The Senate and the Federal Government have intensified joint efforts to drive the listing of major state-owned enterprises including the Nigerian National Petroleum Company Limited (NNPC) and Nigeria LNG Limited (NLNG) on the Nigerian Exchange (NGX), as part of a strategic drive to expand Nigeria’s capital market to $1 trillion over the next decade.
The announcement was made at the National Capital Market Conference 2026 in Abuja by the Chairman of the Senate Committee on Capital Market, Senator Osita Izunaso, and the Minister of Finance and Coordinating Minister for the Economy, Taiwo Oyedele.
The strategic push aims to deepen market liquidity, broaden public ownership of key state assets, attract domestic and foreign direct investment, and provide long-term capital formation to power Nigeria’s broader economic growth.
Addressing delegates, Finance Minister Taiwo Oyedele outlined an ambitious 10-year target to expand the capital market to $1 trillion, aligning with the Federal Government’s target of building a $1 trillion national economy by 2030. To achieve this, the government envisions:
- Increasing equity market capitalization from 33% to at least 60% of GDP.
- Expanding listed companies from 146 to 250, using tax and policy incentives to encourage private firms and major telecom operators to list.
- Growing retail investor participation from 6 million to 20 million citizens.
We cannot force private businesses, but we will use targeted incentives to attract them to access the capital market, drawing comparisons to Saudi Aramco’s public listing as a model for unlocking public value, enhancing corporate governance, and expanding institutional investment options for Nigerian pension funds.
Minister Taiwo Oyedele
Senator Izunaso voiced concern over the low proportion of listed entities, noting that out of over 5 million registered companies in Nigeria, only about 151 are listed on the stock exchange.
He questioned why major entities such as NNPC and leading telecommunications companies had yet to list, noting that their participation could significantly expand the market and enable ordinary Nigerians to own shares in some of the country’s largest businesses. He also urged the Securities and Exchange Commission (SEC) to accelerate regulatory frameworks for digital assets and tokenization to stay competitive in global finance.
To support retail participation and protect citizens from unregulated financial risks, Minister Oyedele officially launched the National Savings Scheme, initiated by the SEC under the Investments and Securities Act 2025.
SEC Director-General, Dr. Emomotimi Agama explained that the scheme will be managed by professional fund managers, supported by tax incentives developed in partnership with the Nigeria Revenue Service and FSD Africa, accessible via mobile phones and fintech platforms, the initiative is designed to offer secure, regulated investment alternatives for everyday Nigerians, particularly youth, supported by robust dispute resolution mechanisms through the Investment and Securities Tribunal.
The combined initiatives underscore a coordinated legislative and executive commitment to positioning Nigeria’s capital market as the primary engine for sustainable wealth creation and long-term economic development.
