Nigeria has unveiled a 10-year capital market roadmap aimed at mobilising domestic and foreign investment, expanding private-sector access to financing and supporting its ambition to build a $1tn economy by 2030.

The Nigeria Capital Market Masterplan 2.0, covering 2026 to 2036, was launched alongside a National Savings Plan in Abuja on Monday. The initiatives are designed to deepen the country’s financial markets, channel savings into productive investments and strengthen Nigeria’s position as a regional financial hub.

The details were contained in a statement by the Securities and Exchange Commission Nigeria. It outlined the masterplan’s targets and proposed reforms, developed with technical support from FSD Africa and funding from the United Kingdom Government.

Under the roadmap, Africa’s most populous nation aims to increase collective investment scheme assets under management from $5.6bn to $56bn over the next decade, representing a tenfold increase. It also targets an increase in annual diaspora investment channelled into capital markets from $4bn to $10bn and a rise in the proportion of institutional investment portfolios allocated to non-sovereign assets from about 40 per cent to 50 per cent.

The plan further seeks to increase corporate bonds from 100 to 500 and cross-border listings from five to 40 over the period.

Speaking at the launch, the Director-General of the SEC, Dr Emomotimi Agama, described the masterplan as a framework for expanding the capital market to the scale required to finance Nigeria’s economic ambitions.

“Every great economy has, at its heart, a capital market that turns the savings of ordinary people into the factories, roads, homes and businesses that create jobs. Nigeria has the people, the enterprise and the ambition. What we are now building is a market to match them,” Agama stated.

He explained that the decision to launch the masterplan alongside the National Savings Plan was intended to strengthen the connection between domestic savings and investment, reducing the country’s dependence on external sources of capital.

“Savings are the raw material of investment, and a nation that saves through its own capital market builds with its own resources,” the SEC director-general added.

The initiatives are intended to direct more long-term financing towards infrastructure, energy, small and medium-sized enterprises, climate resilience, financial inclusion and job creation.

To achieve these objectives, the masterplan proposes reforms to make it easier for businesses and state governments to raise funds through the capital market, broaden participation by retail and diaspora investors, attract more foreign institutional investors and expand sustainable finance.

It also provides for the development of digital and tokenised assets, alongside measures to improve market regulation, infrastructure and institutional capacity.

The roadmap is organised around five pillars covering regulatory clarity and enforcement, modernisation of market infrastructure, expansion of issuers and financial instruments, diversification of the investor base, and strengthening of institutional and professional capacity. Each pillar is supported by an implementation framework setting out responsibilities, timelines and performance measures.

The masterplan builds on an earlier capital market development programme that recorded an overall activity completion rate of 63 per cent. While the previous plan supported several reforms, financial inclusion, regional integration, sustainable finance and the mobilisation of capital towards priority sectors were identified as areas requiring further progress.

The new roadmap also seeks to strengthen Nigeria’s position within Africa’s financial system through closer cooperation with other markets, cross-border fundraising and listing arrangements, and alignment with initiatives under the African Continental Free Trade Area.

NewGold Issuer Limited Pty Ltd has published its quarterly unaudited financial statements for the period ended 30 September 2026, delivering a total comprehensive income of $2.55m (N3.83bn or ZAR 42.27m).

The financial disclosure, submitted to the Nigerian Exchange Group on Tuesday and issued pursuant to Listing Rules 12.20 and section 88 of the Securities Act of 2005, reflects its financial operational performance for the second quarter.

The quarterly report officially highlights the legal framework of its release, stating, “The above abridged financial statements are issued pursuant to Listing Rules 12.20 and section 88 of the Securities Act of 2005”.

The document was formally signed and submitted for and on behalf of NewGold by Shivan Sookdew.

Over the course of the period, the company recorded total revenue and gross income of $4.03m (ZAR 66.63m), while net finance income added $156,747 (ZAR 2.59m) to overall receipts.

The entity’s financial position was significantly influenced by valuation shifts, recording a negative fair value adjustment on bullion investments of $377.27m (ZAR 6.24bn).

However, this impact was fully counterbalanced by an identical positive fair value adjustment of $377.27m on debentures, maintaining profit before tax at $3.50m (ZAR 57.91m) before accounting for tax expenses of $944,593 (ZAR 15.64m). As a result of robust operating activities, cash generated by operations totalled $3.83m (ZAR 63.44m), helping boost total cash and cash equivalents to $5.38m (ZAR 88.11m) by the close of the period on 30 September 2026.

JPMorgan Chase & Co has deposited N50bn with the Central Bank of Nigeria as part of efforts to secure a merchant banking licence and expand its operations in Africa’s largest economy.

The deposit, valued at about $38m, meets a key requirement in the American lender’s application and signals its readiness to establish a licensed banking operation in Nigeria, Bloomberg reported on Tuesday.

However, the payment does not guarantee approval, as the CBN is yet to make a final decision on the application.

People familiar with the process, who asked not to be identified because the matter is private, said the deposit was one of the final regulatory requirements for the licence. They added that the bank expects to obtain approval by the end of 2026 or in early 2027, subject to the regulator’s decision.

The report read, “JPMorgan Chase & Co. deposited 50 billion naira ($38 million) with the Central Bank of Nigeria as it moves closer to securing a banking license in Africa’s most populous nation, according to people familiar with the matter.

“The deposit, one of the final regulatory requirements for obtaining approval, signals the largest US lender’s readiness to launch a merchant-banking operation in Nigeria should its application be approved, said the people who asked not to be identified because the process is private.”

The report added that JPMorgan declined to comment on the development, while a CBN spokesman did not immediately respond to a request for comment, according to Bloomberg.

The proposed entry would mark a significant expansion of the bank’s presence in Nigeria, where it has advised governments and companies on Eurobond issuances and other financial transactions for years, largely through its representative office in Lagos.

A merchant banking licence would enable the lender to broaden its financial services in the country, particularly in corporate banking, lending, trade finance and payments.

Under Nigerian banking regulations, licence applicants are required to place capital in a designated account with the CBN as part of the approval process. The requirement is intended to demonstrate that an applicant has sufficient funds to support its proposed operations.

The N50bn deposit therefore represents an important step in JPMorgan’s attempt to move beyond its existing representative-office structure. Final approval, however, remains at the discretion of the apex bank.

The development comes as international financial institutions seek to deepen their participation in Africa’s banking and investment markets, where demand for trade financing, corporate credit and cross-border payment services continues to create opportunities.

JPMorgan’s proposed Nigerian operation also forms part of its wider expansion strategy across the continent. The New York-based lender is seeking a larger share of business involving companies, governments and investors operating in African markets.

Nigeria is a major destination for such services because of its large economy, extensive corporate sector and role in regional trade. A licensed presence could give JPMorgan a broader platform to serve Nigerian businesses and institutions, although the scope of its eventual operations will depend on the licence granted by the CBN.

The bank has also strengthened its investment-banking leadership across Africa in recent months.

It appointed Edward Bell to lead investment banking in sub-Saharan Africa, while Sailepu Montet was named head of its Kenya office and Michael Ahonzo Avou was appointed to oversee operations in Ivory Coast.

JPMorgan’s proposed entry into Nigeria comes against the backdrop of the country’s evolving banking regulatory environment, with the CBN overseeing capital requirements, licensing and other prudential rules designed to safeguard the financial system.