President Bola Ahmed Tinubu has indicated that the Federal Government plans to take the Nigerian National Petroleum Company Limited (NNPC Ltd) to the Nigerian Exchange (NGX) as part of its ongoing economic reforms.
The President made this known on Thursday, August 6, 2026, when he received the board and management of the Nigerian Exchange Group at the State House in Abuja.
Tinubu said the government intends to continue reforming NNPC until the company is ready for full participation in the capital market. If the plan is completed, Nigerians and other investors could have the opportunity to buy shares in the national oil company.
The proposed listing would represent a major shift in the ownership structure of NNPC and could increase public participation in one of Nigeria’s most important businesses.
The President pointed to Saudi Arabia’s state-owned oil giant, Saudi Aramco, as an example of how a government-owned energy company can become publicly traded while remaining strategically important to its country.
Tinubu said Nigeria could similarly transform NNPC into a stronger and more commercially driven company before eventually listing the entire business on the stock market.
The move is also expected to deepen Nigeria’s capital market by providing investors with access to one of the country’s biggest energy companies.
Speaking at the meeting, Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, praised the performance of Nigeria’s capital market in recent years.
Oyedele said the market had recorded significant growth, particularly during the last three years, which he linked to ongoing economic reforms. He described the capital market as an important avenue for creating wealth and expanding investment opportunities for millions of Nigerians.
The proposed NNPC listing is not entirely new. In July 2025, NNPC Group Chief Executive Officer, Bayo Ojulari, disclosed that the company had developed a roadmap aimed at getting it listed on the stock exchange by 2028.
The planned listing forms part of efforts to transform NNPC into a commercially viable and globally competitive energy company.
Earlier, in March 2025, the company also disclosed that it was in the final stages of preparing for an Initial Public Offering (IPO), in line with provisions of the Petroleum Industry Act.
NNPC had begun engaging potential partners through an exercise known as an “IPO Beauty Parade” as part of preparations for the proposed transaction and to ensure compliance with capital market requirements.
During the meeting, the Nigerian Exchange Group also briefed President Tinubu on the growth of Nigeria’s stock market. According to the group, the market has expanded significantly, rising from about N30 trillion in 2023 to approximately N160 trillion.
For investors, a successful NNPC listing could create a major new investment opportunity while giving the company greater exposure to private capital and market discipline.
However, the process will require careful preparation, transparency and strong corporate governance. If successfully implemented, the listing could become one of the biggest developments in Nigeria’s capital market and oil industry, while giving Nigerians a direct stake in the country’s national energy business.
