The Federal Government has reaffirmed its support for listing strategic state-owned assets, including the Nigerian National Petroleum Company Limited (NNPC Ltd) and Nigeria LNG Limited (NLNG), on the capital market, as NNPC’s profit after tax fell by 35.4 per cent in the first half of 2026.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed the government’s position on Monday at the National Capital Market Conference 2026, where he called for the listing of key government assets to improve transparency, broaden public ownership and deepen Nigeria’s capital market.
According to Oyedele, listing the companies would enable Nigerians to participate more directly in the wealth generated by strategic national assets while strengthening corporate governance and market development.
The minister said the Federal Government would take the lead in addressing governance and financial reporting issues at NNPC ahead of a potential 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 said.
Oyedele argued that NNPC and NLNG should be listed to deliver broader economic benefits, including increased market transparency and greater participation by domestic investors in the ownership of national assets.
He also compared NNPC’s potential valuation with that of Saudi Aramco, which he put at $1.6 trillion, suggesting that a valuation equivalent to 10 per cent of the Saudi oil giant would place NNPC at $160 billion.
The remarks come as NNPC continues preparations for a potential initial public offering (IPO), with the company reportedly working on governance reforms and addressing financial reporting gaps identified by advisers ahead of a possible capital market entry.
However, NNPC’s latest financial performance presents a mixed picture ahead of the proposed listing.
The company recorded a profit after tax of N2.28 trillion in the six months ended June 2026, down 35.4 per cent from N3.53 trillion reported in the corresponding period of 2025, according to financial data reviewed by Nairametrics.
The decline represents a reduction of approximately N1.25 trillion in earnings year on year.
NNPC began the year with a profit of N385 billion in January, before earnings fell to N136 billion in February, its weakest monthly performance during the first half.
Profit subsequently recovered to N276 billion in March and N481 billion in April, before moderating to N462 billion in May. Earnings rose again to N535 billion in June, the company’s strongest monthly result during the period.
Despite the recovery in monthly earnings towards the end of the half year, cumulative profit remained below the level recorded in the first six months of 2025.
Oyedele also linked the government’s capital market ambitions to the broader economic reform programme, noting that Nigeria’s gross domestic product at purchasing power parity stood at $2.4 trillion.
He said the country’s capital market should expand alongside economic growth, arguing that a $1.5 trillion economy should support a capital market valued at no less than $1 trillion.
The minister also highlighted the potential benefits of lower inflation and interest rates for businesses, noting that reduced borrowing costs could improve access to financing and support private-sector expansion.
Separately, the conference featured the launch of the National Savings Scheme, with Oyedele saying tax incentives would be provided within the law and administered transparently.
Vice President Kashim Shettima, represented by the Deputy Chief of Staff to the President, Senator Hassan Hadeija, also expressed support for efforts to strengthen Nigeria’s capital market.
Shettima said the National Economic Council would treat the Securities and Exchange Commission’s capital market master plan as a national initiative and work with the commission to encourage states to use the market to finance development projects through properly structured bonds and credible project pipelines.
SEC Director-General Emomotimi Agama said the plan aims to increase the market’s value from a baseline of about N250 trillion to N750 trillion by 2036.
The initiative is intended to position the capital market as a major source of financing for Nigeria’s economic expansion and infrastructure development, reducing reliance on government budgets and external borrowing.
