Accelerate listing of NNPCL, NLNG, other selected state-owned enterprises on NGX, Oyedele urges FG

The Minister of Finance and Coordinating Minister for the Economy, Taiwo Oyedele, has said Nigeria should target a $1 trillion capital market within the next 10 years, urging the government to accelerate the listing of selected state-owned enterprises, including the Nigerian National Petroleum Company Limited (NNPC) and Nigeria LNG Limited (NLNG).

Oyedele, while speaking at the National Capital Market Conference 2026 in Abuja, said the country should not limit its ambition to the Securities and Exchange Commission’s (SEC) target of growing the capital market from about N250trillion to N750trillion by 2036.

He said a $1trillion capital market would be necessary to support Nigeria’s ambition of building a $1trillion economy by 2030 and expanding the economy further in subsequent years.

He argued that Nigeria needed to mobilise more domestic savings, attract foreign investment and create more opportunities for businesses to raise long-term capital locally.

According to him, the proposed Nigerian Capital Market Master Plan 2026–2036 would focus on coordinated regulation, modern market infrastructure, new investment products, broader investor participation and stronger institutions.

Oyedele said the plan should target increasing equity market capitalisation from 33 per cent of gross domestic product to at least 60 per cent, raising the number of listed companies from 146 to 250 and expanding retail investors from six million to 20 million.

He also proposed more than tripling corporate bond issuance as a share of GDP, increasing sukuk market penetration from 0.3 per cent to at least five per cent of GDP, and raising pension assets from six per cent to 16 per cent of GDP.

The minister said the government would introduce incentives to encourage more private companies to list on the Nigerian Exchange, rather than compel them to do so.

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

On state-owned enterprises, Oyedele said listing selected government assets would improve transparency, broaden public ownership and deepen the capital market.

He specifically cited NNPC and NLNG as companies that could help expand the market if their shares were made available to investors.

According to him, NNPC’s potential market value could significantly increase the size of Nigeria’s capital market, drawing a comparison with Saudi Aramco, the Saudi Arabian oil company.

He said listing government-owned companies would enable Nigerians to participate in the wealth generated by national assets while creating more investment opportunities for domestic and international investors.

Oyedele’s position also aligns with calls by the Senate Committee on Capital Market for the government to encourage NNPC and major telecommunications companies to list on the Nigerian Exchange.

The minister said Nigeria’s economic reforms had helped revive investor interest, citing growth in equity market capitalisation, rising pension assets and renewed attention from international index providers.

He said equity market capitalisation had increased from less than N30tn in mid-2023 to about N160tn, while pension assets had reached N27.5trillion.

Oyedele also cited the inclusion of Nigerian government bonds in a new J.P. Morgan government bond index, with a weight of 7.4 per cent, and Nigeria’s reinstatement in the FTSE Russell Frontier Market Index on September 21, 2026.

He said the government was working towards returning Nigeria to J.P. Morgan’s flagship government bond index and securing an upgrade into the emerging-market category.

The minister added that he had engaged global index provider MSCI and international credit rating agencies as part of efforts to improve Nigeria’s standing among investment destinations.

He said the government was targeting an investment-grade credit rating within the next three years, acknowledging that the ambition would require sustained reforms, improved market liquidity and reliable repatriation of foreign investors’ funds.

Oyedele said the new master plan would introduce measures to simplify investor onboarding, strengthen custody arrangements, improve settlement systems and reduce barriers to cross-border investment.

He also proposed a single investor identification number and investment channels through mobile networks and fintech platforms to make participation easier for Nigerians.

As part of efforts to increase domestic investment, Oyedele formally launched the National Savings Scheme, designed to provide Nigerians with regulated avenues to save and invest for education, housing, business development and retirement.

He said the initiative would offer accessible investment channels, transparent information, reasonable costs and a functional complaints process, with tax incentives provided within the law.

The minister expressed concern that many young Nigerians were putting their money into betting platforms, unregulated cryptocurrency schemes and Ponzi schemes instead of regulated investment products.

He said the country had only about six million retail investors in a population exceeding 200 million, representing a relatively small proportion of the population.

Oyedele said the savings scheme and other proposed reforms would enable more Nigerians to invest in regulated funds and local businesses, including through small contributions made using mobile phones.

He also announced plans to strengthen enforcement against Ponzi schemes through improved surveillance, social media monitoring, collaboration with law enforcement agencies and a proposed fraud restitution mechanism to support victims.

According to him, the government would also strengthen the Investment and Securities Tribunal to resolve investment disputes more quickly and expand its mandate to cover commercial dispute resolution.

Oyedele said the master plan was intended to ensure that capital market growth translated into productive investment, job creation and improved economic opportunities.

He argued that long-term infrastructure projects, including power plants, refineries and other major developments, should increasingly be financed through equity and long-term bonds rather than short-term bank loans.

He also urged pension fund administrators to diversify their investments beyond government securities and channel more funds into productive sectors, subject to applicable investment rules.

The minister said the government would coordinate implementation across relevant institutions while respecting the independence of the SEC and other regulators.

He added that progress would be assessed through the amount of capital raised for productive investment, growth in the number of investors, transaction costs and the effectiveness of investor protection, rather than market capitalisation alone.

Oyedele said the ultimate objective was to enable Nigerian businesses to finance their expansion at home, bring millions more citizens into regulated investments and position Nigeria as a preferred capital-raising destination for African and international companies.