The Federal Government is targeting an increase in retail investors in Nigeria’s capital market from six million to 20 million and an expansion of listed companies from 146 to 250 by 2036.

The Minister of Finance and Coordinating Minister for the Economy, Taiwo Oyedele, disclosed the targets at the National Capital Market Conference 2026 held in Abuja on Monday, according to a statement issued by the Securities and Exchange Commission after the event.

The targets represent an additional 14 million investors, a 233.3 per cent increase, while the number of listed companies is expected to rise by 104, a 71.2 per cent increase.

“Oyedele said the plan should target increasing equity market capitalisation from 33 per cent of gross domestic product to at least 60 per cent, raising the number of listed companies from 146 to 250 and expanding retail investors from six million to 20 million,” the statement read.

Oyedele also proposed increasing equity market capitalisation from 33 per cent of Nigeria’s Gross Domestic Product to at least 60 per cent.

He said the government would introduce incentives to attract more private businesses to the Nigerian Exchange rather than compel them to list.

“We cannot force them. We would encourage Nigerian private businesses to list. We will use incentives to attract them,” he said.

The minister proposed expanding Nigeria’s capital market to $1tn within the next decade, exceeding the SEC’s target of growing the market from approximately N250tn to N750tn by 2036.

He also advocated more than tripling corporate bond issuance as a share of GDP, increasing sukuk market penetration from 0.3 per cent to five per cent and raising pension assets from six per cent to 16 per cent of GDP.

Oyedele identified the potential listing of the Nigerian National Petroleum Company Limited and Nigeria LNG Limited as opportunities to deepen the market, improve transparency and broaden public ownership of national assets.

He further disclosed that Nigeria was targeting an investment-grade credit rating within three years and an upgrade from frontier-market status to emerging-market classification.

According to him, equity market capitalisation had increased from less than N30tn in mid-2023 to approximately N160tn, while pension assets had reached N27.5tn.

The minister also launched the National Savings Scheme to encourage Nigerians to invest in regulated financial products through accessible channels, including mobile phones.

He expressed concern that many young Nigerians were investing in betting platforms, unregulated cryptocurrency schemes and Ponzi schemes rather than regulated investment products.

Oyedele announced plans to strengthen surveillance of fraudulent investment schemes and introduce measures to support victims.

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 economic development.

He attributed recent market growth to government reforms, including petrol subsidy removal, foreign exchange unification, bank recapitalisation and the Investments and Securities Act 2025.

Also speaking, SEC Director-General, Dr Emomotimi Agama, said market growth had not translated into sufficient participation among Nigerians.

“The strength of any capital market rests on the savings of its people. Ours must rest on the savings of all of us,” he said.

Agama disclosed that the commission would establish implementation committees to monitor the master plan’s progress.

“Every commitment in NCMMP 2.0 will have an owner, a timeline and a scorecard, and we will report progress openly to this nation,” he stated.

The Chairman of the Senate Committee on Capital Market, Osita Izunaso, also called for the listing of NNPC and major telecommunications companies, noting that Nigeria had more than five million registered companies but only about 151 listed firms.

He urged regulators to accelerate digital asset regulations and ensure the master plan produced measurable results.