RFA Breakfast Paper - October 19, 2026
Nigeria Targets ₦750trn Capital Market
Vice President Kashim Shettima on Monday unveiled the Nigerian Capital Market Master Plan 2.0, a 10-year SEC roadmap targeting capital market value of ₦750 trillion by 2036, up from roughly ₦250 trillion today. The plan aims to deepen bond financing for state governments, channel capital to agriculture and solid minerals, and introduce a National Savings Scheme to draw retail savings into the market. Finance Minister Taiwo Oyedele argued for a more ambitious $1 trillion target, proposing to lift equity market capitalisation from 33% to at least 60% of GDP, listed companies from 146 to 250 and retail investors from six million to 20 million, with incentives for private firms to list. For investors, the plan signals continued policy support for domestic capital formation and a deeper pipeline of listings and bonds, but delivery depends on reform continuity; Shettima warned that policy reversals would undermine confidence.
Tech Rebound Lifts Nasdaq 1.11%
U.S. stocks ended mixed on Monday as technology shares recovered from last week's AI-led sell-off. The S&P 500 rose 0.41% to 7,690.73 and the Nasdaq Composite gained 1.11% to 26,430.89, while the Dow slipped 0.07%. Chipmakers Micron, AMD and Nvidia led the rebound, and Intel advanced after a JPMorgan upgrade. The 10-year Treasury yield rose 3.8bps to 5.14% as high oil prices kept inflation concerns alive ahead of the Fed's 27–28 October meeting. Earnings from Meta, Tesla and IBM this week will test AI spending.
Dangote Cement, Banks Drag NGX Down 0.91%
The NGX All-Share Index fell 0.91% to 245,278.34 on Monday, its lowest close in five sessions, as market capitalisation shed ₦1.47 trillion to ₦159.26 trillion. Dangote Cement dropped 5.50% to ₦1,008.00, pulling the Industrial Index down 2.90%, while profit-taking hit lenders: the Banking Index lost 1.40%, led by Ecobank (-4.76%), Wema (-3.55%), UBA (-2.33%) and Access (-1.93%). The NGX 30 declined 0.90%. Volume rose 35.58% to 349.34m shares across 43,115 deals, pointing to active selling rather than thin trade. Oil/gas and consumer goods held broadly flat.
