The Federal Government has unveiled an ambitious plan to list at least 1,000 Small and Medium Enterprises (SMEs) on the Nigerian capital market in the coming years as part of efforts to deepen financial inclusion, stimulate job creation, and strengthen the nation’s economic resilience.This disclosure was made by the Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, during a stakeholders’ meeting held in Abuja, where key players from the Nigerian Exchange (NGX), Securities and Exchange Commission (SEC), and Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) gathered to strategize on broadening access to capital for emerging businesses.
According to Uzoka-Anite, the initiative is central to the government’s broader agenda of empowering small businesses and driving private sector-led growth. She said the Federal Government is working closely with regulators and capital market operators to simplify listing processes, reduce associated costs, and ensure SMEs benefit from transparent and sustainable financing.
“Our goal is to see at least 1,000 SMEs successfully listed on the Nigerian capital market over the next few years,” the minister said. “This will not only provide them with access to long-term funds but also strengthen corporate governance, improve transparency, and position them for regional and global competitiveness.”
The minister emphasised that SMEs are the backbone of Nigeria’s economy, accounting for over 80 percent of employment and nearly 50 percent of GDP. However, many of these enterprises face serious financing challenges that limit their potential for expansion and innovation.
She added that the new capital market integration plan will complement the ongoing reforms under President Bola Ahmed Tinubu’s administration aimed at improving the business environment, stabilising the economy, and attracting both local and foreign investors.
The Nigerian Exchange Group (NGX) Chief Executive Officer, Mr. Temi Popoola, who was also present at the event, commended the Federal Government’s vision, noting that deepening SME participation in the market would foster diversification and reduce the economy’s reliance on oil revenues.
Popoola revealed that NGX is already working on a dedicated SME Board — a more flexible platform that accommodates smaller firms with lighter regulatory requirements and tailored listing rules. He said this model has proven successful in advanced economies such as the United Kingdom and India, where SME-focused exchanges have helped build thriving entrepreneurial ecosystems.
“Listing SMEs on the stock exchange will enhance their credibility, open access to institutional investors, and provide a transparent mechanism for raising capital,” Popoola said. “We are committed to supporting the government in achieving this target by providing advisory services, capacity-building programs, and digital platforms that simplify the listing process.”
Also speaking, the Director-General of SMEDAN, Mr. Charles Odii, highlighted that the agency is developing a comprehensive database of SMEs that meet the criteria for public listing. He explained that the goal is to create a structured pipeline of high-growth businesses that can attract investor interest and drive sectoral development.
Odii said SMEDAN is also partnering with development finance institutions (DFIs) and microfinance banks to provide pre-listing support, financial literacy, and mentorship to prospective companies.
“The Nigerian capital market is a vital engine for economic transformation, and this initiative will ensure that no promising enterprise is left behind due to lack of access to finance,” Odii noted.
Market analysts have welcomed the initiative, describing it as a timely intervention that could unlock the potential of Nigeria’s burgeoning SME sector. According to them, expanding SME participation in the capital market will not only boost investor confidence but also enhance productivity, innovation, and job creation.
Financial expert and economist, Dr. Bamidele Ojo, observed that listing smaller enterprises would attract more domestic savings into productive investments while increasing the market’s depth and liquidity.
“If executed effectively, this plan could reshape the capital market landscape. It will bridge the gap between informal and formal business sectors, enabling SMEs to access long-term capital and scale their operations sustainably,” he said.
The SEC Director-General, Mr. Lamido Yuguda, reaffirmed the Commission’s readiness to support the project through policy reforms and incentives. He stated that the SEC is currently reviewing regulations to ensure flexibility in listing requirements without compromising investor protection and market integrity.
“The Commission recognises that SMEs are vital to Nigeria’s economic future. Our regulatory framework will be tailored to encourage participation, ease compliance, and attract more domestic investment into this segment,” Yuguda said.
Industry observers believe that if successfully implemented, the initiative could add over ₦5 trillion in market capitalisation within the next decade, strengthening Nigeria’s capital market as a key driver of national development.
The Federal Government’s 1,000-SME listing target marks a bold step toward inclusive economic growth, signalling a renewed commitment to empowering indigenous enterprises and unlocking Nigeria’s entrepreneurial potential.
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