NNPC Set For Reform, Capital Market Listing – Tinubu

President Bola Tinubu has announced that the Nigerian National Petroleum Company (NNPC) will be reformed and listed on the capital market as part of his administration’s broader economic reforms aimed at driving growth and achieving a one trillion-dollar economy.

The president made the announcement at the State House, Abuja, while receiving the Board and Management of the Nigerian Exchange Group (NGX), who briefed him on the remarkable rebound of the Nigerian stock market from N30 trillion in 2023 to N160 trillion.

In a statement by his spokesman, Bayo Onanuga, President Tinubu said growing positive reviews of the economy by experts and favourable economic indicators signal a brighter future for Nigerians, noting that the reforms undertaken by his administration conform with global best practices and have helped stimulate the economy while laying the foundation for sustainable long-term growth.

He said the target of building a one trillion-dollar economy is achievable, given Nigeria’s population, the brilliance and audacity of its people.

“The goal of a one trillion-dollar economy is achievable, given the nation’s population, the brilliance and audacity of its people,” the President said, adding that “the NNPC will be reformed and listed in the capital market.”

President Tinubu commended members of the Economic Management Team, including the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele; the Minister of Budget and National Planning, Atiku Bagudu; the Central Bank Governor, Yemi Cardoso; and the Chairman/CEO of the National Revenue Service, Dr Zacch Adedeji, for what he described as their foresight, dedication and diligence.

“I can see the excitement in the room. All I can do is to celebrate you all today. It is a thing of joy to have this feedback. When we took over, it was very challenging. I had to talk to myself and define my background to accept the assets and liabilities of my predecessor.

“I asked for the job, and I have to do it. And my capable partner in one of the thinking and reasoning days was Yemi Cardoso, whom I put at CBN.

“I found a partner in the CBN Governor, Yemi Cardoso. We were in the negative with monetary policy and the reserve. We had N30 trillion printed, and there were liabilities. I thank you very much, Yemi Cardoso.

“The rest of the team, we owe a duty to the country and our self-belief that this is doable. Nigeria can build a nation of prosperity by itself. If the stock market is doing well, then we are doing well.

“We can teach this in classrooms to our undergraduates. If they can be in the classroom without the harrowing feeling of how to pay and what to pay, then we can build a nation of success and prosperity,” he said.

The President also reaffirmed the importance of the private sector in creating jobs and supporting economic growth.

“If we can push the private sector to invest in the economy wisely, then we will grow. It is one reason why I backed Aliko Dangote even before I became a President. God bless the soul of Muhammadu Buhari. We discussed how we can support the private sector to go into the refinery business,” he said.

He assured members of the economic team of his continued support.

“Thank you to the Chairman of the NRS and all the people in the economic team for what we are doing. My assurance to you is that I won’t stop reading, thinking and supporting you,” he added.

Earlier, the Minister of Finance said the stock market had recorded significant growth over the past few years, particularly in the last three years, as a result of the economic reforms.

“The capital market in Nigeria is the best performing in the world. The capital market is one of the fastest ways to create wealth for millions of Nigerians.

“Along with the Securities and Exchange Commission and the regulator, we have seen these improvements, and we know that they are working on different innovations, particularly how to attract young people into the market.

“For example, many of our young people invest their money in virtual assets and gambling, whereas you can make more money from the capital market,” the minister said.

Oyedele also urged the NGX and the Securities and Exchange Commission to simplify the listing process to encourage more Nigerians to participate in the market while setting a target of growing the capital market to one trillion dollars.

The chairman of the NGX, Dr Umaru Kwairanga, attributed the market’s impressive performance to the administration’s economic reforms, expressing confidence that Nigeria could achieve a one trillion-dollar economy before 2030.

“We believe the one trillion-dollar economy is achievable. We have the capacity. We have the resources. We have the material and human resources to reach the one trillion dollar even before 2030 with your support,” he said.

Kwairanga said the Nigerian capital market had been underutilised over the years, adding that international stakeholders had acknowledged its remarkable turnaround.

The group managing director and chief executive officer of the NGX, Temi Popoola, said the total value of stocks listed on the Exchange had increased from nearly N30 trillion when President Tinubu assumed office in 2023 to N160 trillion, with projections of reaching N230 trillion by the end of the year.

He also disclosed that the NGX All-Share Index had risen from 52,000 points to 244,000 points, while an estimated 500,000 to 900,000 millionaires had been created as a result of the reforms.

Popoola added that other African markets are looking to Nigeria as a model for growing the stock market.

The chairman of the National Revenue Service, Dr Zacch Adedeji, said President Tinubu’s vision was becoming clearer, with facts and figures showing a fast-growing economy.

He described the removal of fuel subsidy as the foundation that corrected decades of economic distortions, while noting that the President’s courage in implementing reforms had laid the groundwork for the progress being recorded.

The governor of the Central Bank of Nigeria, Yemi Cardoso, said the successful recapitalisation of the banking sector, despite initial scepticism, demonstrated growing confidence in the country’s financial system.

He added that the stability of the economy would continue to attract more investments, which would, in turn, stimulate growth in the real sector.