NIGERIA · MARKETS
Key Facts
- —The country Nigeria is Africa’s most populous nation and a major oil exporter. Its currency is the naira.
- —What happened On Monday 19 October in Abuja, Finance Minister Taiwo Oyedele urged the government to list oil company NNPC and gas exporter NLNG.
- —The goal Oyedele wants a US$1 trillion capital market in 10 years; the regulator’s plan aims for N750 trillion (about US$563 billion).
- —The market now Listed stocks were worth over N160 trillion (about US$120 billion) in September, up from about N30 trillion (about US$22.5 billion) since 2023.
- —Who is involved Oyedele is finance minister and coordinating minister of the economy. Vice-President Kashim Shettima unveiled the 10-year plan.
- —The rate used N1,332.82 to the US dollar, the market rate on 20 October 2026.
- —Still open No date, price or share size has been set for any NNPC or NLNG offer.
Nigeria’s finance minister, Taiwo Oyedele, urged the government on Monday 19 October to list the state oil company NNPC and the gas exporter NLNG. He wants an NNPC listing to help build a US$1 trillion capital market within 10 years, a goal that matters to foreign investors.
Oyedele spoke at the National Capital Market Conference in Abuja, where Vice-President Kashim Shettima launched a 10-year plan to triple the market. The Securities and Exchange Commission, Nigeria’s market regulator, drew up the plan and aims for about N750 trillion (about US$563 billion) by 2036.
What Oyedele Told the Conference
Oyedele, who is also coordinating minister of the economy, asked the federal government on Monday to speed up plans to list selected state-owned companies. He named NNPC and NLNG, TheCable and Vanguard reported.
He said an NNPC listing would improve transparency and broaden public ownership. He compared it with Saudi Aramco, the Saudi state oil giant, and tied the US$1 trillion goal to a US$1 trillion economy by 2030.
What NNPC and NLNG Are
NNPC Limited is Nigeria’s state-owned oil and gas company, led by group chief executive Bashir Bayo Ojulari. President Bola Tinubu said on Thursday 6 August that it could be listed in full, with no date, as the Rio Times reported.
Nigeria LNG Limited, known as NLNG, exports liquefied natural gas, which is gas chilled into a liquid so that ships can carry it. Its website says a seventh production line, Train 7, is expected to lift output by 35%.
The Master Plan Behind the US$1 Trillion Goal
Shettima unveiled the Nigerian Capital Market Master Plan 2.0, a plan for 2026 to 2036 written by the Securities and Exchange Commission. It aims to lift the market from about N250 trillion (about US$188 billion) to N750 trillion (about US$563 billion) by 2036.
Oyedele said Nigeria should aim higher, since US$1 trillion is roughly 1.8 times the commission’s target at the 20 October exchange rate. Emomotimi Agama, the commission’s director-general, promised that every commitment would have “an owner, a timeline and a scorecard”.
Targets Oyedele Set for the Next Decade
Oyedele proposed that listed stocks rise from 33% to at least 60% of gross domestic product, and listed companies from 146 to 250. He also wants retail investors to rise from 6 million to 20 million.
Pension assets would climb from 6% to 16% of GDP, and sukuk, which are Islamic-law bonds, from 0.3% to at least 5% of GDP. He also set a goal of an investment-grade credit rating within three years.
How the Market Has Grown Since 2023
Agama said listed stocks first passed N100 trillion (about US$75 billion) in January and rose above N160 trillion (about US$120 billion) in September. Shettima said the Nigerian Exchange All-Share Index, the main stock gauge, climbed from about 55,000 points in May 2023 to over 260,000.
Oyedele cited Nigeria’s return to the FTSE Russell Frontier Market Index on Monday 21 September and a 7.4% bond weight in a JPMorgan index. The government wants back into JPMorgan’s flagship index and an eventual upgrade to emerging-market status.
What It Means for US Readers
An NNPC listing would let US funds own part of the oil company on the Nigerian Exchange, though no date, price or share size exists. Funds that follow bond indexes buy bonds in proportion to their weights, so the 7.4% share channels money into Nigerian debt.
A separate share sale by the Dangote refinery drew subscribers from more than 90 countries, which shows foreign appetite for Nigerian listings. Tinubu has said NNPC would be reformed first, so any offer would follow that work.
What Is Not Known
Oyedele gave no date, price or share size for an NNPC or NLNG offer, and the government has not set a timetable. NNPC’s chief executive spoke of 2028 in July 2025, yet the government has not adopted that year.
Also open is how the US$1 trillion goal fits the regulator’s N750 trillion (about US$563 billion) target, and whether private firms will list voluntarily. Oyedele said of private companies: “We cannot force them.”
More: Nigeria news in English, every day from The Rio Times.
Frequently Asked Questions
What did Taiwo Oyedele propose for NNPC and NLNG?
Oyedele, Nigeria’s finance minister, urged the government on Monday 19 October to speed up an NNPC listing on the Nigerian Exchange. He said it would improve transparency and broaden public ownership.
What is the US$1 trillion capital market goal?
Oyedele wants Nigeria’s capital market to reach US$1 trillion within 10 years, to support a US$1 trillion economy by 2030. The regulator’s own plan aims for about N750 trillion (about US$563 billion) by 2036.
Is there a date for an NNPC listing?
No, neither the minister nor the government has set a date, price or share size for an NNPC listing. President Tinubu said on 6 August that NNPC would be reformed before it is listed.
What is NLNG?
Nigeria LNG Limited, or NLNG, exports liquefied natural gas, which is gas chilled into a liquid so that ships can carry it. Its website says a seventh production line is expected to lift output by 35%.
Why does the NNPC listing matter to US investors?
An NNPC listing would let foreign funds buy shares in a large Nigerian energy company on the Nigerian Exchange. It would also add depth to a market that foreign investors have returned to this year.
Sources: Vanguard (via AllAfrica), 19 October 2026; TheCable, 19 October 2026; BusinessDay, 19 October 2026; Tribune Online, 19 October 2026; Western Post, 20 October 2026; Nairametrics, 7 August 2026; NLNG, 20 October 2026.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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