordinating Minister for the Economy, Taiwo Oyedele, said Nigeria should aim higher by targeting a $1 trillion capital market within the same period, arguing that a larger market would provide the financing capacity required to support the country’s economic ambitions.
Shettima said the Nigerian capital market had recorded significant growth since the administration of President Bola Tinubu assumed office in May 2023, citing improvements in equity market capitalisation, the performance of the Nigerian Exchange and increased investor interest.
According to him, the Nigerian Exchange All-Share Index rose from approximately 55,000 points in May 2023 to more than 260,000 points, while the value of listed equities increased from about N30 trillion to nearly N160 trillion in January 2026.
He added that the combined value of the equity and bond markets had exceeded N217 trillion, reflecting increased participation and the impact of economic reforms.
The Vice President attributed the market’s performance to policy measures introduced by the Federal Government, including petrol subsidy removal, foreign exchange market unification, tax reforms, bank recapitalisation and the enactment of the Investments and Securities Act 2025.
He acknowledged that the reforms had imposed short-term costs but maintained that they had helped improve the policy and regulatory environment, thereby strengthening investor confidence.
According to him, the new master plan would place the capital market at the centre of infrastructure financing by enabling governments and businesses to mobilise domestic savings for long-term projects instead of relying excessively on short-term borrowing or external financing.
He said the strategy would also strengthen the bond market for state and subnational governments, expand retail investment through technology and financial education, and improve access to capital for businesses in agriculture, solid minerals and other productive sectors.
Shettima, who chairs the National Economic Council (NEC), pledged to work with state governors to encourage responsible participation in the capital market through properly structured bonds, credible project pipelines and improved transparency.
He said access to market-based financing could promote fiscal discipline, strengthen accountability and improve the management of public resources.
The Vice President warned that inconsistent policies could undermine investor confidence and reverse the gains recorded in recent years.
He stressed that achieving the plan’s objectives would require policy consistency, effective regulation and strong investor protection alongside efforts to expand investment opportunities.
The ambitious targets outlined by the government and regulators will therefore depend on the ability to translate recent market growth into broader public participation, sustainable investment and financing for productive sectors of the economy.
