Listing Of NNPCL, Power Firms Can Raise Market Capitalisation By 50% — Operators

The listing of Dangote Refinery, Nigerian National Petroleum Company Limited (NNPCL), and powerfulness firms connected the Nigerian Exchange (NGX) tin rise marketplace capitalisation by up to 50 per cent, importantly deepening Nigeria’s superior marketplace and attracting much section and overseas investors, operators person said.

The operators besides stated that the listing of these strategical companies volition make caller concern opportunities, boost marketplace capitalisation, and heighten the NGX’s wide performance. It volition besides show the government’s committedness to promoting transparency and accountability successful managing state-owned enterprises.

Market analysts believed that the listing would positively interaction the economy, creating caller opportunities for maturation and development. With the NGX poised for growth, investors are optimistic astir the aboriginal prospects of the Nigerian superior market.

As of October 3, 2025, the NGX is 1 of the largest successful Africa, with a marketplace capitalisation of N91.135 trillion. It has grown 39.50 per cent year-to-date.

Commenting connected it, the managing director/CEO of APT Securities and Funds Limited, Mallam Garuba Kurfi, highlighted the imaginable interaction of Dangote Refinery’s planned listing connected the Nigerian Exchange.

He noted that portion determination is speculation astir a imaginable listing successful 2026, the nonstop timing remains uncertain. Nevertheless, erstwhile Dangote Refinery is officially listed, it volition beryllium a transformative lawsuit for the market.

According to Kurfi, if the Refinery’s worth is estimated astatine $20 billion, its listing could importantly heighten the marketplace capitalisation, perchance raising it to astir $60 billion.

“This could correspond important growth, with possibilities of adding marketplace premiums that mightiness summation the wide marketplace worth by 50 per cent oregon adjacent more.”

He drew parallels to Aramco’s listing connected the Saudi Stock Exchange, which surpassed the full capitalisation of the London Stock Exchange, underscoring the transformative imaginable of specified listings.
Kurfi mentioned, “if the NNPC were to see a listing, it could beryllium adjacent much impactful. Despite existent operational challenges astatine immoderate of its refineries, NNPC’s extended plus portfolio, including its LNG facilities, positions it for important contributions to the market. A listing from NNPC could fundamentally reshape the Nigerian fiscal landscape, enhancing its stature and driving economical growth.”

The NGX precocious stated that it is actively preparing for the listing of Dangote Petrochemicals, a determination expected to boost marketplace capitalisation and deepen Nigeria’s superior markets significantly.

The president of NGX Group, Dr Umaru Kwairanga, emphasised that the anticipated listing aligns with President Bola Tinubu’s economical agenda, which aims to grow Nigeria’s Gross Domestic Product (GDP) to $1 trillion by 2030.

According to Kwairanga, cardinal listings successful the lipid and state sector, specified arsenic the planned involvement merchantability successful NNPC Limited and Dangote Petrochemicals, volition beryllium captious successful achieving this goal.

Speaking connected this, the vice president of Highcap Securities Limited, David Adnori, emphasised the important interaction of listing large enterprises similar Dangote Fertiliser, Dangote Petrochemicals, Dangote Refinery, and NNPC connected the Nigerian Exchange.

He highlighted that “their beingness connected the banal speech would enrich the superior market, allowing the investing nationalist to partake successful the wealthiness generated by these important companies.

He noted that specified listings would heighten firm governance practices wrong these firms, saying that adding these enterprises to the marketplace would besides assistance found the superior marketplace arsenic a much close reflection of the economy’s health.

Adnori said these listings are peculiarly applicable arsenic the Tinubu medication aims to turn Nigeria’s GDP to $1 trillion by 2030.

He explained that the superior market’s growth, bolstered by these listings, would pull some home and overseas investors. Increased overseas concern would pb to superior gains and positively power the country’s overseas speech landscape.

“More overseas currency flowing into Nigeria would stimulate the savings and concern cycle, fostering wealthiness instauration crossed the economy. These enterprises, by becoming much transparent done their listing, would besides summation entree to a wider scope of concern funds globally. This influx of concern could facilitate their enlargement efforts, further contributing to GDP maturation and helping the medication scope its economical goals. Thus, the interconnection betwixt these listings and the broader economical strategy is wide and promising,” Adnori explained.