The Federal Government plans to increase retail participation in Nigeria’s capital market to 20 million investors and expand the number of listed companies to 250 by 2036, as it seeks to boost investment and improve access to long-term financing for businesses.
The targets are part of the Nigerian Capital Market Master Plan 2026–2036, which aims to grow the country’s financial market, attract more private companies to the Nigerian Exchange (NGX) and encourage Nigerians to invest in regulated financial products.
Taiwo Oyedele, minister of finance and coordinating minister of the economy, announced the targets at the National Capital Market Conference 2026 in Abuja, according to a statement from the Securities and Exchange Commission (SEC).
The government plans to increase retail investors from six million to 20 million, representing a rise of approximately 233 per cent. It also aims to increase listed companies from 146 to 250, while raising equity market capitalisation from 33 per cent of gross domestic product (GDP) to at least 60 per cent.
FG Seeks More Private Companies on the Stock Market
The government plans to encourage privately owned businesses to list on the Nigerian Exchange through incentives rather than mandatory requirements.
“We cannot force them. We would encourage Nigerian private businesses to list. We will use incentives to attract them,” Oyedele said.
Nigeria has more than five million registered companies but only about 151 listed firms, according to Osita Izunaso, chairman of the Senate Committee on Capital Market. This highlights the potential to bring more businesses into the formal capital market.
More company listings could provide businesses with alternatives to bank loans, enable investors to benefit from corporate growth and increase the pool of domestic funds available for economic development.
Oyedele also proposed expanding Nigeria’s capital market to $1 trillion within the next decade, exceeding the SEC’s target of increasing market size from approximately ₦250 trillion to ₦750 trillion by 2036.
Government Eyes NNPC and NLNG Listings
The minister identified potential listings of the Nigerian National Petroleum Company Limited (NNPC) and Nigeria LNG Limited (NLNG) as opportunities to deepen the capital market, improve transparency and broaden public ownership of major national assets.
Such listings could create additional investment opportunities for Nigerians and attract more foreign capital, although implementation would depend on government decisions and regulatory arrangements.
The government also aims to increase corporate bond issuance to more than three times its current share of GDP, raise sukuk market penetration from 0.3 per cent to five per cent and expand pension assets from six per cent to 16 per cent of GDP.
These targets reflect a broader strategy to mobilise long-term financing through equities, bonds, pension savings and other investment products.
FG Launches National Savings Scheme
As part of its efforts to encourage wider investment participation, the government announced the National Savings Scheme, which is designed to help Nigerians invest in regulated financial products through accessible channels, including mobile phones.
Oyedele expressed concern that many young Nigerians were directing their money towards betting platforms, unregulated cryptocurrency schemes and Ponzi schemes rather than regulated investment opportunities.
The government plans to strengthen surveillance of fraudulent investment schemes and introduce measures to support victims as it works to build confidence in formal investment channels.
Meanwhile, Vice President Kashim Shettima, who unveiled the Nigerian Capital Market Master Plan 2026–2036, said the capital market would play a central role in financing infrastructure and supporting economic development.
The plan also seeks to strengthen Nigeria’s position among international investors, with the government targeting an investment-grade credit rating within three years and an upgrade from frontier-market to emerging-market status.
Emomotimi Agama, director-general of the SEC, acknowledged that the market’s growth had not translated into sufficient participation by Nigerians.
“The strength of any capital market rests on the savings of its people. Ours must rest on the savings of all of us,” Agama said.
He added that the commission would establish implementation committees to track progress, assign responsibilities and monitor timelines for delivering the plan’s objectives.
The success of the initiative will depend on whether the government can attract more businesses to list, strengthen investor confidence and make regulated investment opportunities accessible to a wider share of the population.
