The Securities and Exchange Commission (SEC) has unveiled an ambitious 2026 agenda centred on mobilising long-term capital to confront Nigeria’s chronic infrastructure deficits.
The new agenda is coming on the heels of the immediate past year that saw overwhelming reliance by corporates on short-term financing instruments such as commercial papers.
In a New Year message delivered in Abuja on Thursday, SEC Director-General, Dr. Emomotimi Agama, said the Commission will prioritise channeling patient capital into productive sectors like roads construction, power, rail, housing, and agriculture.
This strategic shift may require modernising regulatory frameworks to make markets more accessible for long-term issuers.
What Agama is saying
Agama is simply saying that facilitating the issuance of infrastructure bonds, municipal bonds, green bonds, and infrastructure-focused funds will be top priority in 2026 pipeline.
The aim, according to him, is channelling stable capital into priority national projects.
“Our goal is to attract long-term domestic and international capital into roads, power, rail, housing, and digital infrastructure, while making it easier for state governments and infrastructure companies to access the market efficiently,” he said.
Widening infrastructure gaps
Nigeria’s infrastructure deficit is estimated by various government and private-sector studies at over $100 billion. The Infrastructure Concession Regulatory Commission (ICRC), a federal government agency, has noted that Nigeria requires about $100 billion yearly over the coming decades to close its infrastructure deficit and drive economic development through enhanced infrastructure provisioning.
This widening infrastructure gap continues to manifest in dilapidated roads, erratic power supply, insufficient rail networks, housing shortages exceeding 20 million units, and slow broadband penetration.
The SEC believes increased mobilisation of long-term financing will be critical in reversing years of underinvestment in these critical sectors.
Agriculture, Housing and REITs to receive targeted support
As part of its expanded agenda, the Commission will promote listings of agribusinesses and develop tailored listing windows for agricultural cooperatives and value-chain companies. It also plans to expand commodity-linked instruments to reduce pricing risk, improve farmer incomes, and bolster food security.
“We will de-risk agriculture through commodity exchanges, agricultural investment trusts, and innovative financial instruments that allow Nigerians to own a stake in the nation’s breadbasket,” Agama stated in his new year message.
In the housing sector, the SEC intends to revive Real Estate Investment Trusts (REITs) and introduce affordable housing bonds, which the DG said will “unlock capital for mass housing delivery” and broaden investment options.
Support for Manufacturing and Power Sector financing
Agama also disclosed that the SEC is reviewing its rules to attract more listings from small and medium-sized firms in manufacturing, automotive, pharmaceuticals, and finished goods. The move is expected to provide patient capital to struggling factories, reduce import dependence, and strengthen the Made-in-Nigeria value proposition.
On power, he said the Commission will support capital raises through infrastructure bonds, green energy bonds, project-backed securities, and public–private vehicles targeted at grid expansion, renewable energy projects, embedded generation, and Nigeria’s broader energy transition goals.
SEC positions Capital Market as engine of national development
Agama said the year 2026 represents not just a calendar transition but an opportunity to redefine the capital market’s purpose in national development.
“We look back at a year of transformation and forward to a future where our capital market becomes the definitive solution provider for Nigeria’s most pressing economic and developmental needs,” he said.
With Nigeria’s infrastructure and financing gaps widening, the SEC’s 2026 roadmap signals a deliberate shift toward long-term capital formation—an essential prerequisite if the capital market is to play its intended role in driving sustainable economic growth.
What you should know
The SEC’s strategic shift comes on the heels of a 2025 market cycle heavily dominated by short-term capital raises, reflecting the liquidity squeeze faced by corporates and financial institutions.
Throughout the year, dozens of firms turned to commercial papers—typically tenored between 90 and 270 days—to meet operational expenses due to the difficulty of accessing long-term funds in a high-interest-rate environment. In fact, the Commission approved Commercial Paper programmes worth over N1.3 trillion as of October 2025.
Market analysts have warned that the mismatch between short-term funding and long-term capital needs heightened refinancing risks and constrained investment in sectors requiring patient financing, notably infrastructure, manufacturing, and power. The SEC’s 2026 focus appears designed to correct that imbalance.
