President Bola Tinubu has announced that the Nigerian National Petroleum Company Limited (NNPCL) will eventually be listed on the Nigerian Exchange Limited (NGX) as part of ongoing reforms aimed at transforming the state-owned oil company into a more transparent and competitive business.
The President made the announcement on Thursday while receiving the management of the Nigerian Exchange Limited at the Presidential Villa in Abuja.
Tinubu said his administration is pursuing reforms that will position NNPCL to operate at the level of major global energy companies, including Saudi Arabia’s Aramco.
He explained that the reforms, alongside the implementation of the Petroleum Industry Act (PIA), are expected to improve the company’s operations and strengthen Nigeria’s oil and gas sector.
According to the President, the long-term objective is to place the entire NNPCL on the Nigerian stock market rather than listing only selected subsidiaries or business units.
“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.
He noted that the planned listing is part of a broader effort to make the national oil company more efficient, accountable and attractive to both local and international investors.
The President also praised the recent performance of the Nigerian Exchange, stating that its market capitalisation has grown to about ₦158 trillion during the period of his administration’s economic reforms.
Tinubu described the development as a positive indicator of growing investor confidence and an improving financial market environment.
He stressed that attracting greater private sector investment remains a key priority of his government, adding that increased private participation is necessary to stimulate economic growth, create jobs and expand business opportunities across multiple sectors.
“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 announcement signals a significant step in the Federal Government’s ongoing efforts to commercialise and restructure NNPCL following its transition from a state corporation to a limited liability company under the Petroleum Industry Act.
If implemented, the listing of NNPCL on the Nigerian Exchange would mark one of the most significant developments in Nigeria’s oil and gas industry, potentially opening the company to public investment and increased market scrutiny.
