- Challenges FG To Unlock State-Owned Assets, Widen Public Ownership
- Says Public Listings Will Boost Transparency, Investment Opportunities
Nigeria’s capital market could be heading for a major shake-up as the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has urged the Federal Government to accelerate plans to list selected state-owned enterprises, including the Nigerian National Petroleum Company Limited (NNPC) and Nigeria LNG Limited (NLNG), in an ambitious drive to build a $1 trillion market within the next decade.
Oyedele made the call on Monday at the National Capital Market Conference 2026, where he challenged Nigeria to aim beyond the Securities and Exchange Commission’s target of expanding the market from about ₦250 trillion to ₦750 trillion by 2036.
The minister argued that listing strategic government-owned companies could unlock substantial investment, deepen the market and give Nigerians an opportunity to own shares in major national assets rather than leaving their wealth-creation potential concentrated in government hands.
His proposal places the future ownership of some of Nigeria’s most strategic oil and gas businesses at the centre of efforts to mobilise domestic savings, attract foreign capital and provide businesses with access to long-term financing.
Oyedele said a $1 trillion capital market would complement the government’s ambition of building a $1 trillion economy by 2030, while laying the foundation for further expansion in subsequent years.
NNPC, NLNG In The Spotlight
The finance minister specifically identified NNPC and NLNG as companies whose potential listings could significantly increase the size and depth of Nigeria’s capital market.
He cited the potential market valuation of NNPC, drawing a comparison with Saudi Aramco, the Saudi Arabian state-backed oil giant whose stock market listing created one of the world’s largest publicly traded companies.
“NNPC’s potential market value could significantly increase the size of Nigeria’s capital market,” Oyedele said.
The proposal could open a fresh conversation about how Nigeria manages and finances its strategic national assets, particularly in the oil and gas industry, which remains central to government revenue, foreign exchange earnings and the country’s energy security.
A listing would potentially allow individuals, pension funds, institutional investors and foreign portfolio investors to acquire shares in the companies, subject to the structure and terms of any eventual offering.
Oyedele said public listings would also improve transparency, broaden ownership and create additional investment opportunities for Nigerians.
However, any move involving NNPC or NLNG would require clarity on the proportion of shares to be offered, valuation, regulatory arrangements, governance safeguards and the protection of the Federal Government’s strategic interests.
$1trn Target: Beyond Market Capitalisation
Nigeria’s capital market currently faces the challenge of translating its scale into deeper participation, stronger liquidity and more effective financing for productive businesses.
Oyedele said the country needed to mobilise domestic savings, attract foreign investment and ensure that businesses could raise long-term capital locally instead of depending excessively on bank loans or external financing.
The SEC’s target of growing the market to ₦750 trillion by 2036, he argued, should be treated as a starting point rather than the limit of Nigeria’s ambitions.
A $1 trillion market would potentially expand the range of financing options available to companies, improve investment opportunities and strengthen the market’s role in funding infrastructure and economic development.
But achieving that ambition will require more than listing large state-owned companies. Sustained investor confidence, predictable economic policies, effective regulation, a broader pipeline of listed businesses and greater participation by domestic investors will also be critical.
The government will also need to demonstrate that listings produce genuine public ownership and accountability, rather than simply transferring shares into the hands of a small group of wealthy investors.
Nigerians To Share In National Wealth
At the heart of Oyedele’s proposal is the argument that ordinary Nigerians should have greater opportunities to benefit financially from the performance of major national enterprises.
By making shares in selected state-owned companies available to the public, the government could create new investment channels for households and institutional investors while potentially improving corporate disclosure and accountability.
For the economy, a deeper capital market could provide businesses with alternatives to borrowing, encourage long-term investment and support the financing of productive sectors.
Yet the scale of the opportunity will depend on how the listings are structured and whether ordinary Nigerians can afford to participate meaningfully.
Oyedele’s proposal signals a push to make the capital market a bigger instrument of economic growth. Whether NNPC and NLNG eventually go public, and on what terms, will determine how much of that ambition translates into wider ownership of Nigeria’s national wealth.
