Nigeria is targeting a capital market valued at N750 trillion through a proposed Nigerian Exchange Limited listing of Nigerian National Petroleum Company Limited and Nigeria LNG Limited.
Vice President Kashim Shettima and Finance Minister Taiwo Oyedele set out the objective on Monday in Abuja during the launch of the Securities and Exchange Commission’s Nigerian Capital Market Master Plan 2.0.
Shettima said the NGX has recorded strong expansion since President Bola Ahmed Tinubu took office in May 2023.
Quick facts
- Nigeria wants to build a capital market exceeding N750 trillion in value.
- The target includes potential NGX listings by NNPCL and NLNG.
- The government sees a $1 trillion market as a 10-year goal.
- Dangote Refinery is seeking $1.6 billion to $2.1 billion through an IPO priced at N525 a share.
Oyedele said the country should pursue a $1 trillion capital market—equivalent to more than N750 trillion—over the coming decade. The expansion is intended to underpin Nigeria’s wider objective of becoming a $1 trillion economy by 2030.
He said the government must move more quickly to bring selected state-owned enterprises to the market, with NNPC and NLNG identified as priority candidates.
Offering stakes in the government-owned oil and gas businesses to investors would increase market depth, strengthen corporate disclosure and extend public participation in nationally important assets, he said.
“We cannot compel them,” Oyedele said of private-sector listings. “We will encourage Nigerian private companies to list and use incentives to draw them in.”
The push comes as Dangote Refinery, the largest refining complex in Africa, has launched an initial public offering at N525 per share. The company aims to raise between $1.6 billion and $2.1 billion for projects to expand its processing capacity.
The closing date for the Dangote Refinery offering was pushed back to October 27 after its landmark September 14 debut on the NGX.
