Federal Government targets 250 listed companies on the Nigerian Exchange through new capital market incentives.
The Federal Government plans to introduce strategic incentives to encourage privately owned businesses to list on the Nigerian Exchange Limited, known as NGX, aiming to increase listed companies from 146 to 250 by 2036.
Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, disclosed this policy during the 2026 National Capital Market Conference held in Abuja, outlining the framework of the proposed Nigerian Capital Market Master Plan 2026–2036.
To achieve this market expansion without coercion, the administration intends to rely entirely on attractive incentives, according to information published by The Sun Nigeria.
Nigerian Capital Market Master Plan Goals
Under the proposed master plan presented in Abuja, the Federal Government is targeting an increase in equity market capitalisation from 33 per cent of gross domestic product to at least 60 per cent by the year 2036.
Retail investor participation is expected to rise significantly from six million to 20 million individuals, while corporate bond issuance should surge to more than three times its current level as a share of gross domestic product.
Furthermore, the plan targets growth in sukuk market penetration from 0.3 per cent to at least five per cent, alongside an expansion of pension assets from six per cent to 16 per cent of gross domestic product.
Economic Reforms and Market Growth
Taiwo Oyedele attributed renewed investor interest in Nigeria to recent economic reforms, noting that equity market capitalisation has risen from less than N30 trillion in mid-2023 to about N160 trillion.
Total pension assets have reached N27.5 trillion, while Nigeria secured re-entry into international market indices, including a 7.4 per cent weight in a new J.P. Morgan government bond index.
Nigeria was also reinstated in the FTSE Russell Frontier Market Index, and officials are currently working to secure a return to flagship bond indices and achieve an investment-grade credit rating.
Enhancing Accessibility and Retail Participation
To make the financial market more accessible for everyday participants, the proposed master plan seeks to simplify investor onboarding and strengthen custody arrangements across the financial sector.
Authorities plan to introduce a single investor identification number and leverage mobile network operators alongside financial technology platforms to widen access to investment opportunities.
These measures are specifically designed to reduce barriers to cross-border investment while improving the capacity of the Nigerian Exchange Limited to attract domestic and foreign capital.
Frequently Asked Questions
What is the goal of the Nigerian Capital Market Master Plan 2026–2036?
The master plan aims to increase listed companies on the Nigerian Exchange Limited from 146 to 250 by 2036, while raising equity market capitalisation to at least 60 per cent of gross domestic product.
How does the Federal Government plan to attract private companies to the NGX?
Minister of Finance Taiwo Oyedele stated that the government will use attractive incentives rather than compulsion to encourage private businesses to list on the stock exchange.
What are the targets for retail investors and pension assets in Nigeria?
The government targets an increase in retail investor participation from six million to 20 million, and an expansion of pension assets from six per cent to 16 per cent of gross domestic product.
