Nigeria aims to list NNPC and NLNG on the stock exchange

Nigeria aims to list its state-owned oil company NNPC and gas firm NLNG on the stock exchange to expand its capital market, though both firms face distinct ownership hurdles and profit contractions, AGENCE ECOFIN reported on October 19, 2026. Vice-Kashim Shettima announced the push during the National Capital Market Conference in Abuja.

The proposed listings form part of a ten-year strategy unveiled by federal officials on October 19, 2026, targeting a total market capitalization of 750 trillion nairas, or 500 billion dollars, by 2036. Taiwo Oyedele stated that offering shares in the two energy giants would broaden public ownership and boost market transparency. This capital market push follows several years of regulatory reforms aimed at attracting international and domestic investors.

Contasting Structures Shape the Path to Listing

The state owns the Nigerian National Petroleum Corporation completely, which simplifies its corporate restructuring once accounts and governance meet exchange standards. A 2021 law originally mandated the commercialization of NNPC to prepare it for public markets, but officials have repeatedly delayed the share offering. Bayo Ojulari general, pointed to a potential postponement stretching into 2028 earlier in July.

Nigeria LNG operates under a different ownership model that requires negotiating with multinational partners. State holdings in NLNG stand at 49 percent, while foreign groups Shell, TotalEnergies, and Eni control the remaining 51 percent. Moving toward an initial public offering demands agreement from these external partners, yet no formal consensus has been made public.

Financial Performance Shifts Ahead of Market Entry

Profit figures for the national oil company show a volatile trajectory leading up to the intended market debut. Annual profits climbed 33 percent through 2025, but financial statements released in October 2026 show a 35.4 percent drop in earnings during the first half of the year, bringing net profit down to approximately 2.28 trillion nairas, or 1.5 billion dollars.

Corporate officers at NNPC maintain that internal audits and governance upgrades continue despite the downswing in interim revenue. Meanwhile, the broader Nigerian exchange watches the ongoing stock market introduction of the Dangote refinery, which is presented as the largest equity flotation in African financial history.

No specific dates or share percentages have been published for either energy firm. Foreign partners in the gas venture have yet to announce support for public trading, leaving the timeline for both listings dependent on corporate governance reforms and shareholder agreements.

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