SEC targets 30m investors as capital market eyes N750trn

Nigeria’s plan to expand its capital market to N750 trillion by 2036 will depend increasingly on its ability to mobilise household savings, attract more retail investors and bring more businesses into the formal investment market, as the Securities and Exchange Commission (SEC) launches a National Savings Scheme targeting Nigerians across income groups.

The initiative, unveiled by SEC Director-General, Dr Emomotimi Agama, at the National Capital Market Conference in Abuja, is designed to connect savings from traders, farmers, young graduates and other groups to investment opportunities managed by professionals registered with the commission.

The scheme comes as Nigerian equities enjoy a strong rally, with market capitalisation exceeding N150 trillion in September and the Nigerian Exchange All-Share Index gaining about 60 per cent in 2026. Yet the growth in market value has not translated into broad participation, exposing a gap between the size of the market and the number of Nigerians investing in financial assets.

“Our market is growing in value. It is not yet growing deep enough in people. The National Savings Scheme is, first and foremost, an instrument of inclusion,” Agama said.

The commission’s target is to increase participation to 30 million investors by 2030, while the Nigerian Capital Market Master Plan 2.0, covering 2026 to 2036, seeks to expand the market from about N250 trillion to N750 trillion.

Achieving that ambition would require more than rising share prices. It would depend on mobilising long-term domestic savings, increasing the supply of credible investment opportunities and strengthening the link between the capital market and businesses seeking funds for expansion, infrastructure and productive investment.

Agama said the scheme, which has legal backing under the Investments and Securities Act 2025, would be supported by professional fund managers registered with the SEC. The commission also disclosed plans for a memorandum of understanding involving the Nigeria Revenue Service and FSD Africa to support proposed tax incentives for savers.

The emphasis on incentives reflects the challenge of turning informal and idle savings into investable capital, particularly among Nigerians who have limited access to investment products or lack the resources and financial knowledge to participate confidently in the market.

The scale of the challenge is evident in the relatively small number of listed companies. Senate Committee on Capital Market Chairman, Osita Izunaso, said Nigeria had more than five million registered companies but only about 151 listed firms.

He called for more listings, including major state-owned and telecommunications businesses, to expand the range of investment opportunities available to Nigerians.

The shortage of credible issuers is a critical issue for the savings initiative. If more money enters the capital market without a corresponding increase in quality investment opportunities, funds could concentrate in existing assets, pushing prices higher without adequately expanding financing for the real economy.

The new scheme is therefore part of a broader strategy to deepen the market through additional listings, stronger bond-market activity, digital investment channels and wider participation by households and institutions.

Nigeria’s return to FTSE Russell’s Frontier Market classification on September 21, 2026, has also increased the market’s international visibility, although sustained foreign participation will depend on accessibility, liquidity, investor protection and confidence in economic policies.

The SEC said implementation of the new master plan would be monitored through defined responsibilities, timelines and publicly reported performance measures.

For the economy, the real test will be whether the scheme converts household savings into patient capital for businesses, creates more investment opportunities and allows ordinary Nigerians to participate in wealth creation beyond wages and bank deposits.

Growing the market to N750 trillion would be a major milestone, but its lasting value will depend on whether the expansion finances productive activity, supports job creation and broadens ownership of Nigeria’s economic growth.