President Bola Tinubu has announced that the Federal Government plans to eventually list the Nigerian National Petroleum Company Limited (NNPCL) on the Nigerian Exchange as part of efforts to transform the state-owned oil company. The President made the disclosure on Thursday when the management of the Nigerian Exchange Limited visited him at the Presidential Villa. […]
President Bola Tinubu has announced that the Federal Government plans to eventually list the Nigerian National Petroleum Company Limited (NNPCL) on the Nigerian Exchange as part of efforts to transform the state-owned oil company.
The President made the disclosure on Thursday when the management of the Nigerian Exchange Limited visited him at the Presidential Villa.
Tinubu said the planned reforms would go beyond restructuring individual components of NNPCL, with the long-term objective being to make the entire company eligible for listing on the Nigerian Exchange.
He explained that his administration would continue with the reforms until NNPCL’s operations could be opened up to the Nigerian capital market in their entirety.
According to the President, the reforms, together with the implementation of the Petroleum Industry Act, are expected to reposition NNPCL and strengthen Nigeria’s oil and gas industry.
Tinubu said his administration was targeting a model in which NNPCL would operate similarly to Saudi Arabia’s Aramco.
He also highlighted the growth recorded by the Nigerian Exchange, saying its market capitalisation had climbed to N158 trillion under the reforms being implemented by his administration.
The President used the occasion to encourage more private-sector investment in the Nigerian economy, stressing the need to create an environment that would attract greater participation from investors.
Tinubu said his support for the Dangote Refinery was partly driven by the same belief in the importance of private-sector investment, adding that he backed the project even before becoming President.
The proposed listing of NNPCL would mark a significant development in the administration’s ongoing efforts to reform the national oil company and deepen its participation in Nigeria’s capital market.
Tinubu maintained that the combination of NNPCL reforms and the Petroleum Industry Act would help reposition the company and Nigeria’s broader oil and gas sector.