President says oil company reforms, stock market growth and economic stabilisation are laying foundation for Nigeria’s $1 trillion economy
President Bola Ahmed Tinubu has announced plans to further reform the Nigerian National Petroleum Company Limited (NNPCL) and ultimately list the state-owned energy company on Nigeria’s capital market, in a move that could deepen transparency, attract private investment and broaden public ownership of the country’s oil industry.
Tinubu made the disclosure in Abuja while receiving the Board and Management of the Nigerian Exchange Group (NGX Group) at the State House.
The President said the government’s economic reforms were consistent with global best practices and were helping to stabilise the economy, improve investor confidence and create the conditions for sustainable long-term growth.
He also commended Nigeria’s economic management team and the capital-market authorities for what he described as significant improvements in economic and market indicators.
NNPCL listing could deepen capital-market participation
Tinubu said the government would continue reforming NNPCL and indicated that the company would be listed on the capital market.
The move could represent a significant development for Nigeria’s petroleum industry, potentially opening the state-owned energy company to greater market scrutiny and allowing domestic and international investors to participate in its ownership.
A publicly listed NNPCL would also increase the importance of corporate governance, financial disclosure and shareholder accountability in one of Nigeria’s most strategically important companies.
The proposed listing comes as the government seeks to reposition NNPCL under the framework of the Petroleum Industry Act and strengthen its commercial orientation.
Nigeria’s stock market value rises to N160 trillion
The NGX Group told Tinubu that the total value of listed stocks on Nigeria’s exchange had increased from about N30 trillion in 2023 to N160 trillion, reflecting the strong rally in the domestic equities market.
Temi Popoola, Group Managing Director and Chief Executive Officer of NGX Group, said the market could reach approximately N230 trillion by the end of 2026, supported by new listings and continued investor activity.
He also disclosed that the NGX All-Share Index had risen from about 52,000 points when Tinubu assumed office in 2023 to approximately 244,000 points.
According to Popoola, the expansion in market capitalisation has generated substantial wealth for investors, with NGX estimating that between 500,000 and 900,000 millionaires may have been created through the market’s growth and related economic reforms.
The NGX chief said international investors and other African markets were increasingly studying Nigeria’s experience as a potential model for developing their own capital markets.
Tinubu backs $1 trillion economy target
Tinubu said Nigeria’s ambition of building a $1 trillion economy was achievable, citing the country’s population, human capital and entrepreneurial capacity.
He stressed the importance of private-sector investment in achieving the target, arguing that businesses must play a central role in job creation, production and economic expansion.
“If we can push the private sector to invest in the economy wisely, then we will grow,” the President said, while recalling his support for Aliko Dangote’s investment in Nigeria’s refining industry.
Tinubu said Nigeria had the capacity to build a prosperous economy and urged his economic team to sustain the reform momentum.
“If the stock market is doing well, then we are doing well,” he said.
Finance minister calls for wider market participation
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said Nigeria’s capital market had recorded significant growth over the past three years, which he attributed largely to economic reforms.
Oyedele described the Nigerian capital market as one of the world’s strongest-performing markets and said it offered an important avenue for wealth creation.
He called for further reforms to make market participation easier, particularly for younger Nigerians.
The minister also challenged the NGX and the Securities and Exchange Commission to work towards expanding Nigeria’s capital market to a $1 trillion valuation.
Banking recapitalisation signals investor confidence
Central Bank of Nigeria Governor Olayemi Cardoso said the successful recapitalisation of the banking sector was another indication of growing confidence in Nigeria’s financial system.
Cardoso said the recapitalisation exercise had initially been met with scepticism but was ultimately completed successfully, with about 75% of the capital reportedly sourced domestically.
He said the development demonstrated the depth of domestic financial resources and could help strengthen the banking system’s capacity to finance economic growth.
According to the CBN governor, a more stable financial system should attract additional investment, which could support expansion in Nigeria’s productive sectors and the broader real economy.
Economic reforms underpin market recovery
Chairman of the National Revenue Service, Zacch Adedeji, said the government’s decision to remove the petrol subsidy shortly after Tinubu assumed office was a fundamental step in correcting what he described as longstanding economic distortions.
He also highlighted the government’s tax reforms and efforts to modernise Nigeria’s fiscal framework.
Adedeji argued that the reforms were beginning to produce measurable results across the economy.
Tinubu, meanwhile, praised members of his economic management team, including Finance Minister Taiwo Oyedele, Budget and National Planning Minister Atiku Bagudu, CBN Governor Olayemi Cardoso and NRS Chairman Zacch Adedeji, for their role in implementing the reforms.
What an NNPCL listing could mean for Nigeria
A future NNPCL listing would be closely watched by investors because of the company’s central role in Nigeria’s oil and gas industry.
For the government, the move could provide an additional mechanism for improving corporate governance and transparency while potentially unlocking capital for investment.
For the Nigerian Exchange, an NNPCL listing could create one of the country’s most significant publicly traded companies and substantially increase the depth and attractiveness of the domestic capital market.
The announcement therefore links two of Nigeria’s most important economic reform agendas: the commercial transformation of the national oil company and the development of a deeper, more competitive capital market.
If successfully implemented, the listing could become a landmark test of Nigeria’s ambition to move from a largely government-controlled petroleum model towards a more commercially driven and investor-oriented energy sector
