Renowned professor of capital market, Uche Uwaleke, has emphasized the need for a credible delivery framework to accompany the newly launched Nigeria Capital Market Master Plan (NCMMP 2.0). The plan, which aims to expand Nigeria's capital market from about N250 trillion to N750 trillion by 2036, was launched in Abuja by Vice-President Kashim Shettima. Uwaleke described the master plan as a commendable and ambitious undertaking that deserves recognition.
The NCMMP 2.0, a roadmap designed to drive Nigeria's economic transformation, has been commended by Uwaleke for its aspirations and proposed reforms. The plan aims to build a diverse, efficient, transparent, and innovative capital market that positions Nigeria as a regional financial hub and mobilizes the capital needed to drive wealth creation and a US$1 trillion economy by 2030. Uwaleke, who is the Director of the Institute of Capital Market Studies, Nasarawa State University, Keffi, noted that the success of the master plan depends on its implementation.
Uwaleke raised concerns about the 10-year implementation horizon of the NCMMP 2.0, spanning 2026-2036, questioning whether it is the most appropriate framework. He argued that while a long-term vision is necessary for transforming a capital market, the implementation programme must be anchored in a timeframe that is sufficiently realistic, measurable, and aligned with the country's prevailing economic policy framework.
Uwaleke cited Malaysia's Capital Market Masterplan 2026-2030 as a useful model, which adopted a five-year implementation horizon within a broader 20-year vision extending to 2045. This approach allows policymakers and market participants to translate strategic ambitions into specific, time-bound priorities, assess progress against measurable milestones, and recalibrate interventions in response to changing economic conditions.
The Securities and Exchange Commission (SEC), the sponsors, FSD Africa and the Foreign, Commonwealth & Development Office (FCDO), and the consortium of consultants led by Genesis Analytics and Bourse Consult were commended by Uwaleke for investing the expertise, resources, and collaborative effort required to articulate a strategic vision for Nigeria's capital market over the next decade.
Uwaleke's article, titled 'NCMMP 2.0: The Gaps in National Alignment and Inclusive Consultation,' emphasized the need for a credible delivery framework that establishes measurable annual milestones, provides for regular independent evaluation, and makes it possible to distinguish between completed activities and reforms that have produced tangible economic outcomes.
The implementation of the NCMMP 2.0 requires a robust framework to ensure its success. Uwaleke's suggestions aim to ensure that the plan is implemented effectively and efficiently, and that its goals are achieved. The Nigerian capital market has the potential to play a significant role in driving the country's economic growth and development.
Key points
- A credible delivery framework is necessary for the successful implementation of the Nigeria Capital Market Master Plan (NCMMP 2.0).
- The 10-year implementation horizon of the NCMMP 2.0 has been questioned, with some suggesting a more realistic and measurable timeframe.
- Malaysia's Capital Market Masterplan 2026-2030 has been cited as a useful model for Nigeria's capital market development.
