Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, said Nigeria should target a $1 trillion capital market in 10 years, beyond SEC’s N750 trillion target.

‎He said a $1 trillion market is needed to support a $1 trillion economy by 2030.

‎He said the plan focuses on coordinated regulation, modern infrastructure, new products, wider participation and stronger institutions.

‎He proposed raising equity market capitalisation from 33 percent of GDP to 60 percent, increasing listed firms from 146 to 250, and growing retail investors from six million to 20 million.

He also proposed tripling corporate bond issuance, raising sukuk from 0.3 percent to five percent of GDP, and growing pension assets from six percent to 16 percent of GDP.

‎”We cannot force them. We would encourage Nigerian private businesses to list. We will use incentives to attract them,” he said.

‎On state firms, he said listing NNPC and Nigeria LNG Limited would improve transparency and deepen the market. He compared NNPC’s potential to Saudi Aramco.

He said equity capitalisation rose from under N30 trillion in mid-2023 to about N160 trillion, while pension assets reached N27.5 trillion.

He cited inclusion of Nigerian bonds in a new J.P. Morgan bond index with 7.4 percent weight and return to FTSE Russell index.

‎He said government is working to return to J.P. Morgan’s flagship bond index, get an emerging-market upgrade and achieve investment-grade rating in three years. He said he has engaged MSCI and credit rating agencies‎.

He said government will simplify investor onboarding, improve custody and settlement, and reduce cross-border barriers. He proposed a single investor ID and mobile and fintech channels.

‎Oyedele also launched the National Savings Scheme for education, housing, business and retirement. It will offer low-cost, transparent options with tax incentives and a complaints process.

He expressed worry that many youths put money in betting, unregulated crypto and Ponzi schemes instead of regulated products. He said only six million Nigerians invest in a population over 200 million.

‎He announced stronger action against Ponzi schemes through surveillance, social media monitoring, police collaboration and a fraud restitution fund. He said the Investment and Securities Tribunal will be strengthened to resolve disputes faster.

He said success will be measured by capital raised for productive use, number of investors, transaction costs and investor protection, not just market size.

‎He said the goal is for Nigerian businesses to fund growth at home and make Nigeria a top capital-raising hub in Africa.