The
Nigerian Capital Market Master Plan Published: November 15, 2023

Nigeria Capital Market Master Plan 2026-2036 (NCMMP 2.0) Nigeria’s capital market stands at its most favourable policy juncture in recent history. The unification of foreign exchange windows, removal of distortionary subsidies, and restoration of macroeconomic discipline have reset the foundations of the economy. The Investments and Securities Act 2025 has conferred on the Commission its most expansive regulatory mandate to date, extending systemic risk oversight, digital and tokenised assets regulation, and enhanced enforcement powers firmly within the capital market perimeter. The Nigeria Capital Market Master Plan 2.0 (NCMMP 2.0) is a ten-year strategic blueprint for capital market development, aligned with Nigeria Agenda 2050 and the Renewed Hope Development Plan (2026–2030). Its vision is to build a diverse, efficient, transparent, and innovative capital market that positions Nigeria as a regional financial hub and supports the drive toward a US$1 trillion economy by 2030. This vision is operationalised through five interrelated pillars: Pillar 1: Regulatory Clarity, Coordination & Enforcement Harmonize regulations through unified rules and inter-agency collaboration. Strengthen risk-based supervision and market monitoring. Enhance investor protection through proactive enforcement and stronger safeguards. Build a transparent, efficient, and trusted regulatory environment. Pillar 2: Modernising Market Infrastructure Improve market connectivity and interoperability. Expand commodity, derivatives, and repo markets. Promote digital onboarding and market transparency. Strengthen cybersecurity and operational resilience. Pillar 3: Product & Issuance Diversification Deepen national and sub-national debt markets. Enhance private sector fundraising and SME financing. Expand investment products, including non-interest, commodity-linked, and securitized instruments. Boost market liquidity and attract long-term capital. Pillar 4: Deepening the Investor Base Mobilize institutional, retail, diaspora, and foreign investors. Increase investment access through digital channels and inclusion initiatives. Attract foreign capital by simplifying onboarding and repatriation processes. Create a broader and more resilient investor ecosystem. Pillar 5: Institutional Capacity & Professional Development Strengthen regulatory and supervisory capabilities. Improve resilience and governance of market intermediaries. Develop industry talent through education, certification, and training. Build sustainable institutional capacity to support long-term market growth.