Nigeria plans to list NNPC and NLNG to boost market value

Nigeria has renewed its initiative to list the state oil company, Nigerian National Petroleum Company Limited (NNPC), and gas producer Nigeria LNG Limited (NLNG) on the stock exchange. This move is part of a 10-year strategic plan to increase the nation's stock market capitalization to 750 trillion naira ($500 billion) by 2036.

While the listing of NNPC is supported by a 2021 law that converted the company into a commercial entity, the process has faced several delays. Some estimates suggest the NNPC listing could be postponed until 2028. NLNG faces a different path, as its listing would require approval from foreign shareholders who currently own 51% of the company.

Finance Minister Taiwo Oyedele stated that making shares in these companies available to investors aims to expand the market, improve transparency, and broaden the ownership of national assets. Meanwhile, NNPC's latest financial reports show an 87.7% reduction in exploration and evaluation spending for 2025 compared to 2024, and a 62.2% decrease in gas flaring charges.