The Federal Government is planning to introduce incentives to persuade more privately owned businesses to raise funds through the Nigerian Exchange Limited (NGX), as part of a broader strategy to expand the country’s capital market.
Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed the plan on Monday at the 2026 National Capital Market Conference in Abuja. He said the government aims to increase the number of companies listed on the exchange from 146 to 250.
The initiative is part of the proposed Nigerian Capital Market Master Plan for 2026–2036, which seeks to make the market more attractive to businesses and investors while improving its contribution to the national economy.
Oyedele explained that the government intends to use incentives to encourage private companies to go public rather than force them to list on the stock exchange.
Under the proposed plan, Nigeria also aims to raise equity market capitalisation from 33 per cent of gross domestic product (GDP) to at least 60 per cent and increase the number of retail investors from six million to 20 million.
Other targets include more than tripling corporate bond issuance relative to GDP, expanding the penetration of Islamic bonds, known as sukuk, from 0.3 per cent to at least five per cent of GDP, and increasing pension assets from six per cent to 16 per cent of GDP.
The minister attributed renewed investor interest in Nigeria to ongoing economic reforms, noting that equity market capitalisation had risen from less than ₦30 trillion in mid-2023 to approximately ₦160 trillion. Pension assets, he added, had grown to ₦27.5 trillion.
He also pointed to Nigeria’s reinstatement in the FTSE Russell Frontier Market Index on September 21, 2026, and the inclusion of Nigerian government bonds in a new J.P. Morgan government bond index, where the country has a 7.4 per cent weighting.
According to Oyedele, the government is working to regain a place in J.P. Morgan’s flagship government bond index and secure an upgrade to emerging-market status. It is also engaging international index providers and credit rating agencies as it pursues an investment-grade credit rating within the next three years.
He said achieving that ambition would depend on sustained economic reforms, improved liquidity in the financial market and greater certainty that foreign investors could repatriate their funds.
The proposed master plan also seeks to make investing easier for Nigerians through improved settlement systems, stronger custody arrangements and simplified registration procedures. Plans include introducing a single investor identification number and expanding access to investment opportunities through mobile networks and fintech platforms.
The government’s broader objective is to create a deeper, more accessible capital market capable of mobilising domestic savings, supporting business expansion and attracting long-term investment into the Nigerian economy.
