Economy
Nigeria Needs Capital Market that Broadens Access to Economic Prosperity—Minister
By Aduragbemi Omiyale
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has charged the Securities and Exchange Commission (SEC) to do more to deepen the country’s capital market so as to create wealth for citizens.
Speaking in Lagos on Thursday at the launch of the revised Capital Market Master Plan, she said, “Nigeria needs a capital market that broadens access to economic prosperity by enabling the emergence of financially responsible citizens, accelerating wealth creation and distribution, providing capital to small and medium scale enterprises, and catalysing housing finance.”
She noted that investor confidence remains one of the key ingredients that will accelerate the growth of the nation’s capital market and increase both domestic and foreign participation, assuring SEC of the continued support of the federal government to enable it effectively do its job of regulating and developing the ecosystem.
According to her, the capital market should be characterised by a high level of compliance with ethical standards, deep liquidity and sophistication, good corporate governance, and a strong domestic investor base.
“I consider the revised Capital Market Master Plan a veritable tool which the capital market must use as it drives key initiatives towards achieving the Country’s economic growth objectives,” the Minister, represented at the launch by the Director-General of the Debt Management Office (DMO), Ms Patience Oniha, said.
Mrs Ahmed said the implementation of the master plan was one of the key initiatives in the 40- Deliverable Presidential mandate of the Federal Ministry of Finance, Budget and National Planning.
This, the Minister said, underscores the fact that capital market growth resonates with the administration of President Muhammadu Buhari’s unwavering commitment to deepening and re-positioning the financial market as a key anchor to achieving a private-sector-led development of our economy, as emphasised in the National Development Plan (NDP) objectives.
“This administration and, especially my office, has supported the Capital Market Master Plan implementation efforts since inception.
“The master plan, which represents collective aspirations of the capital market community, is focused on driving initiatives geared towards growing and deepening the market with the ultimate goal of accelerating the emergence of our country in the top 20 global economies by the year 2025,” she said.
The Finance Minister commended the SEC, CAMMIC and the capital market community for their laudable achievements, especially in the areas of dematerialization of share certificates, e-Dividend Mandate Management System, facilitation of access to alternative investments like SUKUK, enhancing the commodities trading ecosystem, national savings strategy, demutualization of the NSE, and the ongoing review of the ISA among others.
According to her, “I am also aware of ongoing efforts on other initiatives like the direct cash settlement, introduction of derivatives, financial literacy, enhancing market liquidity, incentives for listings, growth of collective investment schemes and leveraging fintech solutions in the capital market.
“I assure you of the government’s support in all these efforts, and I am confident in your ability to successfully drive these initiatives to fruition.
“As you chart the course for the next phase of the Capital Market Master Plan’s implementation, I assure you of the federal government’s support and look forward to working with you to realize the plan’s objectives” she stated.
In his remarks, the DG of SEC, Mr Lamido Yuguda, stated that the master plan was designed to chart a strategic direction while providing clarity of vision and a robust road map required to facilitate innovation, investment, growth and expansion of empowering opportunities in Nigeria and beyond.
He said, “Our vision is to be Africa’s most modern, efficient, and internationally competitive market that catalyses Nigeria’s economic growth and development.
“We believe the plan provides a solid roadmap for achieving this vision as we collaborate with other stakeholders to effectively drive its implementation.”
Mr Yuguda stated that the main objective of the review was to produce an updated version of the document primarily to: engage stakeholders on the current level of market development and opportunities for further capital market growth, review and update the assumptions and vision of the Capital Market Master Plan (CMMP) and develop targets for the various thematic areas of the CMMP, and introduce a Strategy Map and KPIs for the CMMP and use the balanced scorecard approach for performance measurement.
Other objectives the DG said are to align existing initiatives with new ones based on targets and strategic objectives; develop an implementation plan for initiatives with clear milestones, deliverables, timelines, resource requirements, and dependencies; identify challenges, opportunities and risks associated with the CMMP implementation and recommend ways of effective and more efficient implementation; and identify and incorporate new product ideas and initiatives to deepen and grow the Capital Market.
