President Bola Ahmed Tinubu has revealed that the state-owned Nigerian National Petroleum Company Limited (NNPCL) is set for a public listing on the Nigerian Exchange Limited (NGX). The President shared this development during a meeting with the leadership of the NGX at the Presidential Villa this past Thursday.
The administration’s objective is to transform the NNPCL into an entity mirroring the operational structure of Saudi Arabia’s Aramco. President Tinubu emphasized that through comprehensive reforms and the active application of the Petroleum Industry Act, the state oil company and the broader energy sector will be significantly revitalized. He stated that the government intends for the entire company, rather than just select divisions, to eventually be traded on the exchange.
Furthermore, President Tinubu praised the recent growth of the NGX, which has reached a value of N158 trillion during his term. He also reiterated his commitment to fostering private-sector participation in Nigeria, citing his prior support for the Dangote Refinery as an example of his long-standing belief in private investment as a driver for national economic development.
