Nigeria’s Securities and Exchange Commission (SEC) has announced an ambitious 2026 strategy aimed at mobilising long-term capital to help close the country’s significant infrastructure financing gaps and spur broader economic development. The plan, revealed in a New Year message by SEC Director-General Dr. Emomotimi Agama in Abuja, places the capital markets at the centre of solutions for funding persistent shortfalls in power, transport, housing and other critical sectors.
The initiative comes amid growing recognition that Nigeria’s reliance on short-term financing, such as commercial papers that raised over N753 billion in 2025, is insufficient to drive sustained investment in long-duration projects.
At the heart of the SEC’s agenda is the mobilisation of “patient capital”, long-term funding that can support infrastructure build-out and other capital-intensive sectors. The Commission plans to facilitate the issuance of a range of financial instruments tailored to attract both domestic and international investors. Among these are infrastructure bonds, green bonds, municipal bonds, and infrastructure-focused funds, designed to channel disciplined capital into productive uses.
“Our goal is to attract long-term domestic and international capital into roads, power, rail, housing, and digital infrastructure,” Agama said, while underscoring efforts to make it “easier for state governments and infrastructure companies to access the market efficiently.”
A key part of this drive will be streamlining regulatory frameworks and removing bottlenecks that have historically constrained market participation and long-term financing. The SEC believes that by modernising regulations and boosting investor confidence, Nigeria’s capital market can play a transformational role in the national economy.
Targeting Core Sectors and Broader Market Impact
Officials say the 2026 agenda goes beyond infrastructure alone to deepen capital formation across several sectors:
Housing and Real Estate:
The SEC will seek to revitalise the Real Estate Investment Trust (REIT) market and introduce affordable housing bonds to unlock funding for mass housing projects, creating new asset classes for domestic and institutional investors.
Agriculture and Food Security:
By promoting listings of agribusiness firms and creating tailored windows for agricultural cooperatives and value-chain companies, the Commission hopes to “de-risk agriculture, ensure fair pricing for farmers, strengthen food security, and allow Nigerians to own a stake in the nation’s breadbasket.”
Small and Medium Enterprises:
The SEC will review rules to incentivise listings by SMEs, particularly in manufacturing, automotive and pharmaceuticals, sectors critical for import substitution, employment creation and “Made in Nigeria” branding.
Power Sector Financing:
Recognising power as a fundamental growth enabler, the regulator will support long-term capital through infrastructure bonds, green energy bonds and project-backed securities to unlock funding for grid expansions, renewable energy and embedded power solutions.
The emphasis on long-term capital comes as Nigeria’s broader economic agenda for 2026 also prioritises enhanced capital formation, deeper financial markets and increased participation by institutional investors such as pension funds and insurance firms. Government policy guidance suggests that expanding long-tenor local currency instruments and improving investor protection will be central to funding infrastructure and productive sectors.
Analysts note that Nigeria’s vast infrastructure deficit, estimated in trillions of naira, continues to weigh on productivity and economic growth. By leveraging capital markets to attract institutional and diaspora capital, the SEC believes it can complement constrained government revenues and reduce the nation’s reliance on short-term bank financing and sovereign borrowing.
“This year, we are embracing a profound opportunity, an opportunity to redefine the very purpose and power of the Nigerian Capital Market,” Agama said, signalling a strategic pivot toward using financial markets as engines for sustainable development.
If effectively implemented, the 2026 agenda could deepen market liquidity, strengthen investor confidence and help align the capital market more closely with Nigeria’s broader economic and infrastructure goals.
