Nigeria has launched a 10-year Capital Market Masterplan to attract domestic and international investment, deepen financial markets, and support its goal of a $1 trillion economy by 2030. The plan, known as the Nigeria Capital Market Masterplan 2.0, spans from 2026 to 2036 and outlines reforms to expand access to capital, diversify financial instruments, and position Nigeria as a regional financial hub.
A Roadmap for Economic Growth
The Masterplan was launched at the Presidential Villa in Abuja by Vice President Kashim Shettima, alongside Finance Minister Taiwo Oyedele and representatives from FSD Africa and the UK government. It aims to channel long-term investment into infrastructure, energy, climate resilience, and small and medium-sized enterprises (SMEs), among other priority sectors.
Developed by Nigeria’s Securities and Exchange Commission (SEC), the plan received technical support from FSD Africa, funded by the UK government. A consortium led by Genesis Analytics and Bourse Consult was engaged to develop the roadmap and its implementation framework.
Key Reforms and Pillars
The Masterplan proposes reforms to simplify capital raising for businesses and state governments, expand retail and diaspora investor participation, attract foreign institutional investors, and develop sustainable finance and digital asset markets. It is structured around five pillars:
- Regulatory clarity and enforcement
- Market infrastructure modernisation
- Diversification of issuers and financial instruments
- Expansion of the investor base
- Institutional and professional capacity development
Each pillar includes an implementation framework with defined responsibilities, timelines, and performance measures. Capital markets play a vital role in transforming savings into productive assets, as noted by Emomotimi Agama, Director General of SEC Nigeria.
The plan builds on Nigeria’s previous capital market development program, which achieved a 63% activity completion rate. Areas targeted for further progress include financial inclusion, regional integration, sustainable finance, and capital mobilisation toward priority sectors.
International Support and Collaboration
FSD Africa‘s involvement has focused on aligning capital market development with Nigeria’s broader economic goals, particularly in infrastructure financing, SME growth, and financial inclusion. Mark Napier, CEO of FSD Africa, emphasized the importance of capital markets working for the wider economy.
The UK government’s funding for FSD Africa’s technical support is part of its strategic partnership with Nigeria. British High Commissioner Pete Vowles highlighted the Masterplan’s potential to mobilize investment and connect capital with commercial opportunities in businesses and infrastructure.
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