FG Targets ₦750 Trillion Capital Market by 2036, Eyes NNPC, NLNG Listings

The Federal Government has unveiled a 10-year strategy to expand Nigeria’s capital market to ₦750 trillion by 2036, with the proposed listing of major state-owned enterprises, including the Nigerian National Petroleum Company Limited (NNPC Ltd) and Nigeria LNG Limited (NLNG), among the measures being considered.

Vice-President Kashim Shettima announced the Nigerian Capital Market Master Plan 2.0 at the National Capital Market Conference in Abuja. Developed by the Securities and Exchange Commission (SEC), the plan seeks to increase the market’s value from a baseline of approximately ₦250 trillion to ₦750 trillion over the next decade.

The target represents a threefold expansion of the capital market, reflecting the government’s ambition to deepen investment opportunities, attract more capital and strengthen Nigeria’s financial system. However, achieving the target will depend on the implementation of the plan and broader economic and market conditions.

As part of the proposed reforms, Finance Minister Taiwo Oyedele has advocated accelerating the listing of selected state-owned enterprises, particularly NNPC Ltd and NLNG. Such listings could allow members of the public and institutional investors to acquire shares in the companies, potentially broaden ownership and improve corporate transparency.

The proposal does not mean that either NNPC Ltd or NLNG has already been listed on the Nigerian Exchange. Any future listing would require the necessary policy decisions, regulatory approvals and other applicable processes before investors could trade shares in the companies.

The master plan also aims to increase the number of listed companies from 146 to 250 and expand retail investor participation from approximately six million to 20 million by 2036. Other objectives include increasing equity market capitalisation relative to the economy and strengthening the bond market to help governments and businesses raise long-term financing domestically.

Despite the ambitious targets, expanding the market’s total value may not automatically translate into broader financial benefits for ordinary Nigerians. The SEC has acknowledged concerns that growth in market valuation has not yet produced sufficient participation among everyday investors.

For the strategy to deliver meaningful results, market participants will need access to reliable information, effective regulation, stronger investor protection and greater confidence in the financial system. Wider participation will also depend on whether investment products are accessible and suitable for Nigerians across different income levels.

The government’s ₦750 trillion ambition therefore sets a clear direction for the next decade, but its success will ultimately be measured by more than market size. The key question is whether the reforms can create a deeper, more transparent capital market that mobilises domestic savings, supports businesses and gives more Nigerians a genuine opportunity to build wealth.