Nigeria Targets $500 Billion Stock Market with NNPC, NLNG Listings

Nigeria plans to list state-owned oil company NNPC and gas producer Nigeria LNG Limited (NLNG) on the stock exchange as part of a 10-year strategy to increase the country’s stock market capitalisation to 750 trillion naira ($500 billion) by 2036.

Vice President Kashim Shettima outlined the plan at a capital markets conference in Abuja on October 19, 2026. Finance Minister Taiwo Oyedele said listing the companies would expand the market, improve transparency and give investors an opportunity to own shares in major national energy assets.

The proposal comes as Nigeria pursues reforms to attract investment and deepen its capital markets. However, the two companies face different ownership and regulatory hurdles before shares can be offered to the public.

NNPC Listing Could Slip to 2028

The proposed listing of Nigerian National Petroleum Company Limited (NNPC Ltd) has faced repeated delays. The company’s conversion into a commercial entity under Nigeria’s 2021 Petroleum Industry Act established the legal basis for a potential listing, but the process has yet to produce a confirmed date.

NNPC Group Chief Executive Officer Bayo Ojulari indicated in July that the listing could be postponed until 2028. The company has been working to strengthen its financial reporting and corporate governance to prepare for the requirements of a public listing.

NNPC’s financial results have also come under pressure. Although its annual profit increased by 33% in 2025, profit fell 35.4% to approximately 2.28 trillion naira ($1.5 billion) in the first half of 2026, according to figures published this month.

The government has not disclosed how much of NNPC it intends to sell or how the proposed offering would be structured.

NLNG Faces Shareholder Approval Hurdle

Listing NLNG would require negotiations with its existing shareholders. NNPC owns 49% of the gas producer, while Shell, TotalEnergies and Eni collectively hold the remaining 51%.

Unlike NNPC, which is wholly owned by the Nigerian government, NLNG has foreign shareholders whose interests would need to be considered in any decision to sell shares publicly. No agreement from those shareholders or listing date has been publicly announced.

The government has also yet to specify the proportion of NLNG that could be offered to investors. Its existing ownership structure means the company’s route to the stock exchange would involve decisions beyond the Nigerian government alone.

Nigeria is pursuing the listings as part of a wider effort to increase the depth of its capital market. Investors are also watching the proposed listing of the Dangote refinery, which has been described as potentially the largest initial public offering in Africa.