The Federal Government has reaffirmed its commitment to deepening Nigeria’s capital market by encouraging major state-owned and private enterprises, including the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Petroleum Refinery, to list their shares on the Nigerian Exchange (NGX). This move aims to boost investor participation, enhance market liquidity, and drive economic growth.
Vice President Kashim Shettima announced the initiative during the 50th Inaugural Lecture of Nasarawa State University, Keffi, on Wednesday. Represented by the Minister of Women Affairs, Imaan Sulaiman-Ibrahim, Shettima emphasized the critical role of the capital market in achieving economic stability and advancing Nigeria’s ambition of becoming a $1 trillion economy.
Key Highlights of the Announcement
Shettima described the capital market as a vital driver of national development, noting that the Federal Government is actively working to encourage NNPCL, Dangote Refinery, and Nigeria LNG (NLNG) to list on the NGX. He stated, “Nigeria’s capital market is not merely a platform for transactions; it is a driver of national development. The implementation of the revised Capital Market Master Plan is restoring investor confidence and attracting new listings, including major entities like NNPC, Dangote Refinery, and NLNG.”
Such listings are expected to enhance market liquidity, attract global investors, and deepen the capital market. Shettima highlighted the NGX’s impressive performance, with a 37% surge in 2023 and a 1.5% increase in early 2024, reflecting growing investor confidence.
Market Performance and Economic Impact
The Vice President noted that the NGX has demonstrated resilience despite global and domestic economic challenges. In January 2025 alone, the market capitalization increased by N1.95 trillion, bringing the total growth to N14.44 trillion compared to January 2024.
Shettima attributed these gains to President Bola Tinubu’s pro-business policies and the government’s commitment to fiscal discipline and investment-friendly reforms. He also highlighted the ongoing banking sector recapitalization as a key driver of investor sentiment, with the NGX Banking Index rising by 9.76% year-to-date.
Strengthening the Capital Market
The Federal Government’s efforts to strengthen the capital market include the implementation of the revised Capital Market Master Plan. The Securities and Exchange Commission (SEC) has allocated N51.49 billion in its 2025 budget to support initiatives aimed at expanding market participation and boosting investor confidence. These initiatives include enhanced regulatory oversight, the adoption of advanced technology, and the introduction of innovative financial products.
Shettima also pointed to Nigeria’s successful Eurobond issuance, completed without a roadshow, as evidence of growing global confidence in the nation’s economic stability. Additionally, the government’s investment in Sovereign Sukuk bonds has raised N1.1 trillion to finance 124 federal road projects spanning 5,820 kilometers across the country.
Expert Recommendations
During the lecture, Prof. Uche Uwaleke, a Professor of Capital Market at Nasarawa State University, urged the Federal Government to sell stakes in state-owned enterprises through the NGX to raise long-term capital for national development. He suggested creating a Special Purpose Vehicle (SPV) for public investment in the oil and gas sector, which could be listed on the exchange.
Prof. Uwaleke’s lecture, titled *“Unlocking Wealth and Leveraging Entrepreneurial Knowledge Ecosystem: Understanding Capital Harnessing Essentials,”* provided valuable insights into policy development and financial sector reforms. He called for collaboration among policymakers, private sector leaders, and academics to sustain and expand the capital market’s role in economic growth.
Conclusion
The Federal Government’s push to list major enterprises like NNPCL and Dangote Refinery on the NGX underscores its commitment to building a robust financial sector and promoting sustainable economic growth. By deepening the capital market and attracting global investors, Nigeria aims to achieve its $1 trillion economy vision and ensure long-term prosperity.