The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has maintained that key government assets, such as the Nigerian National Petroleum Company Limited (NNPC Ltd) and Nigeria LNG Limited (NLNG), must be listed to boost transparency and wealth creation.
Oyedele disclosed this on Monday at the National Capital Market Conference 2026, attended by Nairametrics.
Nairametrics previously reported that NNPC had announced plans to advance its initial public offering (IPO) as it implements governance reforms and addresses financial reporting gaps identified by its advisers ahead of a potential capital market listing.
Government choice assets must be listed
Speaking at the event, the minister said that, following government reforms, Nigeria’s gross domestic product (GDP) at purchasing power parity (PPP) stood at $2.4 trillion.
He described this as evidence of an economy waiting to take off and one that was already taking off.
- “By the time inflation comes down to single digits, interest rates follow at single digits, we’re growing at 4.43%, borrowing at 30%, imagine what would happen when businesses borrow at single digits. And that’s what we’re getting to now,” he said.
- “So by the time we become a $1.5 trillion economy, our capital market cannot and should not be less than $1 trillion,” he added.
Oyedele promised that the Federal Government would do everything necessary and take the lead in cleaning up NNPC ahead of its listing.
- “If we clean up the NNPC and list the NNPC, do you know that NNPC is worth more than the entire capital market value that we have today in Nigeria?” he asked.
- According to him, “NNPC, NLNG, those choice assets of government have to be listed because, by doing that, I believe that we will actually get a win-win outcome.”
He highlighted that NNPC is worth more than 10% of Saudi Aramco.
- “Saudi Aramco is worth $1.6 trillion. So just give NNPC 10% of that, that’s $160 billion,” he said, urging stakeholders not to be limited in pursuing the nation’s capital market ambitions.
- He explained that listing government assets would “improve transparency, allow Nigerians who own these assets to share in the wealth, and deepen the capital market.”
The minister also launched the National Savings Scheme, saying tax incentives would be provided within the ambit of the law, properly costed, and transparently administered to ordinary Nigerians.
NEC to treat SEC plan as national initiative – Shettima
Vice President Kashim Shettima, who was represented by the Deputy Chief of Staff to the President, Senator Hassan Hadeija, commended the Securities and Exchange Commission (SEC) for being intentional about strengthening enforcement, bringing digital assets within the regulatory perimeter, pushing for faster settlement, and defending the integrity of the Nigerian market before global index providers.
- “When regulation is firm, fair, and forward-looking, capital stays, and under the watch of this board and management team, capital not only stayed, it multiplied for the benefit of investors and the country,” he said.
He assured the audience that the National Economic Council, which he chairs, would treat the master plan as a national initiative.
- He added that the council would work with the commission to ensure that every state understands how to use the market responsibly through well-structured bonds, credible project pipelines, and the transparency investors demand.
- He acknowledged that the budget alone could not close the nation’s infrastructure gap, which is measured in trillions of dollars, highlighting that foreign borrowing could not be the only option.
- Shettima subsequently launched the plan and inaugurated its Project Steering Committee and the Capital Market Master Plan Implementation Committee.
SEC Director-General Emomotimi Agama said the plan aims to grow the market from a baseline of about N250 trillion to N750 trillion by 2036, making the capital market a principal financier of the President’s vision of a $1 trillion economy.
He told the audience that history would not judge the capital market by the height of its index, but by how many Nigerians it made owners, how many businesses it financed, and how many futures it secured.
NNPC profit falls 35% in H1 2026
NNPC’s preparations for a public listing come amid a decline in its financial performance in the first half of 2026, despite remaining profitable throughout the period.
According to financial data reviewed by Nairametrics, the company recorded a profit after tax of N2.28 trillion in the six months ended June 2026, representing a 35.4% decline from the N3.53 trillion reported in the corresponding period of 2025.
- NNPC began 2026 with a profit of N385 billion in January before earnings declined to N136 billion in February, its lowest monthly result during the period.
- Profit recovered to N276 billion in March and increased further to N481 billion in April.
- Although earnings moderated to N462 billion in May, they rebounded to N535 billion in June, the company’s strongest monthly performance in the first half of 2026.
- The figures brought NNPC’s cumulative first-half profit to approximately N2.28 trillion, representing a decline of N1.25 trillion compared with the corresponding period of 2025.
In August 2026, President Bola Tinubu charged NLNG management to turn the nation’s gas reserves into economic benefits after Nigeria flared more than 203.9 billion standard cubic feet of natural gas in 2025.