NNPC and NLNG Listings: FG Targets a N750 Trillion Capital Market and $1 Trillion Valuation

Nigeria’s federal government is targeting a capital market worth more than N750 trillion, partly through listing the Nigerian National Petroleum Company and Nigeria LNG Limited on the Nigerian Exchange. Vice President Kashim Shettima and Finance Minister Taiwo Oyedele announced the goal at the launch of the Nigerian Capital Market Master Plan 2.0 in Abuja. Oyedele said the market should aim to reach $1 trillion within a decade and urged faster listings of state-owned companies to improve transparency and broaden ownership. Meanwhile, Dangote Refinery’s IPO opened at N525 per share to raise $1.6 billion to $2.1 billion, with its deadline extended to October 27.