Taiwo Oyedele pushes for NNPCL, NLNG listing to boost transparency, wealth creation

Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has advocated for the listing of key government assets like the Nigerian National Petroleum Company Limited (NNPC Ltd) and Nigeria LNG Limited (NLNG). The minister argued that such listings would foster transparency and wealth creation. He disclosed this during the National Capital Market Conference 2026 attended by Nairametrics.

NNPC has announced plans to conduct an initial public offering (IPO) as it strives to implement governance reforms and resolve financial reporting gaps identified by external advisers. Oyedele emphasized that, following reforms, Nigeria's gross domestic product (GDP) at purchasing power parity (PPP) had reached $2.4 trillion, which he viewed as a sign that the economy was about to take off and was already making progress.

He pledged that the Federal Government would take substantial steps to clean up NNPC in preparation for its listing. Additionally, Oyedele introduced the National Savings Scheme, promising tax incentives for ordinary Nigerians, which would be properly costed and transparently administered. The Vice President, Kashim Shettima, commended the Securities and Exchange Commission (SEC) for its efforts to strengthen market enforcement, expand digital assets, streamline settlement processes, and safeguard market integrity before international index providers.

Shettima assured the audience that the National Economic Council, chaired by himself, would treat the master plan as a national initiative. The SEC Director-General, Emomotimi Agama, projected that the capital market would expand from approximately N250 trillion to N750 trillion by 2036, positioning the market as the primary financier of President Tinubu's vision for a $1 trillion economy.

He stressed that the market's success would be measured by the number of Nigerians who become shareholders, the businesses it supports, and the futures secured. NNPC's move towards a public listing comes as the company's financial performance has declined in the first half of 2026. Despite maintaining profitability, NNPC reported a 35.4% drop in profit after tax, recording N2.28 trillion in the six months to June 2026, down from N3.53 trillion in the same period last year.

Nigeria's President Bola Tinubu has tasked NLNG management to convert the country's natural gas reserves into economic gains, as Nigeria flared over 203.9 billion standard cubic feet of gas in 2025.