President Bola Tinubu has announced plans to reform the Nigerian National Petroleum Company (NNPC) Limited and list it on the capital market as part of efforts to deepen Nigeria’s economic transformation.
Tinubu made the announcement on Friday, August 7, when he received the board and management of the Nigerian Exchange Group (NGX) at the State House.
The NGX delegation was led by its Chairman, Umaru Kwairanga, and the Group Managing Director and Chief Executive Officer, Temi Popoola.
Speaking during the meeting, Tinubu said “the NNPC will be reformed and listed in the capital market”.
The President also said favourable assessments from economic experts and improving economic indicators were pointing to a more promising economic outlook for Nigerians.
The proposed listing follows an earlier disclosure by NNPC Group Chief Executive Officer, Bayo Ojulari, that the national oil company was working towards becoming publicly listed by 2028.
Speaking on July 12, Ojulari said the company’s transformation would require collaboration with players across the oil industry.
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“With collaborations of our industry players, we will be the catalyst in the transformation of the national oil company to a limited liability company,” the NNPC CEO had said.
“…we have a roadmap to be listed by 2028,” he added.
Ojulari said the NNPC had made “considerable progress” in creating a stable and secure business environment for its operations.
Also speaking during the visit, Executive Chairman of the Nigeria Revenue Service (NRS), Zacch Adedeji, said the Federal Government’s decision to remove the petrol subsidy had created an opportunity to correct economic distortions that had persisted for about four decades.
According to Adedeji, the decision was one of the major foundations of the economic changes being witnessed under the Tinubu administration.
He said the courage to remove it in less than one hour after the president took the oath of office “is the bedrock, background, and fundamental of the changes we are seeing”.