Image: Clara Sanchiz / Wikimedia Commons, CC BY-SA 2.0
The 10-year plan will be endorsed at the State House; the savings scheme is designed as an inclusion tool with tax incentives.
The Securities and Exchange Commission will launch the Nigerian Capital Market Master Plan 2.0 (NCMMP 2.0), a 10-year strategic framework, and a National Savings Scheme at its 2026 capital market conference on 19 October at the Presidential Villa, Abuja, THISDAY and The Fact reported. Vice President Kashim Shettima is expected to endorse the plan.
The Master Plan
SEC Director-General Dr Emomotimi Agama said the plan “provides the direction of the market” and sets measurable performance indicators. The first master plan ran from 2015 to 2025. The conference will inaugurate an NCMMP 2.0 Project Steering Committee and a Capital Market Master Plan Implementation Committee, and receive presentations from Capital Market Committee technical working groups.
The National Savings Scheme
Agama described the scheme as “principally, an inclusion tool wherein every Nigerian is allowed to save” and invest. It will carry tax incentives, aligned with tax relief for lower-income earners under the 2025 tax reforms.
The legal framework
The plan will be implemented under the Investments and Securities Act 2025, which expanded the SEC’s powers over digital assets, commodities exchanges and market conduct. The SEC has recently issued rules on digital assets, forex and CFD trading, and IFRS sustainability reporting, and the Dangote refinery IPO is testing the market’s capacity for large retail offerings.
What to watch
The details that matter to issuers and investors will be in the plan’s text: targets for market capitalisation and listings, proposals on pension fund and insurance asset allocation, measures for a deeper bond market, and the SEC’s rulemaking agenda. For the savings scheme, the legal questions are its structure (collective investment scheme, government-backed product or tax-advantaged account), the tax treatment and who can distribute it. Fund managers, brokers and fintech platforms should review the scheme rules for distribution opportunities and compliance obligations when published.
Market participants should also watch for consultation on implementing rules.
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