LAGOS, Nigeria — The Nigerian Exchange Group is pushing for major government-linked companies, including the Nigerian National Petroleum Company Limited and Nigeria LNG Limited, to list their shares on the Nigerian Exchange, arguing that more large companies in the market would attract investment and strengthen Nigeria’s capital market.
The proposal is part of a broader push to increase the number and size of companies listed on the exchange, give Nigerians greater opportunities to invest in major businesses and attract more domestic and international capital.
NGX officials have previously called for legislation requiring major state-owned enterprises to consider listings. In 2024, NGX Chairman Umaru Kwairanga urged lawmakers to support the listing of NNPC, NLNG and pension fund administrators, as well as other large businesses in sectors including energy and electricity.
The federal government has also expressed support for the idea. Vice President Kashim Shettima said in February 2025 that the government was working to encourage NNPC, Dangote Refinery and NLNG to list on the Nigerian Exchange.
Shettima said stronger participation in the capital market would help improve liquidity, deepen investment and attract global investors.
A stock-market listing means that shares in a company become available for members of the public and institutional investors to buy and sell through an organized exchange. It can give companies access to long-term capital while requiring greater financial disclosure and corporate accountability.
For Nigeria, the potential listing of NNPC and NLNG would be particularly significant because both companies are closely connected to the country’s strategically important oil and gas industry.
NLNG was incorporated in 1989 to develop Nigeria’s natural gas resources and produce liquefied natural gas and natural gas liquids for export. The company has grown into a major participant in the global LNG market.
NNPC, meanwhile, was transformed from a state corporation into NNPC Limited in 2022 following reforms under the Petroleum Industry Act. The change was intended to give the national oil company a more commercial structure and greater operational independence.
NNPC remains a major player across Nigeria’s oil and gas value chain, with interests ranging from upstream production and gas to trading, refining and other energy businesses.
The issue is also linked to the government’s wider economic reform programme. The removal of the petrol subsidy and foreign-exchange reforms under President Bola Tinubu have changed the operating environment for businesses and financial markets.
Securities and Exchange Commission officials have argued that listing state-owned enterprises could improve transparency, governance and public participation in major national assets.
In 2024, the SEC said 14 state-owned enterprises had been shortlisted for possible listing, including NNPC, NLNG, the Bank of Agriculture, Ajaokuta Steel Company, Nigeria Bulk Electricity Trading and other government-linked entities.
SEC Director-General Emomotimi Agama said greater public ownership could help democratize access to national businesses while improving governance. He also stressed that listing a government-owned company does not necessarily mean the government would lose control of it.
However, taking a major state-linked company public can be complicated. Potential listings require clear ownership structures, audited financial records, appropriate valuations, regulatory approvals and investor confidence.
The government would also have to determine how much of each company should be offered to the public and whether it would retain a controlling stake.
There is already evidence that large listings can transform Nigeria’s stock market. MTN Nigeria’s listing in 2019 and Airtel Africa’s subsequent listing increased the presence of major telecommunications companies on the exchange. Other large companies, including Dangote Cement and BUA Foods, have also become important components of the market.
The proposed listings are gaining additional attention as Nigerian companies seek access to capital to finance large-scale projects. Dangote Refinery, for example, is reportedly planning an initial public offering that could raise about five billion dollars, which Reuters reported would be Africa’s largest-ever market listing if completed as planned.
For international investors, the development of Nigeria’s capital market matters because the country is one of Africa’s largest economies and home to a large consumer and business market.
A deeper exchange could make it easier for global investors to participate in Nigerian companies while giving domestic businesses greater access to long-term financing.
But the success of the initiative will depend on more than simply adding companies to the exchange. Investors are likely to pay close attention to corporate governance, transparency, profitability and the protection of minority shareholders.
For ordinary Nigerians, the potential benefit is greater access to ownership of some of the country’s most important businesses. But investing in shares also carries risks, and a listing does not guarantee that investors will make money.
The NGX’s campaign therefore represents a broader question about how Nigeria manages its national assets and develops its financial system.
If major companies such as NNPC and NLNG eventually join the exchange, the listings could significantly expand the size and visibility of Nigeria’s capital market. Whether that happens will depend on government decisions, regulatory requirements and the willingness of the companies to meet the conditions for public listing.
Nigeria has repeatedly discussed listing major state-owned enterprises as part of efforts to deepen its capital market. The issue gained renewed attention after NNPC became a limited liability company in 2022 under the Petroleum Industry Act.
In 2024, NGX Chairman Umaru Kwairanga called for legislative support to bring NNPC, NLNG and other large enterprises to the exchange. In 2025, the federal government also said it was encouraging NNPC, NLNG and Dangote Refinery to list.
The government has also been considering the listing of a wider group of state-owned enterprises. The SEC said in 2024 that 14 government-linked companies had been shortlisted for possible listings.
