The Federal Government is preparing to introduce a National Savings Scheme that could give Nigerians across different income groups a new route to save and invest, with tax incentives planned to encourage participation.
The Securities and Exchange Commission (SEC) said the scheme will be launched on October 19 at the 2026 National Capital Market Conference in Abuja, alongside the Nigerian Capital Market Master Plan 2.0.
For ordinary Nigerians, the proposed scheme could mean that saving money would be linked more directly to investment opportunities, rather than being limited to keeping funds in conventional savings accounts.
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SEC Director-General, Emomotimi Agama, said the scheme is intended as a financial inclusion tool that will allow Nigerians to save and have their savings invested for the future.
“The National Savings Scheme is principally an inclusion tool: every Nigerian is allowed to save, and those savings will be invested for the future,” Agama said.
The SEC has also said tax incentives will form part of the scheme. Agama linked the initiative to the Federal Government’s wider fiscal reforms, including tax relief for citizens below a specified income threshold, which he said could leave eligible Nigerians with more disposable income to save and invest.
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This could be particularly relevant to low- and middle-income earners who have limited amounts available for investment. If the final structure allows people to participate with relatively small contributions, the scheme could provide another entry point into Nigeria’s capital market.
However, Nigerians will have to wait for the October launch for details on how the scheme will operate. The SEC has not yet publicly provided the full rules on minimum contributions, eligible participants, investment products, withdrawal conditions or the precise tax benefits attached to participation.
The proposed scheme also comes as the government seeks to increase domestic savings and expand the number of Nigerians participating in the capital market. The SEC said the October conference will focus on domestic resource mobilisation, stronger investor participation and sustainable economic growth.
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The initiative is being introduced alongside the Nigerian Capital Market Master Plan 2.0, a 10-year framework intended to guide the development of the capital market and establish measures for tracking its growth, including investor participation and the market’s contribution to the economy.
For Nigerians considering the scheme, the immediate issue is therefore not how to sign up, as participation is not yet open, but what the final structure will offer when it is launched.
The October 19 conference is expected to provide those details and show how the government intends to turn the proposed scheme from a savings policy into an accessible investment opportunity for Nigerians.
By Onabanjo Boluwatife Ifeoluwa
boluwatifeonabanjo3@gmail.com