Nigeria’s plans to build a $1 trillion capital market could include selling shares in state-owned oil companies NNPC and NLNG, Finance Minister Taiwo Oyedele has said, potentially opening parts of the country’s energy wealth to private investors.
Oyedele made the proposal at the National Capital Market Conference 2026 on Monday, arguing that Nigeria needs to expand investment opportunities and mobilise more domestic and foreign capital to support long-term economic growth.
The minister said the country should aim beyond the Securities and Exchange Commission’s target of increasing the capital market’s value from about ₦250 trillion to ₦750 trillion by 2036.
Brandspur Brand News reports that he sees a $1 trillion market as part of a broader ambition to build a $1 trillion economy by 2030 and sustain further expansion afterwards.
Listing selected government-owned enterprises, according to Oyedele, could improve transparency, widen public ownership and give investors access to businesses currently held by the state.
He specifically named the Nigerian National Petroleum Company Limited (NNPC) and Nigeria LNG Limited (NLNG) as candidates whose shares could help deepen the market. Oyedele pointed to Saudi Aramco as a comparison when discussing the potential market value of NNPC.
The proposal would create another route for Nigerians and institutional investors to participate in the value generated by major national assets, while giving the companies access to capital-market investors.
However, the minister’s remarks set out a policy direction rather than a confirmed listing timetable. The report did not specify when either company might be listed, what percentage of shares could be offered or how much either transaction could raise.
The proposed listings form part of a wider push to expand Nigeria’s capital market and improve the ability of businesses to raise long-term funding locally.
