The listing of Dangote Refinery, Nigerian National Petroleum Company Limited (NNPCL), and power firms on the Nigerian Exchange (NGX) can raise market capitalisation by up to 50 per cent, significantly deepening Nigeria’s capital market and attracting more local and foreign investors, operators have said.
The operators also stated that the listing of these strategic companies will create new investment opportunities, boost market capitalisation, and enhance the NGX’s overall performance. It will also demonstrate the government’s commitment to promoting transparency and accountability in managing state-owned enterprises.
Market analysts believed that the listing would positively impact the economy, creating new opportunities for growth and development. With the NGX poised for growth, investors are optimistic about the future prospects of the Nigerian capital market.
As of October 3, 2025, the NGX is one of the largest in Africa, with a market capitalisation of N91.135 trillion. It has grown 39.50 per cent year-to-date.
Commenting on it, the managing director/CEO of APT Securities and Funds Limited, Mallam Garuba Kurfi, highlighted the potential impact of Dangote Refinery’s planned listing on the Nigerian Exchange.
He noted that while there is speculation about a possible listing in 2026, the exact timing remains uncertain. Nevertheless, once Dangote Refinery is officially listed, it will be a transformative event for the market.
According to Kurfi, if the Refinery’s value is estimated at $20 billion, its listing could significantly enhance the market capitalisation, potentially raising it to around $60 billion.
“This could represent substantial growth, with possibilities of adding market premiums that might increase the overall market value by 50 per cent or even more.”
He drew parallels to Aramco’s listing on the Saudi Stock Exchange, which surpassed the entire capitalisation of the London Stock Exchange, underscoring the transformative potential of such listings.
Kurfi mentioned, “if the NNPC were to consider a listing, it could be even more impactful. Despite current operational challenges at some of its refineries, NNPC’s extensive asset portfolio, including its LNG facilities, positions it for significant contributions to the market. A listing from NNPC could fundamentally reshape the Nigerian financial landscape, enhancing its stature and driving economic growth.”
The NGX recently stated that it is actively preparing for the listing of Dangote Petrochemicals, a move expected to boost market capitalisation and deepen Nigeria’s capital markets significantly.
The chairman of NGX Group, Dr Umaru Kwairanga, emphasised that the anticipated listing aligns with President Bola Tinubu’s economic agenda, which aims to expand Nigeria’s Gross Domestic Product (GDP) to $1 trillion by 2030.
According to Kwairanga, key listings in the oil and gas sector, such as the planned stake sale in NNPC Limited and Dangote Petrochemicals, will be vital in achieving this goal.
Speaking on this, the vice president of Highcap Securities Limited, David Adnori, emphasised the significant impact of listing major enterprises like Dangote Fertiliser, Dangote Petrochemicals, Dangote Refinery, and NNPC on the Nigerian Exchange.
He highlighted that “their presence on the stock exchange would enrich the capital market, allowing the investing public to partake in the wealth generated by these substantial companies.
He noted that such listings would enhance corporate governance practices within these firms, saying that adding these enterprises to the market would also help establish the capital market as a more accurate reflection of the economy’s health.
Adnori said these listings are particularly relevant as the Tinubu administration aims to grow Nigeria’s GDP to $1 trillion by 2030.
He explained that the capital market’s growth, bolstered by these listings, would attract both domestic and foreign investors. Increased foreign investment would lead to capital gains and positively influence the country’s foreign exchange landscape.
“More foreign currency flowing into Nigeria would stimulate the savings and investment cycle, fostering wealth creation across the economy. These enterprises, by becoming more transparent through their listing, would also gain access to a wider range of investment funds globally. This influx of investment could facilitate their expansion efforts, further contributing to GDP growth and helping the administration reach its economic goals. Thus, the interconnection between these listings and the broader economic strategy is clear and promising,” Adnori explained.
