President Bola Ahmed Tinubu said the Nigerian National Petroleum Company Limited will eventually be fully listed on the Nigerian Exchange Limited as part of the government’s continuing restructuring of the state-owned oil company.
Reform and listing plans
- Speaking during a visit by NGX executives to the Presidential Villa on Thursday, Tinubu said his administration wanted NNPCL to operate on a model comparable to Saudi Arabia’s Aramco.
- He said the government’s reforms, together with implementation of the Petroleum Industry Act, would strengthen NNPCL and improve the performance of Nigeria’s oil and gas industry.
- Tinubu said the intended stock-market listing would ultimately cover the entire company rather than only selected divisions or subsidiaries.
- He also praised the Nigerian Exchange’s growth to a market capitalisation of N158 trillion during the reform period under his administration.
Private investment
The president renewed his call for greater private-sector participation in Nigeria’s economy. He said encouraging investment was one of the reasons he supported Dangote Refinery, including before he became president.
