By Emomotimi Agama
Every great economy has, at its heart, a capital market that channels the savings of ordinary people into productive investments, financing the factories, roads, homes and businesses that create jobs and drive national development.
Nigeria has the people, enterprise and ambition to build such an economy. What the country needs is a capital market capable of matching its aspirations by mobilising domestic savings, attracting long-term investments and providing businesses and governments with sustainable sources of funding.
The Nigeria Capital Market Master Plan 2026–2036 is designed to achieve this objective, setting out a ten-year roadmap to transform the nation’s capital market into a major engine of economic growth, financial inclusion and wealth creation.
The timing is significant. Following major economic reforms and the enactment of the Investments and Securities Act 2025, Nigeria’s capital market has an opportunity to build on a stronger policy and regulatory foundation.
The unification of foreign exchange windows, removal of distortionary subsidies and renewed emphasis on macroeconomic discipline have reshaped the economic landscape. Although these reforms have imposed significant adjustments on households and businesses, they have also created an opportunity to establish a deeper, more transparent and more resilient capital market.
The challenge now is to translate these changes into lasting economic benefits for Nigerians.
A TEN-YEAR BLUEPRINT FOR NATIONAL GROWTH
The Nigeria Capital Market Master Plan 2.0 (NCMMP 2.0) provides the strategic framework for this transformation. Covering the period from 2026 to 2036, the plan aligns with Nigeria Agenda 2050 and the Renewed Hope Development Plan 2026–2030.
Its ambition is to develop a diverse, efficient, transparent and innovative capital market capable of positioning Nigeria as a regional financial hub while contributing meaningfully to the national ambition of building a $1 trillion economy by 2030.
Under the plan, the market is targeted to grow from a baseline of N250 trillion to N750 trillion over the ten-year period.
Achieving this target will require more than an increase in market capitalisation. It will depend on strengthening investor confidence, expanding access to finance, diversifying investment products, modernising market infrastructure and creating an environment in which businesses can raise long-term capital efficiently.
The ultimate measure of success will be the market’s ability to support the real economy.
For pensioners, a deeper and better-regulated market can provide more investment opportunities and improve the prospects of sustainable retirement income. For small business owners, it can create alternatives to conventional bank lending and overdrafts. For young Nigerians, technology-enabled investment platforms can make participation easier and more accessible.
State governments, too, can benefit from a more developed market by raising funds for critical infrastructure, including roads, hospitals and other public facilities.
These outcomes demonstrate why capital market development must be treated as an essential component of Nigeria’s broader economic transformation.
FIVE PILLARS, ONE NATIONAL OBJECTIVE
The NCMMP 2.0 rests on five interconnected pillars designed to strengthen the market’s institutions, broaden participation and improve its capacity to finance economic activity.
- Regulatory Clarity, Coordination and Enforcement
Investor confidence depends largely on the quality, consistency and predictability of regulation.
The plan seeks to harmonise regulatory frameworks, promote closer collaboration among relevant agencies and establish a more coherent environment for issuers, investors and market operators.
Supervision will become more risk-based, while market monitoring and enforcement will be strengthened to identify emerging threats and address misconduct more effectively.
The Investments and Securities Act 2025 provides an important foundation for this agenda by expanding the Securities and Exchange Commission’s regulatory mandate.
Its provisions strengthen the framework for systemic risk oversight, digital and tokenised assets, and enforcement. These powers must now be translated into effective supervision, credible sanctions and stronger safeguards for investors.
The objective is to ensure that the Nigerian capital market operates under clear rules that are fairly applied and consistently enforced.
A market that protects investors and holds participants accountable is better positioned to attract the long-term capital required for national development. - Modernising Market Infrastructure
Efficient infrastructure is essential to the operation of a modern capital market.
The master plan prioritises improved connectivity and interoperability across market infrastructure, alongside the development of commodity, derivatives and repurchase agreement (repo) markets.
These measures are expected to improve market efficiency, expand the range of available financial instruments and support better liquidity management.
Digital onboarding will also play an important role in reducing barriers to participation. By simplifying the process of opening investment accounts and accessing market services, technology can make the capital market more accessible to individuals and businesses previously excluded by cost, distance or administrative complexity.
However, digital transformation must be accompanied by strong cybersecurity, operational resilience and transparent market practices.
As more transactions move online, protecting investors’ information, funds and transactions will remain fundamental to maintaining confidence.
Modern market infrastructure should not merely make transactions faster; it should make the entire investment process more accessible, reliable and secure. - Diversifying Products and Issuance
A capital market can only serve the economy effectively when it offers a broad range of financing and investment opportunities.
The master plan therefore seeks to deepen the markets for federal and sub-national government debt while expanding the channels through which private companies, including small and medium-sized enterprises, can raise capital.
This is particularly important for businesses that need long-term financing to expand production, acquire equipment, enter new markets and create employment.
The plan also envisages a wider range of investment products, including non-interest instruments, commodity-linked securities and securitised products.
Diversification will enable investors with different financial objectives, risk appetites and investment horizons to participate in the market.
It will also help reduce excessive dependence on a narrow range of instruments and issuers, while supporting liquidity and attracting patient capital.
For Nigeria’s productive sectors, access to a wider range of financing options could help bridge funding gaps and unlock investment opportunities that conventional financing arrangements may not adequately support. - Deepening the Investor Base
A strong and resilient capital market must attract participation from a broad spectrum of investors.
The NCMMP 2.0 aims to mobilise institutional, retail, Diaspora and foreign investors, recognising that a diversified investor base can improve market depth, liquidity and resilience.
Domestic participation is particularly important. Nigerians should have opportunities to invest in the country’s growth through accessible and transparent financial instruments, rather than relying exclusively on traditional savings products.
