President Bola Ahmed Tinubu has disclosed that his administration’s economic reforms will eventually include the listing of shares of the Nigerian National Petroleum Company (NNPC) Limited on the Nigerian Exchange (NGX).
Tinubu made the disclosure on Thursday, August 6, 2026, when he received the board and management of the Nigerian Exchange Group at the State House, Abuja.
The President said the NNPC would be reformed and transformed into a publicly traded company, allowing Nigerians and other investors to buy shares in the national oil company through the capital market.
He said the move would support broader public ownership, attract investment and strengthen the role of the capital market in Nigeria’s economic development.
Tinubu referenced Saudi Arabia’s state-owned oil giant, Aramco, which is publicly listed while remaining under government ownership, as an example of how a national energy company can operate within the capital market.
“The expansion is all for us, and I could look back and look at Aramco and others and see how the oil-producing company of Saudi Arabia was, the life of a publicly quoted company.
“We can refine and do NNPC reform to the extent that one day, the totality of it, not just the arms and legs, the totality of it will be listed there,” Tinubu said.
Speaking during the meeting, Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said Nigeria’s stock market had recorded significant growth in recent years, driven largely by economic reforms.
“The stock market has experienced significant growth over the past few years, especially in the last three years as a result of the reforms in the economy,” Oyedele said.
He added that Nigeria’s capital market remained one of the fastest ways to create wealth for millions of Nigerians.
The proposed listing aligns with previous plans by NNPC to become a publicly traded energy company.
In July 2025, NNPC Group Chief Executive Officer, Bayo Ojulari, said the company had developed a roadmap to list on the stock exchange by 2028 as part of efforts to transform it into a commercially viable and globally competitive energy company.
“As I mentioned earlier, we have a roadmap to be listed by 2028,” Ojulari said.
The Nigerian Exchange Group, led by Chairman Dr Umaru Kwairanga and Group Managing Director/Chief Executive Officer Temi Popoola, also briefed the President on the growth of the capital market.
The group said the Nigerian stock market had expanded from about N30 trillion in 2023 to N160 trillion currently.
Tinubu commended members of the Economic Management Team, including Oyedele, Budget and National Planning Minister Atiku Bagudu, Central Bank Governor Yemi Cardoso and Chairman/CEO of the National Revenue Service, Zacch Adedeji, for their efforts in implementing economic reforms.
The President said the administration inherited significant economic challenges but credited collaboration among key economic officials for improving market confidence and stability.
NNPC had earlier indicated in March 2025 that it was in the final stages of preparing for a capital market listing in line with the provisions of the Petroleum Industry Act (PIA) 2021.
The company’s Chief Finance and Investor Relations Officer, Olugbenga Oluwaniyi, said NNPC had commenced an “IPO Beauty Parade” to engage potential partners and prepare for compliance with capital market requirements.
The potential listing would mark a major shift in the ownership structure of Nigeria’s state oil company and open opportunities for local and international investors to participate in its growth.
