The potential listing of Dangote Refinery, Nigerian National Petroleum Company Limited (NNPCL), and key power companies on the Nigerian Exchange (NGX) is projected to boost market-slump-continues-as-investors-lose-n832bn/” title=”… ROUNDUP: Equities … slump continues as investors lose N832bn”>market capitalisation by as much as 50 percent. Industry experts believe this move will significantly deepen Nigeria’s capital market, attracting a broader spectrum of both local and international investors.
Such strategic listings are expected to open fresh avenues for investment, elevate market capitalisation, and improve the overall performance of the NGX. Moreover, this initiative would signal the government’s dedication to enhancing transparency and accountability in the management of state-owned enterprises.
Market commentators anticipate that these listings will have a positive ripple effect on the Nigerian economy, fostering new growth opportunities and development prospects. With the NGX on an upward trajectory, investor confidence in the Nigerian capital market’s future remains strong.
As of October 3, 2025, the NGX ranks among Africa’s largest stock exchanges, boasting a market capitalisation of N91.135 trillion and a year-to-date growth rate of 39.50 percent.
Mallam Garuba Kurfi, Managing Director and CEO of APT Securities and Funds Limited, shared insights on the anticipated impact of Dangote Refinery’s listing. While the exact timing remains uncertain, with speculation pointing to 2026, Kurfi emphasized that the event would be a game-changer for the market once it occurs.
He estimated that with Dangote Refinery valued at approximately $20 billion, its inclusion on the NGX could potentially elevate the market capitalisation to around $60 billion.
“This represents a remarkable growth opportunity, with the potential to add market premiums that could increase the overall market value by 50 percent or more,” Kurfi explained.
Drawing a comparison, Kurfi referenced the landmark listing of Saudi Aramco on the Saudi Stock Exchange, which surpassed the entire market capitalisation of the London Stock Exchange, illustrating the transformative power of such major listings.
He further noted that if NNPC were to pursue a listing, the impact could be even more profound. Despite operational challenges at some refineries, NNPC’s vast asset base, including its LNG infrastructure, positions it to make a significant contribution to the market. A successful NNPC listing could redefine Nigeria’s financial landscape, boosting its prominence and stimulating economic expansion.
The NGX has confirmed it is actively preparing for the listing of Dangote Petrochemicals, a development expected to substantially increase market capitalisation and deepen Nigeria’s capital markets.
Dr. Umaru Kwairanga, Chairman of the NGX Group, highlighted that this anticipated listing aligns closely with President Bola Tinubu’s economic vision, which targets expanding Nigeria’s Gross Domestic Product (GDP) to $1 trillion by 2030.
Kwairanga pointed out that pivotal listings in the oil and gas sector, including the planned stake sale in NNPC Limited and Dangote Petrochemicals, will be instrumental in achieving this ambitious economic milestone.
David Adnori, Vice President of Highcap Securities Limited, underscored the transformative effect that listing major corporations such as Dangote Fertiliser, Dangote Petrochemicals, Dangote Refinery, and NNPC would have on the Nigerian Exchange.
He emphasized that their inclusion would enrich the capital market, enabling investors to share in the wealth generated by these influential companies.
Adnori also noted that these listings would promote stronger corporate governance within these entities, helping the capital market more accurately mirror the health of the broader economy.
He stressed the relevance of these developments in the context of the Tinubu administration’s goal to grow Nigeria’s GDP to $1 trillion by 2030.
According to Adnori, the expansion of the capital market through these listings would attract increased domestic and foreign investment. This influx of foreign capital would generate capital gains and positively affect Nigeria’s foreign exchange reserves.
“An increase in foreign currency inflows would invigorate the savings and investment cycle, fostering wealth creation throughout the economy. By becoming publicly listed, these companies would also gain access to a wider pool of global investment funds, facilitating their growth and further contributing to GDP expansion. This synergy between the listings and the national economic strategy is both clear and promising,” Adnori concluded.
