Nigeria plans to list major energy firms

Nigeria has announced plans to accelerate the listing of its public oil company, NNPC, and gas company, NLNG, on the stock exchange. The announcement was made by Vice President Kashim Shettima during a capital market conference in Abuja on October 19, as part of a ten-year strategy to boost the country’s market capitalization.

Goal is to expand market size

The ten-year plan aims to increase the Nigerian stock market’s capitalization to 750,000 billion naira (500 billion dollars) by 2036. Finance Minister Taiwo Oyedele stated that listing these companies would help grow the market, improve transparency, and diversify ownership of national assets.

NNPC listing delayed multiple times

NNPC’s listing was originally set by a 2021 law that restructured the company as a commercial entity. However, the process has been delayed several times, with the company’s director general, Bayo Ojulari, indicating in July that it might be pushed to 2028. NNPC has been working to improve its governance and financial records to meet listing requirements.

NLNG faces different challenges

NLNG’s situation is more complex because the Nigerian government only owns 49% of the company, with foreign partners like Shell, TotalEnergies, and Eni holding the remaining 51%. Listing NLNG would require coordination with these foreign shareholders, and no formal agreement has been announced yet.

NNPC’s recent financial results mixed

Despite a 33% increase in annual profits in 2025, NNPC’s performance has declined in the first half of 2026. The company reported a 35.4% drop in profit, to about 2,280 billion naira (1.5 billion dollars), according to figures released this month.

Listing details remain unclear

Neither NNPC nor NLNG has set a specific date for their stock exchange listing, and the percentage of shares to be sold has not been disclosed. These details are expected to be clarified in the coming months.