NGX Targets NNPCL, Dangote Refinery, Others in New Listings

Ndubuisi Francis in Abuja

The Nigerian Exchange Group (NGX) at the weekend disclosed that it is pursuing new listings in the public, oil and gas, as well as other sectors of the economy, citing the state oil company — Nigerian National Petroleum Company Limited (NNPCL) — and Dangote Petrochemicals as prime targets.

The NGX Group Chairman, Dr. Umaru Kwairanga, made the disclosure at the FLOC 2025 Summit in Kano.

In an address he delivered at the summit themed, ‘Reimagining Nigeria’s Economy for a Prosperous Future: Where We Were, Where We Are, and Where We Should Be in the Next Decade,’ Kwairanga disclosed that the NGX was confident of listing Dangote Petrochemicals very soon.

He said: “We are pursuing new listings in the public sector, oil and gas and other sectors. The government has affirmed its commitment to sell a stake in NNPC Limited and we are confident of listing Dangote Petrochemicals very soon. 

“These are transactions that will increase our market capitalisation geometrically and attract many local and foreign investors to invest in the market.”

According to him, over the decades, Nigeria’s economic trajectory has been shaped by global market shifts, domestic policy experiments, and most importantly, by the resilience of its people. 

“Today, we find ourselves at a critical juncture—recovering from periods of volatility, recalibrating our priorities, and setting our sights on transforming Nigeria into a $1 trillion economy.

“But as history has shown across the globe, no country has made the leap to economic prosperity without a vibrant and inclusive capital market at its core. When we examine successful economic transformations across markets such as South Korea, Singapore and Rwanda, one consistent factor remains: the presence of deep, liquid, and accessible capital markets that serve as engines of sustained growth,” he noted.

The NGX Chairman stated that when he assumed office in October 2022, one of his targets was to deepen and broaden Nigeria’s market, and “its a goal that we have been working towards assiduously. On that 5th day of October, 2022, the All Share Index (ASI) was 48,837 basis points with market capitalisation at N26.375 trillion”. 

However, he observed that as at the end of May 2025, the ASI closed at 111,742 basis points, while market capitalisation was N70.463 trillion. 

Kwairanga stated that some progress had been made by more than doubling the indices of the market over the last couple of years.

But he added that the current goal of the NGX is even more ambitious. 

“When President Tinubu revealed his vision for Nigeria to grow its GDP to at least $1 trillion by 2030, we keyed into that vision and are determined that the capital market will be at the centre of that drive to a trillion-dollar economy and that our indices will grow in tandem with that vision.

“Why is a much bigger Nigerian capital market an imperative? A thriving capital market encourages the savings and investment that are key to rapid economic growth. It helps to finance much needed infrastructure as it matches long term funds with projects that need long term finance. 

“A bigger capital market will encourage formalisation and proper structuring of businesses which will in turn aid better performance and enable such businesses contribute in measurable ways to the Nigerian economy,” the NGX Chairman said.

He noted that above all, a nation’s capital market should mirror its economic potential, adding that that has not been the case in Nigeria where huge chunks of the economy are unrepresented or underrepresented in the capital market. 

He stressed that the capital market capitalisation is less than 20 per cent of Nigeria’s GDP, stressing that when compared to South Africa, the market capitalisation of the Johannesburg Stock Exchange exceeds the GDP of the southern African country.

To expand Nigeria’s capital market, Kwairanga affirmed that the NGX was  working in conjunction with the regulators, especially the Securities and Exchange Commission (SEC) to make the market more efficient and transparent. 

“Such efforts are in the areas of dematerialisation of share certificates, clearing the unpaid dividend backlog and shortening time to market of primary issues.

“Just this week, SEC announced a reduction in clearing days for secondary market transactions to a T+2, a move that will enhance efficiency and liquidity in the capital market,” he said.

Apart from pursuing new listings in the public sector, oil and gas and other sectors, he added that the NGX is introducing digital and technological innovations to attract the youth base who are used to doing everything on their mobile devices. 

“We took a huge step in this direction last year by launching our NGX Invest, a digital platform for primary market offers which has been very useful for the ongoing banking recapitalisation. We are enhancing the professionalism and skills of our trading licence holders through regular training courses at our X Academy and at the same time engaging in financial literacy outreaches to students, corps members and the younger generation,” he stated. 

The capital market community, he disclosed, is also making engagements with wholesale investors such as pension fund administrators and mutual funds to increase their stake in the market and at the same time engaging in product development to meet the needs of such sophisticated investors.

Kwairanga further stated that in recent years, the NGX had introduced exchange traded funds, derivatives, ethical funds, and more fixed income products, adding that there are sections of the capital market that offer commodities and currency forwards. 

“We are also part of an ongoing initiative to link African Exchanges across borders so that a Nigerian investor can buy shares of a company listed on the Ghana Stock Exchange from his broker in Nigeria and vice versa. 

“In this and many other ways, we are working to have a capital market that is broader, deeper, more liquid and more sophisticated and that meets the needs of Nigerian and global investors,” he explained.

Despite these strides, he admitted that 

there are challenges such as the decline in the disposable income of Nigerians, poor infrastructure that slows technological innovations and the ripples to the global economy caused by the current United States administration. 

But he expressed confidence that these challenges can be overcome, paving the way to meet the goal of a much bigger capital market that Nigeria deserves before the decade runs out.