Senate and Finance Minister Advocate NNPC, NLNG Listings to Drive Nigeria’s $1 Trillion Capital Market Goal

The Senate and federal government have stepped up pressure for major state-owned firms—NNPC and NLNG—to list on the Nigerian Exchange (NGX) as part of a plan to grow Nigeria’s capital market to $1 trillion within ten years.

Officials say the listings will deepen the market, draw more local and foreign investment, widen public ownership of strategic assets, and bolster capital formation to support economic growth.

Senate Capital Market Committee Chairman Osita Izunaso and Finance Minister Taiwo Oyedele made the appeal at the National Capital Market Conference 2026 in Abuja.

They also urged incentives to lure private firms, especially large telecom operators, onto the NGX, arguing that broader corporate participation would expand investment opportunities for Nigerians and raise the number of companies driving market development.

Izunaso noted that, although Nigeria has over five million registered companies, only about 151 are currently listed on the exchange.

He questioned why major players like NNPC and leading telecoms remain unlisted, pointing out that their inclusion could substantially enlarge the market and allow ordinary Nigerians to acquire shares in some of the nation’s biggest businesses.

He added that raising the tally of listed companies would strengthen domestic capital mobilization, improve investment prospects, and let more Nigerians share directly in corporate growth.

Izunaso also urged the Securities and Exchange Commission (SEC) to speed up rules for digital assets and tokenization, warning that delays could cause Nigeria to miss emerging opportunities in the evolving global financial system.

Oyedele echoed the push for more listings, saying Nigeria should aim for a $1 trillion capital market in the next decade to underpin its goal of a $1 trillion economy by 2030.

This target exceeds the SEC’s current plan to grow the market from roughly N250 trillion to N750 trillion by 2036.

According to the minister, reaching the target will require a notable rise in equity market capitalization, the number of listed firms, and retail investor involvement.

He proposed lifting equity market cap from about 33 % of GDP to at least 60 %, increasing listed companies from 146 to 250, and growing the retail investor base from six million to twenty million.

Oyedele stressed that the government will rely on incentives, not coercion, to encourage firms to tap the capital market.

“We cannot compel them. We will encourage Nigerian private businesses to list and use incentives to attract them,” he said.

Regarding state-owned enterprises, the minister said listing selected government assets would improve transparency, bolster corporate governance, and give Nigerians a chance to partake in their ownership and growth.

He singled out NNPC and NLNG as firms whose listing could markedly expand the domestic capital market, likening the potential to Saudi Aramco’s IPO, which opened part of its ownership to investors.

A successful listing of major national assets could also broaden the suite of investment tools for pension funds, institutional investors, and individual shareholders, while enhancing the market’s ability to mobilize long‑term funding for economic development.

Oyedele noted that Nigeria’s capital market has already seen strong growth, with equity market capitalization climbing from under N30 trillion in mid‑2023 to roughly N160 trillion.

He added that pension assets have risen to N27.5 trillion, underscoring the expanding pool of domestic capital that could be directed toward productive investments.

The minister also pointed to Nigeria’s return to the FTSE Russell Frontier Market Index and its inclusion in a new J.P. Morgan government bond index—carrying a 7.4 % weight—as signs of rising investor confidence in the nation’s financial markets.

Nevertheless, pushing the market to the proposed $1 trillion level will demand sustained effort to attract new listings, boost investor confidence, tighten regulatory oversight, and expand retail participation.

As part of widening retail involvement, the SEC has launched a National Savings Scheme to give Nigerians regulated avenues for saving and investing.

SEC Director‑General Dr Emomotimi Agama said the scheme is backed by the Investments and Securities Act 2025 and will be run by professional fund managers.

He added that the initiative enjoys tax‑incentive support being shaped through a memorandum of understanding between the Nigeria Revenue Service and FSD Africa.

The scheme is expected to offer more accessible investment options for Nigerians who currently have limited exposure to the formal capital market, while nudging them toward regulated financial products.

Oyedele, who formally launched the initiative, voiced concern that many young Nigerians are channeling money into sports betting, unregulated crypto ventures, and Ponzi schemes instead of regulated investments.

He said the new scheme will provide easy‑access savings and investment channels via mobile phones and fintech platforms, coupled with clear information to help investors make informed choices.

The initiative will also feature a functional complaints‑handling process, a proposed fraud restitution mechanism, and a strengthened Investment and Securities Tribunal to resolve disputes and enhance investor protection.

The finance minister stressed that broadening access to regulated investment opportunities is key to mobilizing domestic savings and raising the number of Nigerians who partake in wealth creation through the capital market.

He noted that the scheme’s launch complements the government’s wider aim to enlarge the investor base and increase the flow of funds into productive sectors of the economy.

With the proposed listings of major state‑owned enterprises and private firms, together with efforts to draw more retail investors into the market, the government seeks to position the Nigerian capital market as a stronger source of long‑term financing for businesses and national development.

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