The potential listing of Dangote Refinery, Nigerian National Petroleum Company Limited and major power firms on the Nigerian Exchange could increase market capitalisation by as much as 50%, according to market operators.
The move is expected to significantly deepen Nigeria’s capital markets and attract a surge of local and foreign investments.
Experts in the financial sector maintain that bringing these key enterprises to the NGX will unlock new investment opportunities, elevate the exchange’s overall performance, and promote transparency and accountability in managing government-linked corporations.
Analysts have noted that such listings would stimulate the broader economy, encouraging further development and investor confidence. With the NGX currently positioned for substantial growth, investor sentiment towards Nigeria’s capital market remains optimistic.
As of October 3, 2025, the NGX stands among Africa’s largest exchanges, recording a market capitalisation of ₦91.135 trillion and a year-to-date growth of 39.50%.
Commenting on the potential impact of these developments, the Managing Director/CEO of APT Securities and Funds Limited, Mallam Garuba Kurfi, underscored the significance of Dangote Refinery’s expected listing.
Although there is speculation regarding a possible 2026 listing, Kurfi noted that the precise timing remains unclear. However, he stressed that the refinery’s listing would mark a milestone for the NGX.
“If the refinery’s value is estimated at $20 billion, its listing could significantly enhance the market capitalisation, potentially raising it to around $60 billion,” Kurfi said. “This could represent substantial growth, with possibilities of adding market premiums that might increase the overall market value by 50 per cent or even more.”
He compared the potential impact to that of Aramco’s listing on the Saudi Stock Exchange, which surpassed the entire capitalisation of the London Stock Exchange, illustrating the scale of transformation that such major listings can bring.
Kurfi also suggested that a listing by the NNPCL could have an even greater impact. Despite current challenges faced by its refineries, he pointed out that NNPCL’s vast asset base, including its interests in liquefied natural gas (LNG), positions it as a major player. He stated that an NNPCL listing could “fundamentally reshape the Nigerian financial landscape, enhancing its stature and driving economic growth.”
The NGX has disclosed ongoing preparations for the listing of Dangote Petrochemicals. This strategic move is expected to expand the exchange’s capital base and significantly deepen the Nigerian capital market.
NGX Group Chairman, Dr. Umaru Kwairanga, emphasised that the listing supports President Bola Tinubu’s economic roadmap, which targets a Gross Domestic Product (GDP) of $1 trillion by 2030.
According to him, major listings in the oil and gas sector — including potential stake sales in NNPCL and Dangote Petrochemicals — will play a crucial role in realising this objective.
David Adnori, Vice President of Highcap Securities Limited, also weighed in on the matter, highlighting the potential transformation that could result from listing major firms like Dangote Fertiliser, Dangote Petrochemicals, Dangote Refinery, and NNPCL.
“Their presence on the stock exchange would enrich the capital market, allowing the investing public to partake in the wealth generated by these substantial companies,” Adnori stated.
He added that such listings would elevate corporate governance standards within these firms and allow the capital market to serve as a truer indicator of Nigeria’s economic trajectory.
Adnori further noted the relevance of these developments to the Tinubu administration’s ambition to boost GDP to $1 trillion by 2030. He argued that listings of this magnitude would not only attract foreign investors but also improve Nigeria’s foreign exchange position.
“More foreign currency flowing into Nigeria would stimulate the savings and investment cycle, fostering wealth creation across the economy,” he explained. “These enterprises, by becoming more transparent through their listing, would also gain access to a wider range of investment funds globally.”
Adnori concluded that the resulting inflow of investment could fuel the expansion of these companies, contributing meaningfully to GDP growth and advancing the administration’s broader economic goals.
