The Federal Government has reaffirmed its commitment to strengthening Nigeria’s capital market by encouraging major state-owned and private enterprises, including NNPC Limited and Dangote Petroleum Refinery, to list their stocks on the Nigerian Exchange.
Vice President Kashim Shettima made this known at the 50th Inaugural Lecture of Nasarawa State University, Keffi, on Wednesday, emphasizing that the initiative aims to boost investor participation and drive economic growth, according to The Punch.
Shettima stated that Nigeria’s capital market is not merely a platform for financial transactions but a crucial driver of national development.
He affirmed the Federal Government’s efforts to encourage NNPC Limited, Dangote Petroleum Refinery, and Nigeria LNG to list their stocks on the NGX.
Shettima said “Nigeria’s capital market is not merely a platform for transactions; it is a driver of national development.
“The implementation of the revised Capital Market Master Plan is restoring investor confidence and attracting new listings, including major entities like NNPC, Dangote Refinery, and NLNG.”
Shettima stated that listing these companies would enhance liquidity, deepen the market, and attract global investors.
Citing a 37% stock market surge in 2023 and a 1.5% increase in early 2024, he emphasized that the Nigerian capital market remains a pillar of economic resilience.
The Vice President noted that the Nigerian Exchange had recorded significant growth despite global and domestic economic challenges, with its market capitalisation increasing by N1.95tn in January alone.
He said, “Nigeria’s capital market is our ticket to economic stability. Its performance, despite global and domestic uncertainties, speaks volumes. In January 2025 alone, the market capitalisation of the Nigerian Exchange Limited appreciated by N1.95tn, reflecting growing confidence in our economic trajectory.
“Compared to January 2024, we recorded an impressive N14.44tn increase. These figures are not just statistics; they are indicators of the steady hand guiding our economy under the leadership of President Bola Tinubu.”
Shettima reaffirmed the $1 trillion economy vision as an attainable target, driven by strategic reforms to deepen the financial market, boost investor confidence, and unlock sustainable growth.
He pointed to the ongoing banking sector recapitalization as a key driver of investor sentiment, noting that the NGX Banking Index has gained 9.76% year-to-date.
Shettima highlighted the strong performance of major financial institutions like Zenith Bank, GTCO, and United Bank for Africa, describing them as clear indicators of resilience in the sector.
He also revealed that Nigeria’s pension fund assets had reached a record ₦20.5 trillion as of December 2024, while federal revenue collections surpassed expectations, rising to ₦27 billion—120% of the projected target and a 70% increase from 2023.
Shettima credited these gains to President Bola Tinubu’s pro-business policies, alongside the government’s commitment to fiscal discipline and investment-friendly reforms.
