The Nigeria capital market is at the centre of a new Federal Government strategy that aims to increase its value to ₦750 trillion by 2036, attract more investors and create fresh opportunities for businesses to raise funds. The plan also places the proposed listing of major state-owned companies, including the Nigerian National Petroleum Company Limited (NNPC) and Nigeria LNG Limited (NLNG), among the measures that could expand the market and encourage broader public participation in investment.
Vice-President Kashim Shettima announced the Nigerian Capital Market Master Plan 2.0 during a capital market conference in Abuja on October 19, 2026. The Securities and Exchange Commission (SEC) developed the initiative as a long-term framework for strengthening Nigeria’s financial market and increasing its contribution to economic development.
The government wants to grow the market from approximately ₦250 trillion to ₦750 trillion over the next decade, a target that would require stronger investor confidence, more listed companies and greater participation from individuals and institutions. The plan also reflects efforts to make the domestic market a more reliable source of financing for businesses and development projects.
FG Pushes NNPC, NLNG Listings to Expand Market
Finance Minister Taiwo Oyedele has called for selected government-owned companies to list on the Nigerian Exchange, identifying NNPC and NLNG as potential candidates whose participation could significantly increase market activity and give investors access to major businesses in Nigeria’s energy sector.
A listing would allow eligible investors to purchase shares in a company through the stock market, subject to the structure and conditions approved for the offering. Depending on how the transactions are designed, the process could broaden ownership, improve corporate disclosure and create additional opportunities for Nigerians to participate in the performance of major national enterprises.
Oyedele referenced Saudi Aramco, Saudi Arabia’s state-owned oil company, as an example of the scale of investment that a major energy company can attract through a public listing. The comparison highlights the potential significance of bringing large enterprises into the capital market, although the companies involved operate under different ownership arrangements and market conditions.
However, the proposed listings should not be mistaken for completed transactions, as NNPC and NLNG have not been confirmed as newly listed companies under this announcement. Their inclusion remains part of the wider discussion about expanding the market and attracting long-term investment.
Oyedele has also encouraged privately owned Nigerian businesses to consider listing, suggesting that appropriate incentives could persuade more companies to enter the market without making participation compulsory. A larger pool of listed businesses would give investors more options and could help companies secure funds for expansion, equipment, technology and new projects.
Capital Market Plan Sets Investor Growth Targets
Beyond increasing market value, the government has outlined targets designed to widen participation and strengthen the structure of Nigeria’s financial system. The plan seeks to increase the number of listed companies from 146 to 250 by 2036, while raising retail investor participation from six million to 20 million.
Achieving these goals would require more than attracting large corporations, as ordinary Nigerians also need accessible investment products, reliable information and confidence that the market operates transparently. Financial education could help prospective investors understand the risks involved and distinguish regulated investment opportunities from schemes that promise unrealistic returns.
The SEC also intends to strengthen the bond market and broaden the range of investment products available to individuals and institutions. These measures could help businesses and governments raise long-term funds locally, while giving investors more choices beyond traditional savings accounts and other familiar financial products.
The proposed expansion could also encourage companies to rely more on domestic financing instead of depending heavily on foreign borrowing or short-term funding. However, the benefits will depend on market conditions, effective regulation and the ability of businesses to use raised capital productively.
National Savings Scheme Supports Investment Drive
The Federal Government has also introduced a National Savings Scheme aimed at encouraging Nigerians to save and invest through regulated financial channels. The initiative is intended to make saving more accessible and help people work towards goals such as education, housing, retirement and business development.
The savings initiative complements the broader capital market strategy by seeking to channel more domestic funds into productive economic activities. If properly implemented, it could help connect household savings with investment opportunities while improving public understanding of financial products.
Nevertheless, the ₦750 trillion target presents a significant challenge, and achieving it will require consistent policy implementation, transparent corporate governance and sustained participation from local and foreign investors. Authorities will also need to address barriers that discourage smaller investors and companies from using the market.
Ultimately, the Nigerian Capital Market Master Plan 2.0 sets out a decade-long ambition to expand investment opportunities and strengthen domestic financing. Whether the country reaches its 2036 target will depend on how effectively the government, regulators, companies and investors turn the proposed reforms into measurable results.
