Dangote Refinery, NNPC, Another Oil Company to Invite Nigerians to Buy Shares, FG Confirms

• The Nigerian government has confirmed that it is actively engaging with private and state-owned firms to list shares on the Nigerian Exchange
• Vice President Kashim Shettima revealed that the government is encouraging the Dangote Refinery, NNPC and NLNG to list on the NGX
• He reeled out the NGX’s gains, especially in the banking sector, whose index hit 9.79% in the past year

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The Nigerian government has confirmed its commitment to boosting Nigeria’s capital market by encouraging state-owned and private firms such as the Nigerian National Petroleum Company Limited (NNPC) and the Dangote Refinery to list their stocks on the Nigerian Exchange.

Vice President Kashim Shettima revealed this on Wednesday, February 26, 2025, saying the move was to boost investor participation and foster economic growth.

FG asks Dangote Refinery, NNPC, LNG to list

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Shettima stressed the important role of the capital market in achieving economic stability and enhancing Nigeria’s plan for a $1 trillion economy.

The VP revealed that Nigeria’s capital market is an essential platform to drive national development.

He confirmed that the Nigerian government was encouraging NNPC, Dangote Refinery, and Nigeria LNG to list their stocks on the NGX.

The VP revealed that such listings would provide liquidity, deepen the market, and attract global investors.

According to him, with a 37% surge in the market in 2023, and a 1.5% increase in 2024, the market is a pillar of economic resilience.

The nation’s number two man said the NGX has seen an N14.44 trillion increase, showing a growing investor confidence in Nigeria’s economy.

Shettima said the $1 trillion economy plan is achievable and would be driven by robust and strategic reforms to deepen the financial market, boost investor confidence, and unlock growth opportunities.

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Shettima flaunts gains of capital market

The Vice President stressed the ongoing bank recapitalisation as a key enabler of investor sentiment, with the NGX Banking Index hitting 9.76% year-to-date.

According to the VP, the strong performances of tier-1 banks such as Zenith Bank, GTCo, and the United Bank for Africa are indicators of resilience in the sector.

Also, Nigeria’s pension fund assets hit N20.5 trillion as of December 2024, while revenue collections rose to N27 billion, representing 120% of the projected target and a 70% increase from 2023.

Punch reporting said Shettima attributed the gains to President Bola Tinubu’s business-friendly policies and the government’s fiscal discipline.

He reaffirmed the government's commitment to boosting the capital market via the revised Capital Market Master Plan implementation.

Per the Vice President, the Securities and Exchange Commission (SEC) set aside N51.49 billion in its 2025 budget to support initiatives to expand market participation and boost investor confidence.

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The initiatives include enhanced regulatory oversight, advanced technology adoption, and innovative financial products, Shettima noted.

He pointed at the successful Eurobond sales as further proof of the growing global confidence in Nigeria’s economy.

Dangote confirms plans to sell refinery’s shares

The nation’s number two citizen revealed the government’s investment in Sovereign Sukuk bonds, which raised N1.1 trillion to fund 124 federal roads of about 5, 820km nationwide.

Legit.ng reported that Aliko Dangote hinted at plans to list the mega refinery on the NGX, allowing Nigerians to own part of the facility and raise funds for operations.

The NNPC is also perfecting plans to list on the NGX after becoming a public liability company two years ago.

Dangote takes over Nigeria's petrol market

Legit.ng earlier reported that a few months ago, all of Nigeria’s petrol consumption was imported.

However, that all changed with the launch of the mega Dangote Refinery in Lekki, Lagos.

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A recent report by S&P Global shows that about 60% of Nigeria’s petrol supply comes from the Dangote Refinery as the plant prepares to reach full refining capacity in a few days.

Source: Legit.ng