SEC Targets $1trn Capital Market, 30m Retail Investors In Master Plan 2.0

The Securities and Exchange Commission (SEC) has unveiled an ambitious plan to build a $1 trillion capital market and grow active retail investors to 30 million under its new Capital Market Master Plan 2.0.

Disclosing this on Channels Television’s Business Morning, the director-general of SEC, Dr Emomotimi Agama, said the 10-year plan will transform the market into a strategic engine of economic growth, distinct from the broader $1 trillion economy target.

Agama said the new plan marks a major shift from the first master plan launched a decade ago, moving from a largely technical exercise to a strategic economic enabler aligned with national development goals and backed by the Investments and Securities Act (ISA) 2025.

He said achieving the target will require regulatory clarity, modern market infrastructure, product diversification into digital assets and commodities, and stronger institutional capacity.

On retail participation, Agama said deepening the investor base from its current level to between 15.8 million and 30 million is fundamental to success.

“We want to ensure that more Nigerians participate in the capital market. The capital market is an enabler for the democratisation of wealth,” he said.

He added that success will be measured by market capitalisation-to-GDP ratio, targeted at 60 per cent in five to seven years, up from the current 33-35 per cent, with annual progress reports to ensure accountability.

Speaking on national savings scheme, Agama said, it is designed to address Nigeria’s weak savings culture and mobilise long-term domestic capital for investment in the capital market.

He stated that the strength of a capital market is directly linked to the savings capacity of its citizens, saying “the stronger your savings culture and capacity and volume, the stronger your market becomes. Savings are what drive the market.”

He explained that both compulsory and voluntary savings could serve as important sources of long-term capital needed to support businesses, infrastructure and economic development, noting that behavioural change, deliberate policies and investor education would be required to improve Nigeria’s savings culture.

According to him, similar savings systems have operated successfully in countries such as Canada and the United Kingdom, where governments have created structured systems to protect citizens’ financial futures.

Agama stressed that the National Savings Scheme has full legal backing under the Investments and Securities Act (ISA) 2025, and will operate within a structured framework to ensure transparency and accountability.

He added that funds under the scheme will not be managed arbitrarily, but by selected professional fund and portfolio managers registered by the SEC, with strong governance mechanisms to ensure investments are channelled into appropriate productive assets.