On 19 October 2026, the Securities and Exchange Commission (SEC) unveiled the Nigerian Capital Market Master Plan 2026–2036 (“the Master Plan”) at the National Capital Market Conference in Abuja. The ten-year plan sets out the SEC's priorities for deepening Nigeria's capital market and attracting more domestic and cross-border listings.
The Master Plan aims to grow the market from approximately ₦ 250 trillion to ₦ 750 trillion by 2036 alongside reforms intended to make it easier for companies to raise capital through the Nigerian market. Targets presented at the launch include increasing the number of listed companies from 146 to 250 and growing the retail investor base from about 6 million to 20 million.
For businesses and investors, the proposals could create new opportunities for accessing funding, structuring investments and listing shares on the Nigerian Exchange (NGX). However, they are policy proposals, not binding rules. Most will take effect only when the SEC and the Nigerian Exchange (NGX) issue implementing rules.
Key Highlights
Easier access to African capital markets:
The SEC proposes an African Depositary Receipt framework to support cross-border listings. Depositary receipts allow investors in one market to hold interests in shares listed in another, with the underlying shares held by a custodian. This could allow companies to reach investors across Africa without a full listing in each jurisdiction.
More flexible listing requirements:
The plan proposes different listing categories with requirements suited to companies of varying sizes. This includes reviewing the free-float requirement , which determines the minimum proportion of a company's shares that must be available to public investors.
Greater flexibility for founders:
The SEC’s proposed introduction of dual-class and multi-class shares could allow companies to issue shares with different voting rights. This may enable founders to raise capital from public investors while retaining greater control over business decisions.
Attracting foreign companies:
The SEC intends to simplify the process for foreign companies seeking to list in Nigeria and explore tax arrangements that would reduce unnecessary costs associated with cross-border listings.
Encouraging new listings
The Master Plan proposes incentives for private companies to list and contemplates the listing of selected state-owned enterprises, such as NNPC Limited and Nigeria LNG Limited.
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Read the full publication at SimmonsCooper Partners
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