From The Rio Times · Samuel Ncube · · 1m 40s
Nigeria Urges Oil Giant NNPC Listing, US$1T
Nigeria's finance minister pushes for US$1 trillion capital market by listing state oil company NNPC.
In brief
Nigeria's finance minister pushes for US$1 trillion capital market by listing state oil company NNPC. Nigeria's finance minister Taiwo Oyedele urged listing NNPC and NLNG to build a US$1 trillion capital market within 10 years. Originally reported by The Rio Times.
Nigeria's Finance Minister
Nigeria's finance minister Taiwo Oyedele urged the government on Monday 19 October to list the state oil company NNPC and gas exporter NLNG.
US$1 Trillion Goal
Oyedele wants a US$1 trillion capital market in 10 years, a goal that matters to foreign investors.
10-Year Plan
Vice-President Kashim Shettima launched a 10-year plan to triple the market from N250 trillion to N750 trillion by 2036.
Market Growth
Listed stocks rose from N30 trillion (about US$22.5 billion) in 2023 to N160 trillion (about US$120 billion) in September 2026.
NNPC and NLNG
NNPC Limited is Nigeria's state-owned oil and gas company led by group chief executive Bashir Bayo Ojulari.
US$1 Trillion Target
Oyedele said Nigeria should aim for US$1 trillion, roughly 1.8 times the regulator’s N750 trillion target at the 20 October exchange rate.
Investor Targets
Oyedele proposed listed stocks rise from 33% to 60% of GDP, and retail investors from 6 million to 20 million.
Market Status
The Nigerian Exchange All-Share Index climbed from 55,000 points in May 2023 to over 260,000 by September 2026.
US Investor Impact
An NNPC listing would let US funds own part of the oil company on the Nigerian Exchange.
Open Questions
No date, price or share size has been set for any NNPC or NLNG offer, and the government has not set a timetable.
The takeaway
Nigeria's finance minister Taiwo Oyedele urged listing NNPC and NLNG to build a US$1 trillion capital market within 10 years.