The DG commended Mrs Ahmed for her unwavering support and commitment to the implementation of the master plan and the development of our capital market; the Financial Sector Deepening Africa (FSDA) for their partnership and funding support in the review of the Capital Market Master Plan; Dr Andrew Nevin and his team at PwC for a comprehensive and professional revision of the master plan; and CAMMIC, and the entire capital market community for providing valuable insights during the review process.
Mr Victor Nkiri, representing FSDA, said that the Nigerian capital market had gained prominence among its peers, having increased in size, depth and sophistication in terms of diversified products adding that the capital market continues to play a key role in the economy.
He said the revised CMMP would provide a blueprint for Nigeria’s capital market to remain up to date with emerging trends and future realities, even as it continues to attract increased local and foreign investors’ participation.
Also speaking, the Chairman of the Capital Market Implementation Council, Prof. Kanyinsola Ajayi, said the vision to be Africa’s most modern, efficient, and internationally competitive market that catalyzes Nigeria’s economic growth and development is ambitious but achievable.
He said, “We will need to work together as a market, across the financial sector and with the Government to ensure we ease all bottlenecks and address policy gaps that will help unleash the power of the private sector to drive the market growth we all aspire for. We believe the Plan provides a solid roadmap for achieving this vision as we collaborate with all our stakeholders under the leadership of SEC.”
Represented by Dr Dotun Suleiman, Mr Ajayi said the revised master Plan has proposed changes to the implementation governance structure to make it more efficient, flexible and focused on providing positive for the market and all stakeholders. Consequently, I would like to implore the DG to ensure that this structure is fully implemented and manned as proposed.
By Aduragbemi Omiyale
The Nigeria Police Force (NPF) has promised to work with the Securities and Exchange Commission (SEC) and the Nigerian Exchange (NGX) Group Plc for the prevention of financial crime, and the reinforcement of trust and confidence in Nigeria’s capital market.
The Inspector General of Police, Mr Kayode Egbetokun, gave this assurance on Wednesday at the closing gong ceremony in his honour at the NGX in Lagos.
The police chief said, “A transparent and well-regulated capital market is vital to Nigeria’s economic growth. The Nigeria Police Force remains committed to working with regulators and market operators to prevent financial crime, protect investors, and uphold the integrity of our financial system.”
Earlier in his welcome address, the chairman of NGX Group, Mr Umaru Kwairanga, commended the leadership of the police in supporting market integrity.
“Market integrity is a shared responsibility. By honouring the Inspector-General of Police, we are reinforcing the importance of institutional alignment in protecting investors and preserving trust in our financial system.
“Strong collaboration between regulators, enforcement agencies, and market infrastructure institutions is essential to building a resilient and credible market that supports economic growth,” he stated.
The Director-General of SEC, Mr Emomotimi Agama, while speaking, emphasized the importance of coordinated enforcement, noting: “Investor protection is at the core of market regulation, and today’s engagement highlights how critical collaboration with law enforcement is to achieving that mandate. This partnership strengthens our enforcement capacity, enhances deterrence against illegal investment activities, and reinforces confidence in the Nigerian capital market.”
As for the chairman of NGX Limited, Mr Ahonsi Unuigbe, “A transparent and orderly market can only thrive where rules are respected and misconduct is addressed decisively. The presence of the Nigeria Police Force in this collective effort sends a strong signal that safeguarding the market is a national priority.”
Similarly, the chief executive of NGX Group, Mr Temi Popoola, stressed the importance of aligning innovation with oversight, pointing out that, “Technology and market growth must be supported by strong enforcement and investor protection frameworks. Our collaboration with the SEC and the Nigeria Police Force reflects a unified approach to preserving the credibility of Nigeria’s capital market.”
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rallied by 0.09 per cent on Wednesday, February 4, amid renewed appetite for unlisted stocks.
This lifted the NASD Unlisted Security Index (NSI) by 3.18 points to 3,641.30 points from the previous session’s 3,641.30 points and raised the market capitalisation by N1.9 billion to N2.180 trillion from the N2.178 trillion quoted on Tuesday.
The bourse recorded three price gainers and four price losers at the midweek session.
The advancers were led by Air Liquide Plc, which went up by N2.04 rise to end at N22.53 per share versus the previous session’s N20.49 per share, Central Securities Clearing System (CSCS) added 97 Kobo to sell at N44.97 per unit versus N44.00 per unit, and Acorn Petroleum Plc appreciated by 2 Kobo to N1.37 per share from N1.35 per share.