Digital platforms and financial inclusion initiatives will be central to this effort, particularly in reaching younger people and individuals who have never owned shares or bonds.
The plan also seeks to make participation easier for foreign investors by simplifying onboarding processes and the repatriation of funds, subject to applicable regulatory requirements.
Nigeria’s Diaspora represents another important source of investment capital. With improved access and a more predictable investment environment, Nigerians living abroad should be able to participate more easily in financing development at home.
Broadening participation, however, requires more than opening accounts. Investors must have confidence that their interests will be protected, transactions will be transparent and legitimate returns can be realised.
Financial literacy, effective dispute resolution and credible enforcement will therefore remain critical to building an investment culture that endures. - Institutional Capacity and Professional Development
Sustainable market growth depends on the strength of the institutions responsible for regulating, operating and supporting it.
The master plan therefore places emphasis on strengthening the SEC’s regulatory and supervisory capabilities, improving the governance and resilience of market intermediaries, and developing a skilled workforce for the future.
Education, professional certification and continuous training will help equip capital market practitioners to respond to emerging technologies, evolving investment products and increasingly complex financial risks.
Institutional development is particularly important as the market expands into areas such as digital and tokenised assets, derivatives and other sophisticated instruments.
Without adequate expertise, strong governance and effective supervision, rapid market expansion could create vulnerabilities that undermine investor confidence.
The objective is to ensure that the institutions supporting Nigeria’s capital market grow in competence and resilience alongside the market itself.
FROM BLUEPRINT TO IMPLEMENTATION
The Nigeria Capital Market Master Plan 2026–2036 is scheduled for formal launch at the National Capital Market Conference in Abuja on October 19, 2026, alongside the National Savings Scheme.
The decision to launch the two initiatives together reflects an important economic principle: savings are the foundation of investment, and a nation that mobilises its domestic savings effectively is better positioned to finance its own development.
For Nigeria, the task is to encourage a stronger savings culture and establish credible channels through which those savings can be converted into productive investments.
The National Savings Scheme is expected to complement the master plan’s wider objectives by strengthening the connection between individual savings and the financing needs of the economy.
Nevertheless, the success of the ten-year blueprint will depend on implementation.
Clear targets, measurable milestones, institutional accountability and sustained cooperation among regulators, market operators, issuers and investors will be necessary to move the plan beyond policy commitments.
The public and private sectors must also work together to create an environment in which businesses can access capital, investors can make informed decisions and financial institutions can support long-term economic activity.
For corporate issuers, the market offers an opportunity to raise funds for expansion and innovation. For state governments, it presents alternative channels for financing infrastructure and essential public services. For investors, it offers the prospect of participating in the country’s economic development through regulated investment opportunities.
Market operators and professionals, meanwhile, have a responsibility to uphold the highest standards of integrity, transparency and competence.
The government and regulators must ensure that policy consistency, effective enforcement and investor protection remain central to the development agenda.
THE CHALLENGE OF TURNING AMBITION INTO RESULTS
The target of growing the capital market from N250 trillion to N750 trillion over ten years is ambitious. Its achievement will depend on the interaction of several factors, including macroeconomic stability, investor confidence, the availability of investible savings, the quality of listed companies and the development of new financing instruments.
It will also require sustained efforts to expand the number of credible issuers, deepen liquidity and make the market more accessible to individuals and businesses across the country.
Market growth must be accompanied by improvements in transparency, governance and the protection of investors. An increase in market value alone cannot fully capture the extent to which the capital market contributes to economic development.
The more important questions are whether businesses can raise capital at reasonable cost, whether households can invest with confidence, whether governments can finance viable projects and whether the market can support job creation and productivity.
These are the outcomes against which the master plan’s impact should ultimately be assessed.
Nigeria has already undertaken difficult economic reforms. The next phase is to convert the opportunities created by those reforms into sustainable growth, stronger institutions and improved living standards.
The NCMMP 2.0 provides a framework for doing so by positioning the capital market as a bridge between savings and investment, domestic resources and productive enterprise, and national ambition and economic delivery.
BUILDING A MARKET FOR EVERY NIGERIAN
A capital market worthy of Nigeria’s ambitions must serve more than large corporations and institutional investors. It must also provide meaningful opportunities for ordinary Nigerians to save, invest and participate in wealth creation.
That means building a market that is accessible without compromising investor protection, innovative without weakening regulatory oversight, and large enough to finance national development while remaining transparent and accountable.
The next decade will test the commitment of all stakeholders to this vision.
To issuers, the message is that the capital market should become a more effective source of financing for growth. To domestic and foreign investors, the priority is to build confidence through clear rules, credible enforcement and wider investment opportunities. To state governments, the challenge is to make responsible use of market-based financing to deliver infrastructure and public services.
For regulators and market professionals, the responsibility is to ensure that the institutions, skills and safeguards required for sustainable growth are firmly established.
The NCMMP 2.0 is therefore more than a financial-sector development document. It is an opportunity to strengthen the role of domestic capital in building a more productive and inclusive economy.
Nigeria has spent recent years undertaking difficult reforms. The task ahead is to translate those reforms into lasting economic gains.
By mobilising savings, broadening investment opportunities and strengthening the institutions that underpin market confidence, the country can build a capital market that supports businesses, finances development and creates opportunities for generations to come.
That is the market Nigeria deserves, and the ambition the Nigeria Capital Market Master Plan 2026–2036 seeks to deliver.
Emomotimi Agama (PhD) is the Director-General and Chief Executive Officer of the Securities and Exchange Commission, Nigeria. He is Vice-Chair of the IOSCO Africa/Middle East Regional Committee and Chairman of the West Africa Securities Regulators Association.
