The Nigerian capital market is positioned for greater growth in the years ahead, with the proposed National Savings Scheme and the listing of the Dangote Refinery seen as major catalysts for deeper market participation.
This was the view of the president of the Association of Capital Market Academics of Nigeria, Prof. Uche Uwaleke in his assessment of Nigeria at 66, titled ‘Nigeria at 66: Why the Capital Market Gives Us Cause to Celebrate’.
According to Uwaleke, while the market has recorded significant institutional evolution from its modest beginnings in 1960 to a multi-trillion-naira ecosystem with equities capitalization in excess of N163 trillion, its most exciting phase lies ahead.
He said the Securities and Exchange Commission’s commitment to developing a second Capital Market Master Plan presents an opportunity to consolidate previous reforms and set a fresh strategic direction.
“The next blueprint should place particular emphasis on expanding the number of Nigerians who participate directly and indirectly in the market, increasing the supply of investible securities, attracting more domestic and international issuers, deepening liquidity and strengthening investor protection,” he stated.
Uwaleke described the soon to be unveiled National Savings Scheme as having the potential to cultivate a stronger savings and investment culture among Nigerians.
“A country aspiring to industrialize cannot depend indefinitely on foreign capital or public borrowing alone. It must progressively mobilize its own domestic savings and channel them into productive investment,” he said.
He noted that a well-designed scheme, supported by investor safeguards, accessible products and financial education, could encourage households to move beyond informal savings and participate in instruments that support long-term wealth creation, particularly among young people, women, informal-sector workers and Nigerians outside major commercial centres.
On the Dangote Refinery listing, Uwaleke said it could have far-reaching implications for the market.
“It would potentially provide Nigerian investors with an opportunity to participate in the ownership of a major industrial asset, deepen the equity market and demonstrate the capacity of the domestic market to accommodate large-scale enterprises,” he said.
He added that the recent banking recapitalization exercise, where banks raised funds through public offers and rights issues, already demonstrates the market’s developmental relevance.
Uwaleke, however, stressed that for these opportunities to translate into enduring progress, the market must become more familiar and accessible to ordinary Nigerians through sustained investor education, university engagement and collaboration between regulators, operators and academics.
“At 66, Nigeria may not yet be the country its founders envisaged, but it remains a country of immense possibilities. The capital market reminds us that nation-building is not measured only by the distance yet to be covered, but also by the institutions already built,” he disclosed.
