President Bola Ahmed Tinubu has said that as part of the ongoing reforms of the state-owned Nigerian National Petroleum Company Limited, NNPCL, the company will be listed on the Nigerian Exchange Limited, NGX.
He disclosed this when the NGX management visited the Presidential Villa on Thursday.
According to him, the target of his administration is to make NNPCL function like Saudi Arabia’s Aramco.
Tinubu assured that his administration’s reforms and the implementation of the Petroleum Industry Act would reposition NNPCL and the country’s oil and gas sector.
“We will do NNPCL reforms to the extent that one day the totality of it, not just arms and legs, the totality of it, will be listed on NGX,” he said.
He further hailed the NGX’s surge to N158 trillion amid the reforms under his administration.
Tinubu re-emphasised the need for private-sector investors to invest in the Nigerian economy, adding that this was his motivation when he supported Dangote Refinery.
“We need to encourage the private sector to invest more in the economy. It’s one of the reasons I backed Dangote, even before I became president,” he added.
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