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Box 4.18: Nigeria’s 2015-2025 Capital Market Transformation Programme
Nigeria’s capital markets vision:
“To be Africa’s most modern, efficient and
internationally competitive market that
catalyses Nigeria’s emergence as a top 20 global
economy.”
To achieve this vision, 4 major strategic
transformation themes have been identified,
together with the key objectives under each theme
and their recommendations. The 4 strategic
transformation themes are:
1. To drive and facilitate capital raising for
sustainable national development and
transformation of Nigeria’s priority economic
sectors, thereby effectively contributing to the
national economy.
2. To align the market structure to the
requirements of the economy as well as to
increase the scale, size and professionalism of
all stakeholders.
3. To ensure competitiveness by establishing
practices to improve transparency,
efficiency and liquidity, and to attract
sustainable interest in the capital markets
from domestic as well as foreign investors
and participants.
4. To create an enabling and facilitative
oversight and regulatory framework
supportive of the deepening and
development of the Nigerian capital
markets.
A total of 101 initiatives have been proposed
along the lines of the 4 strategic thrusts:
 28 initiatives for contribution to the
national economy
 20 initiatives for market structure
 29 initiatives for competitiveness
 24 initiatives for regulation and
oversight
Source: SEC (2015a)
The Capital Market Master Plan 2015 identifies an important catalyst in driving the growth of
the Nigerian capital market. It aims to make Nigeria the hub for ICM products in the region. To
achieve this, 4 strategic initiatives have been ascertained for the SEC:
 To work with the Central Bank of Nigeria (CBN), the National Insurance Commission
(NAICOM) and the Pension Commission (PENCOM) to establish Islamic investment
guidelines.
 To develop Shariah-compliant products.
 To build capacity on Shariah-compliant products (SEC and operators).
 To develop awareness on Shariah-compliant products and their benefits.
The importance of the ICM is further reinforced by the issuance of a separate master plan for
the development of non-interest capital market products (NICMPs)―refer Box 4.19 for details.
The overall goal of the NICMP Master Plan 2015 is to contribute to at least 25% of the overall
capitalization of the capital markets over the next 10 years (2015–2025). Within 2 years after
the launch of the NICMP Master Plan, half of the stipulated recommendations have been
implemented by the key regulators, i.e. the SEC, Debt Management Office Nigeria (DMO), the
Central Bank of Nigeria (CBN), PENCOM, NAICOM, the Financial Inland Revenue Service (FIRS)
and the Financial Dealers Quotation (FDQ).