President Bola Tinubu says the Nigerian National Petroleum Company Limited (NNPCL) will eventually be fully listed on the Nigerian Exchange Limited (NGX), as his administration pushes reforms to turn the state oil firm into a more competitive and transparent business.
The President made the disclosure on Thursday while receiving the management of the NGX at the Presidential Villa in Abuja.
Tinubu said his government wants to grow NNPCL into a company that rivals Saudi Arabia’s Aramco, noting that the reforms underway, alongside the implementation of the Petroleum Industry Act, are designed to boost the company’s operations and strengthen Nigeria’s oil and gas sector.
He clarified that the plan is not to list only parts of NNPCL, but to eventually place the entire company on the Nigerian stock market as part of a broader push to make it more efficient, accountable and attractive to investors.
The President also commended the growth of the NGX, pointing out that its market value has climbed to about ₦158 trillion under his administration’s economic reforms, which he described as a positive signal for the country’s financial market and investment climate.
Attracting more private investment, he said, remains a central goal of his government, stressing that greater private sector participation is key to growing the economy, creating jobs and expanding business opportunities across 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,” Tinubu said.
“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.”
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