Abuja, Nigeria – President Bola Tinubu has announced that the Nigerian National Petroleum Company (NNPC) Limited will be reformed and listed on the capital market, as part of broader efforts to strengthen the nation’s economy and deepen public ownership of key state assets.

The President made the disclosure on Thursday when he received the Board and Management of the Nigerian Exchange Group (NGX) at the State House, Abuja.The delegation was led by Umaru Kwairanga, Chairman of NGX Group, and Temi Popoola, the Group’s Managing Director and Chief Executive Officer.

Speaking at the meeting, President Tinubu said: “The NNPC will be reformed and listed in the capital market.”He stated that growing positive reviews of the economy by experts and favourable economic indicators signal a brighter future for all Nigerians.

The President commended the Economic Management Team – comprising Minister of Finance and Coordinating Minister of the Economy Taiwo Oyedele, Minister of Budget and National Planning Atiku Bagudu, Central Bank Governor Yemi Cardoso, and National Revenue Service Chairman/CEO Zacch Adedeji – for their foresight, dedication and diligence.

Reflecting on the progress made since his administration took office, Tinubu said: “When we took over, it was very challenging. I had to talk to myself and define my background to accept the assets and liabilities of my predecessor. I asked for the job, and I have to do it.”

The NGX delegation briefed the President on the remarkable rebound of the capital market, with market capitalisation growing from approximately ₦30 trillion in 2023 to ₦160 trillion today – projected to reach ₦230 trillion by year-end.The NGX All-Share Index also rose from 52,000 points to 244,000 points over the same period, alongside significant growth in trading activity and domestic participation.

President Tinubu reaffirmed his administration’s commitment to private sector-led growth and expressed confidence that Nigeria’s goal of becoming a one-trillion-dollar economy is achievable, given the nation’s population and the brilliance and audacity of its people.

“If we can push the private sector to invest in the economy wisely, then we will grow,” the President said.He also recalled backing Aliko Dangote’s refinery venture even before becoming president, describing private sector support as critical to job creation and economic development.

The proposed listing of NNPC on the capital market is expected to give investors an opportunity to participate in the state-owned energy company while increasing transparency and broadening access to capital.On July 12, NNPC Group Chief Executive Officer Bayo Ojulari had indicated that the company plans to be listed on the stock exchange by 2028, saying the company has made “considerable progress” in creating a stable and secure business environment in Nigeria.

Also speaking during the visitation, Zacch Adedeji, Executive Chairman of the Nigeria Revenue Service, said the removal of the petrol subsidy laid the foundation for correcting distortions that had affected the country for the past 40 years.He noted that the courage to remove it in less than one hour after the President took the oath of office “is the bedrock, background, and fundamental of the changes we are seeing”.

Chairman of NGX Group, Alhaji Umaru Kwairanga, described the engagement as a significant affirmation of the capital market’s expanding role in national economic development, stating that the capital market is “critical national infrastructure for financing businesses, supporting industrialisation, creating jobs and accelerating inclusive economic growth”.

At the time of this report, no further details on the timeline or structure of the NNPC listing had been released by the Presidency or the Nigerian Exchange Group.