The Nigerian Exchange Limited (NGX) has called on the Federal Government to use the capital market to drive economic transformation by listing stakes in major strategic assets, including Indorama Eleme Petrochemicals Limited and Nigeria LNG Limited (NLNG).
The NGX Chief Executive Officer, Temi Popoola, made the proposal during a meeting with President Bola Ahmed Tinubu, stressing that listing government-linked companies on the Nigerian Exchange could deepen the capital market, expand investment opportunities for Nigerians and unlock additional value from strategic national assets.
According to Popoola, previous government-supported initiatives that brought major companies to the capital market played an important role in strengthening Nigeria’s investment landscape and could provide a blueprint for future reforms.
NGX Identifies Major Listing Opportunities
Popoola said the government could significantly increase market capitalisation and broaden investor participation by offering stakes in major enterprises such as NLNG, Indorama Eleme Petrochemicals, and selected assets within the Nigerian National Petroleum Company (NNPC) Limited portfolio.
He noted that some of the identified companies already have provisions that could facilitate future listings, while others may require government backing and policy support before they can access the public market.
Among the companies identified are Indorama Eleme Petrochemicals and NLNG, which NGX believes could provide significant opportunities for Nigerians to participate directly in the ownership of strategic businesses.
Listings Could Unlock Long-Term Capital
The NGX chief executive argued that listing strategic national assets would achieve more than simply increasing the number of companies on the exchange. It could also create opportunities for Nigerians to own stakes in major businesses while helping the government mobilise long-term domestic and international capital.
Popoola pointed to the listing of MTN Nigeria as an example of how the introduction of a major company to the Nigerian Exchange can expand market participation and increase the depth and value of the capital market.
He said similar listings involving large industrial, energy and infrastructure-related assets could produce comparable benefits by attracting more domestic and foreign investors.
If implemented, the proposed listings could represent another major step towards broadening ownership of strategic Nigerian enterprises, deepening the capital market and strengthening the country’s long-term economic growth.
