Finance Minister Taiwo Oyedele says the proposed 2026–2036 capital market master plan will also target a rise in equity market capitalisation to 60% of GDP and retail investors to 20 million……
The Federal Government is planning to introduce incentives to encourage more private businesses to list on the Nigerian Exchange Limited (NGX), as it seeks to increase the number of listed companies from 146 to 250.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this on Monday at the National Capital Market Conference 2026 in Abuja, where he outlined key targets under the proposed Nigerian Capital Market Master Plan for 2026 to 2036.
According to the minister, the plan is designed to deepen Nigeria’s capital market, attract more investors and strengthen the institutions and infrastructure needed to support long-term economic growth.
Oyedele said the government intends to increase equity market capitalisation from 33 per cent of gross domestic product (GDP) to at least 60 per cent, while expanding the number of retail investors from six million to 20 million.
“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,” he said.
He explained that the government would rely on incentives to persuade privately owned Nigerian businesses to enter the capital market 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,” the minister said.
Beyond expanding equity listings, the proposed master plan seeks to strengthen other segments of the capital market. Oyedele said the government would target more than tripling corporate bond issuance as a share of GDP, increase sukuk market penetration from 0.3 per cent to at least five per cent of GDP, and raise pension assets from six per cent to 16 per cent of GDP.
Oyedele attributed renewed investor interest in Nigeria to the economic reforms introduced by the current administration, pointing to rising equity market capitalisation, growing pension assets and increased recognition from international market index providers.
He said the value of Nigeria’s equity market had climbed from less than N30 trillion in mid-2023 to approximately N160 trillion, while pension assets had risen to N27.5 trillion.
The minister also highlighted Nigeria’s inclusion in a new J.P. Morgan government bond index, where the country has a weighting of 7.4 per cent, as well as its reinstatement in the FTSE Russell Frontier Market Index on September 21, 2026.
He said the government was working towards securing Nigeria’s return to J.P. Morgan’s flagship government bond index and achieving an upgrade to emerging-market status.
As part of these efforts, Oyedele disclosed that he had engaged MSCI, a global provider of investment indexes, alongside international credit rating agencies to improve the country’s position among global investment destinations.
The government, he added, is targeting an investment-grade credit rating within the next three years, a goal he said would depend on sustained economic reforms, improved market liquidity and the reliable repatriation of foreign investors’ funds.
Oyedele said the proposed master plan would also address barriers that discourage individuals and foreign investors from participating in Nigeria’s capital market.
The measures would include simplifying investor registration, strengthening custody arrangements, improving settlement systems and making cross-border investments easier.
He further proposed introducing a single investor identification number and expanding investment access through mobile network operators and financial technology platforms.
The initiatives are intended to make participation in the capital market more convenient for Nigerians while broadening the pool of investors and improving the market’s capacity to mobilise funds for businesses and economic development.
