President Bola Tinubu has announced plans to eventually list the entire Nigerian National Petroleum Company Limited (NNPCL) on the Nigerian Exchange Limited (NGX), as part of efforts to reform the state-owned oil company and attract more private investment.
Tinubu disclosed this on Thursday when he received the management of the Nigerian Exchange Limited at the Presidential Villa in Abuja.
The President said his administration’s goal is to transform NNPCL into a globally competitive energy company operating at the level of Saudi Arabia’s Aramco.
He explained that the ongoing NNPCL reforms, combined with the implementation of the Petroleum Industry Act (PIA), are expected to improve the company’s efficiency, transparency and performance while strengthening Nigeria’s oil and gas sector.
According to Tinubu, the government is looking beyond listing selected subsidiaries or business units of NNPCL, with the ultimate goal of placing the entire company on the Nigerian stock market.
“We will do NNPCL reforms to the extent that one day the totality of it, not just arms and legs, the totality of it, will be listed on NGX,” Tinubu said.
The President also highlighted the growth of the Nigerian Exchange under his administration, noting that its market capitalisation has increased to about ₦158 trillion.
He described the development as a positive sign for Nigeria’s financial market and investment environment.
Tinubu stressed that attracting greater private-sector investment remains a key priority of his administration, saying increased participation would help drive economic growth, create jobs and expand opportunities.
“We need to encourage the private sector to invest more in the economy. It’s one of the reasons I backed Dangote, even before I became president,” he stated.
The proposed NNPCL listing is expected to deepen transparency, strengthen corporate governance and potentially provide Nigerians and other investors with an opportunity to participate directly in the ownership of the national oil company.