On the flip side, Geo-Fluids Plc lost 55 Kobo to sell at N6.26 per unit versus N6.81 per unit, Nipco Plc depreciated by 48 Kobo to trade at N259.00 per share versus N259.48 per share, FrieslandCampina Wamco Nigeria Plc declined by 40 Kobo to N63.10 per unit from N63.50 per unit, and Industrial and General Insurance (IGI) depleted by 1 Kobo to 65 Kobo per share from 66 Kobo per share.
Yesterday, the volume of trades slid by 64.5 per cent to 2.5 million units from 7.0 million units, the value of transaction decreased by 53.2 per cent to N17.7 million from N37.9 million, and the number of deals went down by 47.1 per cent to 18 deals from 34 deals.
CSCS Plc remained the most traded stock by value on a year-to-date basis with 16.0 million units valued at N652.6 million, followed by FrieslandCampina Wamco Nigeria Plc with 1.7 million units exchanged for N111.2 million, and Geo-Fluids Plc with 11.7 million units traded for N76.1 million.
CSCS Plc was also the most active stock by volume on a year-to-date basis with 16.0 million units sold for N652.6 million, trailed by Mass Telecom Innovation Plc with 13.3 million units worth N5.3 million, and Geo-Fluids Plc with 11.7 million units valued at N76.1 million.
By Adedapo Adesanya
The Naira rallied at the different segments of the foreign exchange (FX) market on Wednesday as supply continues to outweigh demand, giving it an edge against the United States Dollar.
In the parallel market, the Nigerian Naira improved its value on the greenback yesterday by N5 to quote at N1,450/$1 compared with the previous day’s N1,455/$1, and at the GTBank FX desk, it gained N3 to trade at N1,383/$1, in contrast to Tuesday’s exchange rate of N1,386/$1.
In the the Nigerian Autonomous Foreign Exchange Market (NAFEX), which is also the official market, the Naira firmed up against the Dollar at midweek by N14.63 or 1.1 per cent to settle at N1,358.28/$1 versus the preceding session’s N1,372.91/$1.
Against the Pound Sterling, the domestic currency appreciated on Wednesday by N14.16 to N1,863.43/£1 from the previous day’s N1,877.59/£1, and gained N13.73 on the Euro to end at N1,606.03/€1 versus the N1,619.76/€1 it was exchanged a day earlier.
The strengthening of the Naira value has been driven by the injection of forex into the financial markets by foreign investors seeking attractive investments in the emerging markets, helping to boost Nigeria’s external reserves, which provide the Central Bank of Nigeria (CBN) with the capacity to support the local currency.
As of February 4, 2026, the reserves reached $46.59 billion.
The local currency has been able to find a solid path despite no indications of any intervention from the apex bank in recent week, strengthening the case of price discovery.
Policy moves by the CBN is also offering a backbone for the FX market as it considers some strategic reforms through a policy known as the Single Regulatory Window.
In its 2025 Fintech Report, the central bank said this scheme will significantly reduce time-to-market for new digital financial products by streamlining licensing and supervisory processes across multiple agencies.
Meanwhile, the cryptocurrency market was in red amid a broad sell-off in global technology stocks, with reports showing that liquidity was notably thin, amplifying price moves and contributing to forced liquidations. The decline followed a sharp sell-off in global technology stocks overnight, where concerns over the pace of artificial intelligence adoption and rising capital spending by major firms weighed heavily on valuations.
Bitcoin (BTC) lost 7.9 per cent to sell at $70,534.94, Ripple (XRP) declined by 11.2 per cent to $1.42, Binance Coin (BNB) slumped by 9.4 per cent to $689.70, Ethereum (ETH) crashed by 8.9 per cent to $2,072.46, and Solana (SOL) dipped by 8.7 per cent to $89.86.
In addition, Dogecoin (DOGE) depreciated by 6.9 per cent to $0.1008, Cardano (ADA) slipped by 6.8 per cent to $0.2792, Litecoin (LTC) dropped 5.1 per cent to trade at $57.56, and US Dollar Tether (USDT) went down by 0.1 per cent to $0.9980, while the US Dollar Coin (USDC) closed flat at $1.00.
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