President Bola Ahmed Tinubu has announced plans to reform and eventually list Nigerian National Petroleum Company Limited (NNPC Ltd.) on the Nigerian Exchange, as his administration seeks to deepen the country’s capital market and mobilize more private investment.

Tinubu made the announcement on August 6, 2026, during a meeting with the board and management of Nigerian Exchange Group (NGX Group) at the State House in Abuja.

The proposed listing would broaden public participation in the ownership of NNPC, one of Nigeria’s most strategically important companies, while giving the company access to capital from investors through the domestic stock market.

The announcement comes as Nigeria seeks to expand the role of its capital market in financing businesses, infrastructure and economic development. Tinubu has maintained that the country’s ambition of building a $1 trillion economy is achievable and has called for greater private-sector investment.

The Nigerian Exchange has experienced a sharp increase in market value in recent years. Its market capitalization has risen from around 30 trillion naira in 2023 to about 160 trillion naira in 2026, according to NGX figures. (The Guardian Nigeria)

NGX Group has argued that the stronger performance of the market provides an opportunity to attract major new listings and channel more domestic and international capital into productive sectors of the economy.

A listing of NNPC could become one of the most significant transactions in Nigeria’s capital market, potentially allowing institutional and individual investors to acquire shares in the national oil company.

However, NNPC has not yet been listed. The government would first need to complete the proposed reforms and undertake the necessary regulatory, financial and corporate processes before an initial public offering could take place.

The plan is part of a broader effort to increase public participation in commercially viable government assets. NGX Group has also called for the listing or privatization of other major state-owned assets and for greater use of capital-market instruments to finance infrastructure and industrial development.

For NNPC, a stock-market listing could also increase transparency and expose the company to greater scrutiny from investors and market regulators.

The move reflects a broader shift in Nigeria’s economic strategy under Tinubu, with the government seeking to rely more heavily on private capital to finance growth while strengthening the country’s financial markets.

For investors, the potential NNPC listing could provide access to one of Africa’s largest energy companies. For the government, it represents an opportunity to broaden ownership and mobilize additional capital as Nigeria pursues its $1 trillion economic ambition.