2026: SEC to review rules to incentivise SME listings

By Peter Egwuatu

The Securities and Exchange Commission (SEC) has announced plans to review its rules to encourage the listing of Small and Medium Enterprises (SMEs) on the nation’s stock exchanges as part of efforts to deepen the capital market and stimulate economic growth.

Director-General of the SEC, Dr Emomotimi Agama, disclosed this in his New Year message, noting that the initiative is aimed at unlocking patient capital for key productive sectors of the economy.

According to a statement from the Commission, Agama said the rules review would focus on incentivising listings from small and medium-scale industries, particularly in manufacturing, automotive, pharmaceuticals and finished goods. He said access to long-term capital through the market would help revive factories, reduce import dependence, create jobs and position “Made in Nigeria” products for global competitiveness.

Beyond SME listings, Agama said the Commission would prioritise the mobilisation of long-term capital to bridge Nigeria’s infrastructure and sectoral financing gaps. He added that regulatory frameworks would be streamlined while innovative financial instruments would be aggressively promoted to channel disciplined capital into productive sectors of the economy.

He disclosed that in 2026, the SEC would facilitate the issuance of infrastructure bonds, green bonds, municipal bonds and infrastructure-focused funds to attract long-term domestic and international capital. According to him, the objective is to finance roads, power, rail, housing and digital infrastructure, while making it easier for state governments and infrastructure firms to access the capital market efficiently.

The SEC boss also said the Commission would promote the listing of agribusiness firms and introduce tailored listing windows for agricultural cooperatives and value-chain companies. Through commodity exchanges, agricultural investment trusts and commodities-linked instruments, he said agriculture would be de-risked, fair pricing ensured for farmers, food security strengthened and wider citizen participation encouraged.

On housing, Agama disclosed plans to revitalise Real Estate Investment Trusts (REITs) and introduce innovative affordable housing bonds. These initiatives, he said, would unlock capital for mass housing delivery, create new asset classes for investors and move millions of Nigerians closer to home ownership.

He further said the Commission would support Nigeria’s power sector through infrastructure bonds, green energy bonds, project-backed securities and public-private investment vehicles to fund grid expansion, renewable energy and energy transition projects.

Agama said the SEC is entering 2026 with a renewed resolve to reposition the capital market as a solution provider to Nigeria’s economic and developmental challenges, adding that the Commission is committed to transforming the market into a key driver of sustainable growth. 

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