Nigeria has set itself the goal of increasing the number of retail investors in its financial markets to 20 million by 2036, from a benchmark of six million in 2025, under a new ten-year plan presented on Monday 19 October in Abuja.
The programme, run by the capital markets regulator, the Securities and Exchange Commission (SEC), also aims to raise the number of companies listed on the main and premium boards of the Nigerian Exchange from 146 to 250. For these companies, the baseline is that of 2026.
The plan also sets a target for stock market capitalisation equivalent to 60% of gross domestic product by the end of the ten years, compared with 33% in its 2025 benchmark.
The document distinguishes the total number of retail investors from those who are active. The target for the latter is 12 million over the plan's horizon, compared with 2.7 million in its 2026 benchmark. It intends to rely on digital platforms and partnerships with fintechs to broaden the retail base.
For companies, the programme aims to expand fundraising options, particularly for SMEs, and to diversify the instruments offered to investors. The SEC also includes strengthening investor protection, market surveillance and the security of digital infrastructure.
Finance Minister Taiwo Oyedele defended on Monday the use of incentives to persuade private companies to list, according to an SEC statement reported by Punch and BusinessDay. He ruled out compelling them to do so.
SEC Director General Emomotimi Agama announced the creation of committees tasked with monitoring implementation of the programme, with responsibilities, deadlines and progress reports, according to the statement cited by both outlets.