The Securities and Exchange Commission (SEC) has outlined a strategic pivot for 2026 aimed at attracting patient finance to address Nigeria’s chronic infrastructure shortfall. In a New Year message delivered in Abuja, SEC Director-General Dr Emomotimi Agama said the Commission will prioritise channelling stable, long-tenor capital into critical sectors such as roads, power, rail, housing and agriculture.
long-term capital Nigeria will target infrastructure and productive sectors
Agama said the shift responds to an overreliance on short-term instruments during 2025, when many companies tapped commercial paper to meet working capital needs. The Commission approved commercial paper programmes totalling more than N1.3 trillion by October 2025. That pattern, he warned, raises refinancing risk and limits investment in projects that require patient funding.
To correct that imbalance the SEC plans to modernise regulatory frameworks to make it easier for long-term issuers to access the capital market. Key measures will include facilitating the issuance of infrastructure bonds, municipal bonds, green bonds and infrastructure-focused funds, alongside tailored listing windows for agribusiness cooperatives and value-chain companies.
“Our goal is to attract long-term domestic and international capital into roads, power, rail, housing and digital infrastructure, while making it easier for state governments and infrastructure companies to access the market efficiently,” Agama said. The Commission also intends to expand commodity-linked instruments to reduce pricing risk, improve farmer incomes and bolster food security.
Nigeria’s infrastructure deficit is estimated at more than $100 billion. Government and private sector studies suggest the country may require about $100 billion yearly over coming decades to close the gap and accelerate development. The shortfall is visible in dilapidated roads, erratic power supply, limited rail networks, a housing shortage of over 20 million units and slow broadband penetration.
Beyond infrastructure, the SEC will revive Real Estate Investment Trusts and introduce affordable housing bonds to unlock capital for mass housing delivery and broaden investor choices. For agriculture, the Commission will promote agricultural investment trusts and commodity exchanges to de-risk production and create new income channels for farmers.
In manufacturing and other productive sectors the SEC is reviewing rules to attract more listings from small and medium-sized enterprises in manufacturing, automotive, pharmaceuticals and finished goods. The intent is to channel patient capital to factories that need longer horizons to become competitive, reduce import dependence and strengthen the Made-in-Nigeria value proposition.
On energy, the Commission will support capital raises through infrastructure bonds, green energy bonds, project-backed securities and public–private financing vehicles aimed at grid expansion, embedded generation and renewable projects linked to Nigeria’s energy transition goals.
Market analysts welcomed the emphasis on long-term mobilisation, noting that sustainable financing is essential to reverse years of underinvestment. By shifting focus from short-term liquidity solutions to durable capital formation, the SEC seeks to position the capital market as a central engine for economic and social development in 2026.
Key Takeaways:
- SEC aims to channel long-term capital into roads, power, rail, housing and agriculture to tackle Nigeria’s infrastructure gap.
- The Commission will promote infrastructure, green and municipal bonds and create listing windows for agribusiness and SMEs.
- Policy seeks to reduce reliance on short-term financing after a 2025 surge in commercial papers worth over N1.3 trillion.
- Focus on long-term capital Nigeria to support REITs, commodity instruments, and energy transition financing.
