In a bold push to deepen Nigeria’s capital market and drive economic expansion, the Federal Government is setting its sights on bringing some of the nation’s biggest state-owned and private enterprises, like the Nigerian National Petroleum Company Limited (NNPC) and Dangote Petroleum Refinery, into the Nigerian Exchange (NGX).
This vision was laid out by Vice President Kashim Shettima at the 50th Inaugural Lecture of Nasarawa State University, Keffi, on Wednesday. Speaking through the Minister of Women Affairs, Imaan Sulaiman-Ibrahim, Shettima painted a picture of a thriving $1tn Nigerian economy; an ambition powered by strategic reforms and a strong, liquid capital market.
“Our capital market isn’t just a trading floor—it’s a driver of national development,” Shettima said, emphasizing the role of the NGX in attracting global investors and strengthening economic stability. “The implementation of the revised Capital Market Master Plan is restoring investor confidence and drawing in major players like NNPC, Dangote Refinery, and Nigeria LNG.”
The numbers back up this optimism. The Nigerian Exchange recorded a 37% stock market surge in 2023 and a ₦1.95tn market capitalization increase in January 2025 alone. Compared to the same period in 2024, that’s a staggering ₦14.44tn boost. This is a clear sign that investor confidence in Nigeria’s economic direction is growing.
Beyond the market, the government’s pro-business stance is yielding results. Nigeria’s pension fund assets hit an unprecedented ₦20.5tn by December 2024, while federal revenue collections soared to ₦27bn—120% of projected targets and 70% higher than in 2023.
The banking sector, too, is riding this wave of growth. The ongoing recapitalization drive has lifted the NGX Banking Index by 9.76% year-to-date, with major players like Zenith Bank, GTCO, and UBA showing remarkable resilience.
But this vision isn’t just about the numbers; it’s about creating opportunities. At the heart of this strategy is the push for state-owned giants like NNPC and private-sector heavyweights like Dangote to list their stocks, offering everyday Nigerians a stake in the country’s most valuable assets.
This was echoed by Prof. Uche Uwaleke, Nigeria’s first professor of capital markets, whose lecture underscored the need for privatisation through the NGX. “Selling stakes in state-owned enterprises via the exchange not only raises long-term development funds but also enhances transparency and efficiency,” Uwaleke said.
The road ahead, however, requires more than just listings. Uwaleke called for tax incentives for newly listed companies and innovative funding models like infrastructure bonds and Real Estate Investment Trusts (REITs). He stressed the importance of securitizing public infrastructure to attract investment, citing Malaysia’s success as a model Nigeria could follow.
The capital market’s potential remains vast but underutilized, with total capitalization still below 15% of the nation’s GDP. A concentrated issuer base—where just 10 out of 151 listed companies account for over 60% of market cap—leaves the market vulnerable to shocks.
