Nigeria's Vice President Kashim Shettima recently launched a 10-year capital market development roadmap aimed at increasing the market capitalisation from approximately N250 trillion to N750 trillion by 2036. This ambitious initiative was unveiled during the National Capital Market Conference 2026 in Abuja, where Finance Minister Taiwo Oyedele further proposed a more ambitious $1 trillion target. The roadmap outlines strategies to deepen investment participation and mobilise long-term capital, critical for financing infrastructure and business projects across the nation.
This initiative is particularly significant as it reflects Nigeria's commitment to enhancing its economic framework through a robust capital market. The recent growth in the Nigerian Exchange Group (NGX) All-Share Index, which surged from about 55,000 points in May 2023 to over 260,000 points, indicates a burgeoning interest in the market. The Vice President attributed this growth to recent economic reforms, including the removal of fuel subsidies and the unification of the foreign exchange market. Such reforms are vital in reducing reliance on bank lending and foreign borrowing, thus fostering a more self-sufficient economic environment.
As Nigeria embarks on this ambitious roadmap, stakeholders should closely monitor the government's commitment to maintaining policy stability, as any reversals could jeopardize investor confidence. Additionally, the proposed National Savings Scheme aims to engage a broader demographic in investment, potentially increasing retail participation from six million to 20 million. The success of this roadmap will hinge on the ability to attract credible issuers and ensure transparency, ultimately shaping Nigeria's role in the African and global financial landscape.