President Bola Tinubu has announced plans to list the Nigerian National Petroleum Company (NNPC) Limited on the Nigerian Exchange (NGX), describing the move as part of broader reforms aimed at deepening Nigeria’s capital market and expanding investment opportunities for citizens.
The President made the announcement on Thursday while receiving the Board and Management of the Nigerian Exchange Group at the State House, Abuja, where he also commended his Economic Management Team for implementing reforms that have boosted investor confidence.
Tinubu said the stock market’s resurgence reflected improving economic fundamentals and reaffirmed his administration’s commitment to building a one-trillion-dollar economy.
“If the stock market is doing well, then we are doing well,” the President said, assuring investors that his administration would continue supporting policies that encourage economic growth and private-sector investment.
He disclosed that the Federal Government intends to reform and eventually list the NNPC on the Nigerian Exchange as part of efforts to broaden investment opportunities and strengthen the capital market.
The President also cited his longstanding support for private-sector investments, including the Dangote Refinery, saying economic growth depends on creating an enabling environment for businesses to thrive.
NGX Group CEO Temi Popoola told the President that the total value of listed equities had risen from just under ₦30 trillion in 2023 to about ₦160 trillion, with projections that it could reach ₦230 trillion before the end of the year.
According to Popoola, the NGX All-Share Index has climbed from about 52,000 points to more than 244,000 points, reflecting renewed investor confidence in Nigeria’s economy.
He also estimated that the market rally had created between 500,000 and 900,000 naira millionaires through gains in listed equities.
Finance Minister Wale Edun described the capital market as one of the fastest channels for wealth creation and said the government was working with the Securities and Exchange Commission to attract more young Nigerians to long-term investments.
NGX Chairman Umaru Kwairanga expressed confidence that Nigeria could achieve a one-trillion-dollar economy before 2030 if the current reform momentum is sustained.
Central Bank Governor Olayemi Cardoso added that the banking sector recapitalisation exercise had been successfully completed, with about 75 per cent of the capital sourced domestically, reflecting growing confidence in Nigeria’s financial system.
