Nigeria's finance chief urges listing of state oil giant and LNG exporter to boost market

During a conference in Abuja, Finance Minister Taiwo Oyedele called for the state oil company NNPCL and the sole Nigerian LNG exporter NLNG to be listed on the Nigerian Exchange, linking the idea to the newly launched Capital Market Master Plan 2.0. The plan seeks to triple the broader capital market size and raise the equity share of GDP, while increasing listed companies from 146 to 250 and expanding retail investors.

Oyedele illustrated NNPCL’s scale by comparing a hypothetical valuation of 10% of Saudi Aramco’s market cap, which would add roughly $160 billion to equity capital if fully floated. NLNG, with a 49% government stake and ongoing expansion of its Train 7 facility, could also become a listed asset after shareholder consent. While NNPCL has completed an IPO readiness assessment, no timeline or offering size has been set, and both firms would need to address governance and transparency concerns before any public offering.