Nigeria Plans to Attract More Firms to Stock Market

Share on Messenger popup#open” data-popup-size-param=”645×580″ target=”_blank”> Share on Messenger popup#open” data-popup-size-param=”550×400″ target=”_blank”> Share on X Share on Whatsapp The Federal Government plans to introduce incentives to encourage more privately owned companies to list on the Nigerian Exchange (NGX) as part of efforts to expand the country’s capital market.

Taiwo Oyedele, minister of finance and coordinating minister of the economy, announced the plan on Monday at the 2026 National Capital Market Conference in Abuja.

Oyedele said the government wants to increase the number of companies listed on the exchange from 146 to 250 by 2036.

"We would encourage Nigerian private businesses to list.

"We will use incentives to attract them,” he said.

The proposal is part of the Nigerian Capital Market Master Plan 2026-2036, which aims to attract more investors and make it easier for businesses to raise money within Nigeria.

The government also wants to increase equity market capitalisation from 33% of gross domestic product (GDP) to at least 60% and grow the number of retail investors from six million to 20 million.

Oyedele said the plan would also seek to increase corporate bond issuance, expand the Islamic finance market and raise pension assets from 6% to 16% of GDP.

He said Nigeria’s economic reforms had helped revive investor interest.

According to him, equity market capitalisation had risen from less than ₦30 trillion in mid-2023 to about ₦160 trillion, while pension assets had reached ₦27.5 trillion.

The minister also backed efforts to list major state-owned companies, including the Nigerian National Petroleum Company Limited and Nigeria LNG Limited, on the exchange.

The Securities and Exchange Commission says the broader 10-year plan aims to grow the capital market from about ₦250 trillion to ₦750 trillion by 2036.