President Bola Ahmed Tinubu has reaffirmed plans to reform the Nigerian National Petroleum Company (NNPC) Limited and list the state-owned oil company on the Nigerian capital market.
The President made the announcement on Friday while receiving the board and management of the Nigerian Exchange Group (NGX) at the State House in Abuja.
The NGX delegation was led by its Chairman, Umaru Kwairanga, and the Group Managing Director/Chief Executive Officer, Temi Popoola.
Speaking during the meeting, Tinubu said reforming and listing the NNPC on the stock market remains part of his administration’s broader economic transformation agenda.
“The NNPC will be reformed and listed in the capital market,” the President stated.
Tinubu also expressed optimism about Nigeria’s economic outlook, saying recent positive assessments by economic experts and improving economic indicators suggest a brighter future for the country.
The President’s remarks come weeks after the Group Chief Executive Officer of NNPC Limited, Bayo Ojulari, disclosed that the company is working towards becoming a publicly listed company by 2028.
Speaking on July 12, Ojulari said the national oil company had already developed a roadmap to achieve the listing and was collaborating with key industry stakeholders to transform NNPC into a fully competitive limited liability company.
According to him, the company has made significant progress in creating a more stable and secure business environment that would support its long-term growth.
Also speaking during the meeting, Executive Chairman of the Nigeria Revenue Service (NRS), Zacch Adedeji, said the removal of fuel subsidy by the Tinubu administration laid the foundation for correcting long-standing distortions in Nigeria’s economy.
Adedeji described the subsidy removal as one of the most significant economic reforms undertaken by the current administration, noting that it has helped drive many of the economic changes currently being witnessed across the country.
He added that the decision, taken shortly after President Tinubu assumed office, has become the foundation for ongoing fiscal and economic reforms.
