By Emmanuella Opara | October 20th 2026
KEY POINTS
- The Federal Government plans to use incentives to encourage public and private companies to list on the Nigerian Exchange.
- Finance Minister Taiwo Oyedele says listing state-owned companies such as NNPC Ltd and NLNG could expand investment opportunities and improve transparency.
- Equities market capitalisation has risen to about N160tn, while pension assets have reached N27.5tn, according to Oyedele.
- The Securities and Exchange Commission is developing a National Savings Scheme and measures to strengthen investor protection.
MAIN STORY
The Federal Government plans to introduce incentives to encourage more public and private companies to list on the Nigerian Exchange (NGX), with state-owned enterprises among those being considered.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed this on Monday at the 2026 National Capital Market Conference in Abuja, saying the government would encourage companies to list without compelling them to do so.
Oyedele specifically mentioned the Nigerian National Petroleum Company Limited (NNPC Ltd) and Nigeria LNG Limited (NLNG), saying their listing could improve transparency and enable Nigerians to benefit from the value generated by national assets.
“We will encourage these companies to list but we will not force them because we want a free market. We will use incentives to attract them,” he said.
The minister said a potential listing of NNPC Ltd could significantly increase the size of Nigeria’s capital market. He added that listings by government-owned companies would widen investment opportunities for domestic and international investors while allowing more Nigerians to participate in the wealth generated by public assets.
Oyedele attributed renewed investor interest to the government’s economic reforms, pointing to growth in the equities market, an increase in pension assets and renewed attention from international index providers.
He said equities market capitalisation had risen from less than N30tn in mid-2023 to about N160tn, while pension assets had reached N27.5tn.
The government, he added, was working towards restoring Nigeria to JPMorgan’s flagship government bond index and securing an upgrade into the emerging-market category.
Oyedele also outlined plans to strengthen the capital market master plan, including measures to combat Ponzi schemes through stronger surveillance, social media monitoring, joint enforcement and a fraud restitution mechanism.
He said the plan would also strengthen the Investment and Securities Tribunal to facilitate faster resolution of investment disputes.
On efforts to promote savings, the minister highlighted the proposed National Savings Scheme as a means of encouraging people to save for education, housing, business and retirement through regulated channels.
The Director-General of the Securities and Exchange Commission (SEC), Dr Emomotimi Agama, said the scheme was designed to encourage savings among different groups, including traders, farmers and young graduates, while directing domestic savings towards productive investments.
Agama said the scheme had legal backing under the Investments and Securities Act 2025, with funds to be managed by professional fund managers registered with the commission.
He added that a memorandum of understanding involving the SEC, the Nigeria Revenue Service and FSD Africa would support the initiative through tax incentives intended to encourage savings.
The SEC, he said, would establish implementation structures to ensure the capital market master plan produced measurable results.
THE ISSUES
Encouraging more companies to list on the NGX could broaden the range of investment opportunities available to Nigerians and improve public access to information about listed businesses. The government’s proposed use of incentives, rather than compulsory listing, is intended to preserve companies’ freedom to make their own decisions.
Listing state-owned enterprises could also allow citizens to invest in businesses linked to national assets. However, the impact would depend on the terms of any offering, the level of public participation and the governance arrangements put in place.
The proposed National Savings Scheme and stronger measures against investment fraud form part of a wider effort to channel savings into regulated investments and improve confidence in the capital market.
WHAT’S BEING SAID
“We will encourage these companies to list but we will not force them because we want a free market. We will use incentives to attract them,” Taiwo Oyedele, Minister of Finance and Coordinating Minister of the Economy, said.
WHAT’S NEXT
The government is expected to pursue incentives to encourage company listings while continuing efforts to improve Nigeria’s standing with international bond index providers.
The SEC is also expected to establish implementation structures for the capital market master plan and advance the National Savings Scheme in collaboration with relevant institutions.
BOTTOM LINE
The Federal Government is seeking to deepen Nigeria’s capital market by encouraging more companies to list, expanding regulated savings and strengthening investor protection. The outcome will depend on the incentives introduced and the implementation of the proposed reforms.
