Oyedele Urges NNPC, NLNG Listings as Nigeria Targets a $1 Trillion Capital Market
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has called for the listing of the Nigerian National Petroleum Company Limited (NNPC Ltd) and Nigeria LNG Limited (NLNG) on the Nigerian Exchange to improve transparency, broaden public ownership and create more investment opportunities.
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Oyedele made the call on Monday, 19 October 2026, at the National Capital Market Conference 2026, where he argued that opening major government-owned assets to capital-market investors could significantly expand Nigeria’s stock market and allow more Nigerians to share in the wealth generated by the country’s national assets.
Government Targets NNPC, NLNG Listings
Oyedele said the government should prioritise the listing of major state-owned enterprises, particularly NNPC and NLNG, as part of efforts to strengthen corporate governance and deepen Nigeria’s capital market.
He maintained that bringing the companies to the stock market would improve transparency, widen investor participation and create opportunities for Nigerians to own shares in businesses built around national resources.
The minister also pledged that the Federal Government would lead efforts to address outstanding governance and financial reporting issues at NNPC ahead of its proposed listing.
He argued that NNPC’s potential market value could substantially increase the size of Nigeria’s capital market. To illustrate the scale of the opportunity, Oyedele compared the company’s potential value with that of Saudi Aramco, which he cited at approximately $1.6 trillion.
He suggested that even a valuation equivalent to 10% of Saudi Aramco’s market value would place NNPC at about $160 billion. This was an illustration of the company’s potential, rather than an announced valuation or confirmed market capitalisation.
Capital Market Expansion Linked to Economic Growth
Oyedele said Nigeria should aim for a capital market worth at least $1 trillion as the country pursues its broader economic growth ambitions.
He cited Nigeria’s gross domestic product at purchasing power parity of approximately $2.4 trillion and argued that the economy’s potential required a deeper and more effective capital market.
The minister also pointed to the relationship between inflation, interest rates and business investment, saying lower inflation could create conditions for lower borrowing costs and stronger economic activity.
He noted that businesses would have greater opportunities to expand if interest rates declined towards single digits, compared with the high borrowing costs currently facing many companies.
The proposed listings form part of a broader effort to mobilise domestic savings, attract investment and increase the amount of long-term capital available to Nigerian businesses.
SEC Targets ₦750 Trillion Capital Market by 2036
The listing proposal comes as the Securities and Exchange Commission (SEC) pursues a 10-year capital-market development plan designed to expand the market and strengthen its role in financing Nigeria’s economy.
SEC Director-General Emomotimi Agama said the plan targets growth in market size from a baseline of approximately ₦250 trillion to ₦750 trillion by 2036.
The initiative aims to make the capital market a more significant source of funding for businesses, infrastructure and other long-term development priorities.
At the conference, Vice-President Kashim Shettima, represented by Deputy Chief of Staff to the President Senator Hassan Hadejia, commended the SEC’s efforts to strengthen regulatory enforcement, improve market integrity and expand oversight of digital assets.
Shettima also said the National Economic Council would treat the capital-market master plan as a national initiative, with states expected to explore responsible market-based financing through well-structured bonds, credible project pipelines and stronger transparency standards.
The administration’s position reflects a broader effort to reduce dependence on government budgets and external borrowing as the primary sources of funding for infrastructure and economic development.
NNPC’s Listing Plans Face Governance and Financial Reporting Requirements
NNPC has already begun preparing for a potential initial public offering (IPO), which would allow investors to purchase shares in the company through the capital market.
The company has been working on governance reforms and addressing financial reporting gaps identified by advisers as part of its preparations for a possible listing.
However, the proposed offering remains subject to the company’s readiness and the requirements associated with a public-market listing. Oyedele’s latest remarks reinforce the government’s support for the process but do not establish a confirmed listing date for either NNPC or NLNG.
NNPC’s financial performance also presents an important consideration for potential investors. The company recorded a profit after tax of ₦2.28 trillion in the first half of 2026, down 35.4% from ₦3.53 trillion in the corresponding period of 2025, according to figures reported by Nairametrics.
The decline highlights the importance of financial disclosure, consistent reporting and clear governance standards as the company prepares for potential scrutiny from public-market investors.
National Savings Scheme to Support Wider Investment Participation
Oyedele also announced the launch of the National Savings Scheme at the conference, with tax incentives intended to encourage savings and investment among ordinary Nigerians.
He said the incentives would operate within the law and would be properly costed and transparently administered.
The initiative complements the proposed listings by seeking to strengthen domestic participation in the financial system. If the government proceeds with the planned offerings, individual investors could have additional opportunities to participate in the ownership of major Nigerian companies, subject to the final structure and terms of any share sale.
Outlook
The Federal Government’s push to list NNPC and NLNG signals an effort to use the capital market to improve accountability, broaden ownership of national assets and mobilise long-term investment.
The extent of the benefits will depend on the companies’ readiness, the quality of their financial disclosures, the governance safeguards attached to any listing and the terms under which shares become available to investors.
For now, Oyedele’s remarks establish the government’s stated direction, while the timing and structure of the proposed listings remain to be confirmed.
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