KEY POINTS
- Nigeria plans to list NNPC and NLNG as part of a strategy to grow stock market capitalisation to $500 billion by 2036.
- NNPC’s listing could be delayed until 2028, while NLNG needs to consider the interests of its foreign shareholders.
- Neither company has announced a listing date or the size of the stake to be offered to investors.
Nigeria has renewed plans to list the Nigerian National Petroleum Company Limited, NNPC Ltd, and Nigeria LNG Limited (NLNG) on the stock exchange as part of efforts to expand the country’s capital market and attract more investment.
The initiative forms part of a 10-year strategy to raise Nigeria’s stock market capitalisation to ₦750 trillion, equivalent to about $500 billion, by 2036. Vice-President Kashim Shettima outlined the ambition at a capital markets conference in Abuja on October 19, 2026.
Finance Minister Taiwo Oyedele said listing shares in the two state-linked energy companies could broaden investor participation, improve transparency and allow more Nigerians to own stakes in major national assets.
However, the plans remain at an early stage. Neither company has announced a confirmed listing date or disclosed how much of its equity could be offered to investors.
NNPC listing could be delayed until 2028
The proposed listing of NNPC is supported by the Petroleum Industry Act of 2021, which converted the former state-owned oil corporation into a commercially operated company.
The reform was intended to strengthen its commercial independence, improve accountability and position it to operate more like a business rather than a government department.
Despite the legal framework, plans to list NNPC have faced repeated delays. In July 2026, the company’s Group Chief Executive Officer, Bayo Ojulari, indicated that the listing could be postponed until 2028.
As the sole shareholder, the Nigerian government has greater control over decisions concerning NNPC’s ownership structure. However, the company must still meet the financial reporting, disclosure and corporate governance requirements expected of a publicly listed business.
NNPC has said it has been working to improve its corporate governance and financial reporting ahead of a possible stock market debut.
These preparations are important because prospective investors would need reliable financial information to assess the company’s performance, risks and future earnings before buying shares.
NLNG presents a different challenge because it is jointly owned by Nigerian and foreign energy companies.
NNPC holds a 49 per cent stake in the gas producer, while Shell, TotalEnergies and Eni collectively own the remaining 51 per cent.
This means the government cannot determine NLNG’s listing arrangements independently of the other shareholders. Any proposal would need to account for their ownership rights and interests.
No agreement from NLNG’s foreign shareholders on a potential listing had been publicly announced in the report.
The ownership structure could therefore make the process more complex than the proposed listing of NNPC, which is wholly owned by the Nigerian government.
A successful listing would also require clarity over the size of the stake to be sold, the company’s valuation and how shares would be allocated to investors. NNPC’s financial performance could be an important consideration as preparations for a possible listing continue.
The company’s annual profit increased by 33 per cent in 2025. However, its earnings weakened in the first half of 2026.
Figures published in October showed that profit fell by 35.4 per cent to approximately ₦2.28 trillion, equivalent to about $1.5 billion, during the first six months of the year.
The decline highlights the importance of examining the company’s financial performance beyond its annual results. Investors would likely assess its profitability, cash flow, debt obligations, operational efficiency and exposure to changes in oil and gas prices.
Improved disclosure could help investors better understand these factors and determine whether the company offers an attractive long-term investment. The proposed listings form part of Nigeria’s broader efforts since 2023 to attract investment and strengthen its financial markets.
Bringing major energy companies to the stock exchange could increase the number and value of securities available to investors, potentially improving market liquidity and expanding opportunities for pension funds, institutional investors and individuals.
The plans are also emerging as the market watches the proposed listing of the Dangote refinery, which has been described as potentially the largest initial public offering in Africa.
However, the success of the government’s broader capital market ambition will depend on more than announcing potential listings. The companies must establish credible financial reporting, provide sufficient information to investors and clarify the terms under which shares would be offered.
For NLNG, agreement among its shareholders will be another important consideration.
Until the government and the companies disclose their proposed timelines and ownership arrangements, the scale and timing of the listings remain uncertain.
