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NGX Targets New Listings Including NNPC, Dangote Petrolchemicals to Boost Market Capitalisation

NGX plans new listings, including NNPC Limited and Dangote Petrolchemicals, to boost Nigeria’s capital market and economic growth.

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 Company Limited (NNPCL) and Dangote Petrolchemicals 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 Petrolchemicals 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 Petrolchemicals 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 our 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 one trillion dollars 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 compare to South Africa, the market capitalisation of the Johannesburg Stock Exchange exceeds the GDP of the southetn 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

Ndubuisi Francis

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