Nigeria’s Securities and Exchange Commission has set an ambitious target: grow the capital market from about ₦250 trillion to ₦750 trillion by 2036. The 10-year Nigerian Capital Market Master Plan 2.0 was presented at the National Capital Market Conference in Abuja on October 19. A National Savings Scheme was also announced as a way to draw more domestic savings into regulated investments.
The target is a policy ambition, not a forecast that market value will automatically triple. The SEC’s plan rests on a larger investor base, a wider range of products, and stronger infrastructure and integrity. Each of those aims asks for work that is less visible than a headline valuation. Investors need trustworthy information, fair rules, reliable settlement systems, and confidence that misconduct will be investigated.
Participation matters as much as size
SEC Director-General Emomotimi Agama said the market’s growth in value has not translated into sufficient participation by Nigerians. The plan therefore places attention on reaching retail investors and using domestic savings to finance longer-term development. BusinessDay reported that the roadmap includes a National Savings Scheme and a goal of bringing more individual investors into the market.
For ordinary savers, the details will matter more than the slogan. The public needs to know who may manage the scheme, what products will be offered, how contributions can be withdrawn, which fees apply, and what protections exist if an investment loses value. Capital-market participation carries risk. Any programme aimed at small savers should explain that clearly and avoid language that sounds like a guaranteed return.
From ambition to useful capital
A larger market can help companies raise money for expansion and give infrastructure projects a longer funding horizon. It can also lift quoted valuations without creating broad public benefit if new capital does not reach productive businesses. Progress should therefore be measured in more than market capitalisation: new listings, liquidity, disclosure quality, investor participation, and the real projects financed all count.
The master plan gives the industry a 10-year direction. Its credibility will be built through practical disclosures, accessible consumer guidance, stable rules, and public reporting against milestones. The number is striking. Whether Nigerians trust and use the market will decide whether it becomes more than a number.
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Cover image: Usman Kadiri, CC BY-SA 3.0, via Wikimedia Commons. In-article image: Wise file image.
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