The Nigerian Exchange Group (NGX) has announced plans to expand its listings across public, oil and gas, and other key sectors of the economy, with the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Petrochemicals identified as top prospects.
Chairman of NGX Group, Dr. Umaru Kwairanga, made the disclosure at the FLOC 2025 Summit held in Kano over the weekend. Speaking on the summit’s theme, “Reimagining Nigeria’s Economy for a Prosperous Future: Where We Were, Where We Are, and Where We Should Be in the Next Decade,” he expressed optimism about securing a listing for Dangote Petrochemicals in the near future.
“We are pursuing new listings in the public sector, oil and gas, and other areas. The government has reaffirmed its commitment to divesting a stake in NNPCL, and we are confident that Dangote Petrochemicals will be listed very soon,” Kwairanga said.
He added that such transactions would significantly boost the market’s capitalisation and attract increased participation from both local and international investors.
Reflecting on Nigeria’s economic journey, the NGX chairman said the country is currently at a pivotal point—emerging from economic volatility and aiming for sustained transformation. He stressed that achieving President Bola Tinubu’s $1 trillion GDP vision by 2030 would require a robust and inclusive capital market.
“No country has made the leap to economic prosperity without a vibrant capital market,” Kwairanga said. “From South Korea to Singapore and Rwanda, deep and accessible capital markets have been the bedrock of sustained growth.”
Highlighting NGX’s progress since he assumed office in October 2022, Kwairanga noted a major improvement in market indicators. The All-Share Index (ASI) has risen from 48,837 basis points in October 2022 to 111,742 by the end of May 2025. Market capitalisation also more than doubled from ₦26.4 trillion to ₦70.5 trillion within the same period.
Despite these gains, Kwairanga said NGX’s current focus is more ambitious: ensuring that Nigeria’s capital market plays a central role in achieving the trillion-dollar economy goal.
“A larger capital market will promote savings and investments, finance infrastructure, and help structure businesses for better performance,” he said. “Our capital market should reflect Nigeria’s full economic potential, yet currently represents less than 20% of GDP—unlike South Africa, where the Johannesburg Stock Exchange exceeds national GDP.”
To bridge this gap, NGX is collaborating with regulators such as the Securities and Exchange Commission (SEC) to enhance transparency and efficiency. Kwairanga highlighted ongoing initiatives, including dematerialising share certificates, clearing unpaid dividends, and reducing the time it takes to list securities.
He noted that the recent reduction of clearing days to T+2 by SEC is a key milestone that will boost market liquidity.
In a bid to capture Nigeria’s youthful population, NGX is also rolling out digital innovations. One such effort is the NGX Invest platform, designed for primary market offers and currently aiding banking sector recapitalisation efforts. The Exchange is also strengthening the skills of trading license holders through its X-Academy and increasing financial literacy among students and young people.
Kwairanga said NGX is engaging institutional investors like pension fund administrators and mutual funds, while also developing products such as exchange-traded funds, ethical funds, and fixed-income instruments to serve their needs.
He also mentioned the ongoing African Exchanges Linkage Project, which aims to allow cross-border trading within the continent. Through this initiative, Nigerian investors could trade equities listed on other African exchanges like Ghana’s, using local brokerage platforms.
Despite these strides, he acknowledged persistent challenges—including declining disposable income, weak infrastructure, and global economic uncertainties driven by U.S. policies. Nevertheless, Kwairanga expressed confidence in the resilience of Nigeria’s capital market and reiterated NGX’s commitment to building a broader, deeper, and more sophisticated exchange in line with global standards.
Nzubechukwu Eze
