President Bola Tinubu has backed a larger role for Nigeria’s capital market in financing the country’s ambition to become a $1 trillion economy, as Nigerian Exchange Group pushes for more listings, infrastructure financing and greater private-sector participation.
During a high-level meeting at the Presidential Villa, NGX Group presented a capital-market roadmap designed to turn the market’s recent rally into sustained capital formation for businesses and infrastructure.
Tinubu also said Nigerian National Petroleum Company Limited would be reformed and listed on the capital market, potentially creating one of the country’s most consequential future public-market listings.
Key Overview
- Nigeria is targeting a $1 trillion economy, with private capital expected to play a major financing role.
- NGX market capitalisation has risen from roughly ₦30 trillion in 2023 to around ₦160 trillion.
- The All-Share Index has climbed from around 52,000 points to more than 244,000 points over the same period.
- Tinubu said NNPC Limited would be reformed and listed on the Nigerian capital market.
- NGX proposed four priorities covering government-asset listings, major corporate listings, tax clarity and infrastructure financing.
- The official NGX weekly report showed market capitalisation at ₦158.513 trillion and the All-Share Index at 245,573.60 points on August 7.
Capital Market Takes Larger Role in Economic Strategy
The meeting signals an effort to position Nigeria’s capital market as a financing mechanism for economic expansion rather than primarily a venue for secondary trading.
NGX Group told the president that market capitalisation had increased from just under ₦30 trillion when Tinubu took office in 2023 to approximately ₦160 trillion, while the benchmark index had risen from about 52,000 to 244,000 points.
Tinubu said the country’s one-trillion-dollar economy target remained achievable, citing Nigeria’s population, entrepreneurial capacity and human capital while emphasizing the importance of expanding private-sector investment.
NGX Group CEO Temi Popoola argued that reaching that economic scale would require significantly deeper pools of long-term domestic and international capital.
The Exchange therefore wants to move beyond gains generated by rising share prices and create a stronger primary market through which companies, government entities and infrastructure projects can raise new capital.
That distinction is important. Rising stock valuations increase investor wealth and market size, but new equity and debt issuance directly provides companies and projects with funding that can be deployed into productive investment.
NNPC Listing Could Transform Market Scale
Perhaps the most significant statement from the meeting was Tinubu’s confirmation that NNPC Limited would be reformed and listed on the capital market.
The government has previously faced calls to bring major state-owned commercial assets to the Exchange. A future NNPC listing could significantly increase market depth while giving domestic and international investors exposure to Nigeria’s dominant state-owned energy company.
NGX had already called for major state-owned enterprises such as NNPC to be listed during an August 2025 engagement with Tinubu.
A successful transaction could also broaden public ownership and subject NNPC to the disclosure, reporting and governance requirements applicable to publicly traded companies.
However, Tinubu’s announcement represents a policy commitment rather than a completed transaction. No listing date, valuation, stake size or transaction structure was announced at the meeting.
The eventual impact will therefore depend on the pace of NNPC’s reform process and the structure ultimately selected for any public offering.
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NGX Sets Four Priorities for Deeper Capital Formation
NGX Group proposed four strategic priorities to increase the capital market’s contribution to economic development.
The first is the privatisation and listing of commercially viable government assets, expanding the range and scale of securities available to investors.
The second involves encouraging major Nigerian companies to pursue domestic or dual listings, which could retain more investment activity within Nigeria while still allowing companies to access international capital.
Third, NGX called for greater policy clarity around capital gains tax treatment of listed securities, arguing that predictable taxation is important for sustaining investor confidence and market participation.
The fourth priority is greater use of capital-market instruments to finance infrastructure and industrial development, potentially including bonds, equities and other long-term investment structures.
Together, the measures are intended to connect Nigeria’s savings and investment pools more directly with businesses and projects requiring long-term financing.
Nigerian Stocks Extend Rapid Expansion
The policy discussions come after a substantial expansion of Nigeria’s equities market.
According to the official weekly market report, the NGX All-Share Index ended August 7 at 245,573.60 points, with market capitalisation reaching ₦158.513 trillion.
The index had gained 57.81% year-to-date, demonstrating the strength of the 2026 equities rally.
The broader improvement has coincided with stronger international interest in Nigerian financial assets. Capital inflows reached a six-year high of $23 billion in 2025, although much of the foreign investment has remained concentrated in relatively liquid financial assets.
Finance Minister Taiwo Oyedele described the capital market during the Presidential Villa meeting as one of the fastest mechanisms for creating wealth and challenged NGX and the Securities and Exchange Commission to ultimately build a $1 trillion capital market.
The next phase will therefore be measured not only by index performance, but by whether Nigeria can convert investor confidence into new listings, infrastructure financing and productive corporate investment.
If the government follows through on the NNPC listing and NGX’s broader capital-formation programme, the Exchange could become a more central component of Nigeria’s strategy for financing its transition toward a trillion-dollar economy.
Sources: Nigerian Exchange Group / State House Nigeria / Reuters / Guardian Nigeria / Nigerian Tribune
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