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 his administration’s ongoing reforms aimed at transforming the state-owned oil company into a more competitive and transparent business.
Naijaonpoint reports that the President made this known on Thursday while receiving the management of the Nigerian Exchange Limited at the Presidential Villa in Abuja.
Tinubu said his administration wants to build NNPCL into a company that operates at the level of Saudi Arabia’s Aramco.
He said the reforms being carried out, together with the implementation of the Petroleum Industry Act, are expected to improve the company’s operations and strengthen Nigeria’s oil and gas industry.
According to the President, the plan is not to list only parts of the company but to eventually place the entire NNPCL on the Nigerian stock market.
He said the move forms part of a broader effort to make the national oil company more efficient, accountable and attractive to investors.
Tinubu also welcomed the growth of the Nigerian Exchange, noting that its market value has risen to about ₦158 trillion during the period of his administration’s economic reforms.
He described the development as a positive sign for the country’s financial market and investment climate.
The President said attracting more private investment remains one of the major goals of his government.
He stated that increasing private sector participation is necessary to grow the economy, create jobs and expand business opportunities across different sectors.
“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.
“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”, Tinubu stated.
