President Bola Ahmed Tinubu has announced plans to list the Nigerian National Petroleum Company Limited (NNPCL) on the Nigerian Exchange Limited (NGX) as part of ongoing reforms to reposition the state-owned oil firm. He made the disclosure Thursday during a visit by NGX management to the Presidential Villa in Abuja.
Tinubu said his administration aims to transform NNPCL into a globally competitive entity comparable to Saudi Arabia’s Aramco. “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,” he said.
The president added that the implementation of the Petroleum Industry Act, combined with structural reforms, would strengthen the company and the broader oil and gas sector. He also highlighted the NGX’s market capitalization growth to N158 trillion as evidence of progress under his administration’s economic policies.
Tinubu reiterated the importance of private-sector participation in driving economic growth. He cited his support for the Dangote Refinery as an example of that commitment, noting that he backed the project even before assuming office. “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 said.
The proposed listing would mark a significant shift in the governance and transparency of Nigeria’s national oil company, which has historically operated with limited public accountability. Analysts say a full listing on the NGX could improve access to capital, enforce corporate discipline, and deepen the domestic capital market.
The NGX delegation, led by its chairman and chief executive, briefed the president on the exchange’s performance and its role in supporting the government’s reform agenda. Both sides emphasized the need for sustained collaboration between the public and private sectors to unlock investment in critical infrastructure.
The move aligns with broader efforts to diversify government revenue and reduce reliance on crude oil exports. As reforms progress, stakeholders will be watching for legislative backing, regulatory clarity, and a clear timeline for the listing process.
