Nigeria plans to introduce an African depositary-receipt framework to encourage more cross-border listings and attract companies and investors from elsewhere on the continent to its capital markets.

The initiative is part of a broader strategy by the Securities and Exchange Commission to triple the size of the capital market to 750 trillion naira ($562 billion) over the next decade.

The regulator on Monday unveiled a 10-year development plan that includes a goal of more than doubling annual diaspora investment in the capital markets to $10 billion.

It also seeks to increase assets managed by collective investment funds 10-fold to $56 billion.

The depositary-receipt framework will include “streamlined approvals, introductory listing-fee incentives, cross-border, settlement/custody links, and full tax neutrality,” it said.

The regulator also wants to introduce “rules for inbound listings by foreign issuers and enhanced opportunities for Nigerian companies to undertake regional listings.”Five companies in the NGX All Share Index have cross-listings including Airtel Africa Plc, Seplat Energy Plc, Oando Plc, Ecobank Transnational Inc. and Guaranty Trust Holding Co. Dangote Petroleum Refinery & Petrochemicals FZE is currently using global depositary receipts to market its initial public offering to a wider African market.

The IPO, in which it plans to raise as much as $2.1 billion, is the biggest in Africa to date and elevates the Nigerian capital market’s status as a potential financing hub for the continent.

Besides the depositary receipts, the SEC plans to modernize listing rules to include free-float thresholds and both dual- and multi-class share structures.

It also wants to benchmark issuance and listing costs against peer markets in Kenya, South Africa, Egypt and Morocco.

The regulator is planning a differentiated listing and free-float regime by introducing tiered market segments with proportionate rules that preserve founder control while maintaining liquidity and investor protection, it stated.