SEC introduces National Savings Scheme to widen capital market participation

The Securities and Exchange Commission (SEC) has unveiled a National Savings Scheme designed to help Nigerians across different income groups save and invest through the capital market.

SEC Director-General Dr. Emomotimi Agama announced the initiative at the National Capital Market Conference in Abuja, alongside the Nigerian Capital Market Master Plan (NCMMP) 2.0 for 2026 to 2036.

The scheme, which has legal backing under the Investments and Securities Act 2025, will target traders, farmers, young graduates and other groups, with investments managed by professional fund managers registered with the Commission.

SEC targets wider investment participation

Agama said the National Savings Scheme was designed to address the gap between the growth in Nigeria’s capital market and the number of Nigerians participating in it. He noted that rising market valuations had not translated into sufficiently broad ownership of financial assets.

The SEC chief described the scheme as an important instrument for financial inclusion, particularly for Nigerians who have limited participation in the capital market.

• “Our market is growing in value. It is not yet growing deep enough in people. The National Savings Scheme is, first and foremost, an instrument of inclusion.”

According to Agama, the scheme will connect household savings to productive investments, with SEC-registered professional fund managers responsible for managing the funds.

• He disclosed that a memorandum of understanding involving the SEC, the Nigeria Revenue Service and FSD Africa would support the initiative through proposed tax incentives for savers.
• The Commission also plans to establish a Project Steering Committee and an Implementation Committee to oversee delivery under the new capital market roadmap.

Agama said the implementation process would include clear responsibilities, timelines and performance measures to ensure that the scheme and other initiatives produce measurable outcomes.

Market rally exposes participation gap

The National Savings Scheme comes after a period of strong performance in Nigeria’s equities market. Agama said market capitalisation crossed N100 trillion for the first time in January 2026 before reaching another record above N150 trillion in September.

He added that the NGX All-Share Index had gained approximately 60% in 2026, following a 51% return in 2025.

• Nigeria returned to FTSE Russell’s Frontier Market classification on September 21, 2026, after being excluded from the index since September 2023.

The NCMMP 2.0 follows the Revised Capital Market Master Plan 2015–2025, which was launched in November 2022.

• Senate Committee on Capital Market Chairman Osita Izunaso said Nigeria had more than five million registered companies but only about 151 listed firms.
• Izunaso called for more listings, particularly NNPC Limited and major telecommunications companies, to expand investment opportunities for Nigerians.
• The senator also urged the SEC to accelerate regulations covering digital assets and tokenisation.
• The push for additional listings comes as NNPC considers a potential public offering, although the company said on September 29 that no date had been fixed and the final decision rested with shareholders.
• Nairametrics also reported in October that the national oil company was addressing governance and financial reporting gaps identified by its advisers ahead of a potential listing.

The developments highlight efforts to increase both the number of investors participating in the market and the supply of companies available for investment.

Savings Scheme faces implementation test

The National Capital Market Master Plan 2.0 targets an expansion of Nigeria’s capital market from approximately N250 trillion to N750 trillion by 2036. Achieving that goal will require broader retail ownership, more listed companies and deeper financing opportunities.

• Agama has also warned that increasing investor participation without expanding the supply of credible investment opportunities could push up existing asset prices rather than support genuine market development.
• Nairametrics had earlier reported Agama’s warning about the shortage of credible issuers in Nigeria’s capital market.
• The market is also targeting 30 million investors by 2030, according to the SEC chief.
• The proposed National Savings Scheme is intended to bring more Nigerians into investment products managed by SEC-registered professionals.
• Additional company listings, deeper bond markets and stronger institutional participation are expected to support the broader capital market expansion agenda.

Agama said the Commission would track implementation of the master plan through publicly reported performance measures.

• “Every commitment in NCMMP 2.0 will have an owner, a timeline and a scorecard, and we will report progress openly to this nation.”

The scheme’s success will depend on investor protection, credible disclosures, effective regulation and consistent economic policies.

Beyond increasing market capitalisation, the challenge will be ensuring that more households can participate in investment opportunities while businesses gain access to long-term financing for productive activities.