Umaru Kwairanga, Chairman of the Nigerian Exchange (NGX) Group, has revealed that the federal government is committed to selling a stake in the Nigerian National Petroleum Company (NNPC) Limited, as part of efforts to deepen the capital market and drive economic growth.
Kwairanga made this known during his keynote address at the 2025 ‘For the Love of Our Country (FLOC)’ symposium, held over the weekend at Bayero University, Kano, according to the News Agency of Nigeria (NAN).
He disclosed that the much-anticipated listing of Dangote Refinery and Petrochemicals on the NGX would soon become a reality, adding that key developments in the oil and gas sector — including the planned partial divestment of NNPC Ltd — would significantly enhance the exchange’s market capitalisation.
“Major listings in the oil and gas sector, such as the planned sale of a stake in NNPC Ltd and the anticipated listing of Dangote Petrochemicals, would significantly boost market capitalisation,” Kwairanga said.
Highlighting digital transformation as a key catalyst for market growth, the NGX chairman cited the recent launch of NGX Invest, a digital platform aimed at facilitating primary market offers and promoting financial literacy among youths, students, and members of the National Youth Service Corps (NYSC).
He also noted that the exchange is actively engaging institutional investors — including pension fund administrators and mutual funds — while introducing more sophisticated financial instruments such as exchange-traded funds (ETFs), derivatives, and ethical investment options.
Kwairanga further announced ongoing efforts to integrate African capital markets through cross-border linkages, which would allow investors in Nigeria to trade equities listed in other countries, such as Ghana, and vice versa.
“We are confident that Nigeria will have the broader, deeper, and more sophisticated capital market it deserves before the end of this decade,” he said.
He reiterated the NGX Group’s alignment with President Bola Tinubu’s economic vision, which aims to grow Nigeria’s gross domestic product (GDP) to $1 trillion by 2030. Kwairanga expressed optimism that current economic challenges, including low disposable income, infrastructure gaps, and global economic uncertainty, can be overcome.
Providing data on recent market performance, he said the All-Share Index (ASI) rose from 48,837 basis points to 111,742 basis points, while market capitalisation increased from N26.375 trillion to N70.463 trillion as of May. With the inclusion of the bond market, total market capitalisation now exceeds N121 trillion.
“This growth shows that we have more than doubled the indices of both our equity and bond markets in just over two years,” he stated. “However, our goal is even more ambitious as we work towards making the capital market central to achieving a $1 trillion economy.”
Kwairanga emphasised the strategic role of the capital market in financing long-term infrastructure, formalising businesses, and unlocking Nigeria’s true economic potential. He, however, noted that the country’s market capitalisation remains under 20 percent of its GDP — a sharp contrast to South Africa’s Johannesburg Stock Exchange (JSE), which surpasses the country’s GDP.
To address this disparity, he said the NGX Group, in collaboration with regulators such as the Securities and Exchange Commission (SEC), has introduced several initiatives aimed at improving market efficiency and transparency.
