Nigeria targets N750 trillion capital market as Shettima unveils 10-year roadmap
Nigeria has unveiled a 10-year capital market development roadmap targeting N750 trillion in market capitalisation by 2036, while Finance Minister Taiwo Oyedele has proposed a more ambitious $1 trillion target within…
Nigeria's capital market — anchored by the Nigerian Exchange (NGX) — has long been seen as underdeveloped relative to the size of the economy, with market capitalisation trailing peers like South Africa and Egypt and domestic savings rarely channelled into equities or bonds. Successive governments have pushed reforms, from the Securities and Exchange Commission's rule changes to efforts at attracting pension and insurance funds into the market, as part of a broader ambition to deepen capital formation and reduce reliance on foreign borrowing and oil revenue.
The new roadmap, unveiled with Vice President Kashim Shettima's backing, sets a long-term target of N750 trillion in market capitalisation by 2036, alongside a national savings plan meant to mobilise domestic capital. Finance Minister Taiwo Oyedele has floated an even bolder benchmark — a $1 trillion capital market — suggesting some divergence in ambition among officials on how fast and how far the plan should go. Coverage so far outlines the headline targets and the savings initiative, but details on implementation, funding sources, regulatory changes, and how the naira and dollar targets reconcile have yet to be spelt out.