President Bola Ahmed Tinubu has announced plans to reform and list the Nigerian National Petroleum Company (NNPC) Limited on the Nigerian capital market as part of efforts to deepen investment and support Nigeria’s ambition of building a one-trillion-dollar economy.
Tinubu disclosed this during a high-level meeting with the Board and Management of Nigerian Exchange Group Plc (NGX Group) and members of the Economic Management Team at the Presidential Villa, Abuja.
The meeting focused on the growing role of the capital market in mobilising long-term funds for businesses, infrastructure and other productive sectors of the economy.
During the engagement, NGX Group presented an assessment of the performance of the Nigerian capital market over the past three years and outlined plans to move from market recovery to a stronger national capital formation programme.
According to the presentation, market capitalisation has risen from about ₦30 trillion in 2023 to ₦160 trillion, while the NGX All-Share Index increased from about 52,000 points to more than 244,000 points during the same period.
The group said the market has also recorded improvements in trading activity, domestic investor participation and foreign portfolio investment.
NGX Group said the developments reflect increased investor confidence and have strengthened the capital market’s role in financing businesses, infrastructure and long-term economic growth.
President Tinubu commended the NGX leadership for its contribution to enterprise development and capital formation over more than six decades.
He also praised the Economic Management Team for implementing reforms aimed at improving economic stability and restoring investor confidence.
The President said private sector investment would remain important to achieving sustainable economic growth.
“If we can push the private sector to invest in the economy wisely, then we will grow,” Tinubu said.
He expressed confidence that Nigeria can achieve a one-trillion-dollar economy, citing the country’s large population and the capacity, resilience and creativity of its people.
Tinubu also announced that NNPC Limited would be reformed and listed on the Nigerian capital market.
He said the move would help mobilise investment, broaden public ownership and support the country’s economic development.
Chairman of NGX Group, Umaru Kwairanga, said the meeting demonstrated the growing importance of the capital market to Nigeria’s economic development.
“Nigeria’s capital market has demonstrated that sound economic reforms, policy consistency and strong institutions can restore investor confidence and unlock significant private capital,” Kwairanga said.
He said the capital market could play a greater role in financing businesses, supporting industrialisation and creating jobs.
“NGX Group remains fully committed to partnering with the Federal Government to deepen the market, broaden access to long-term capital and strengthen Nigeria’s position as Africa’s leading investment destination,” he added.
Also speaking, the Group Managing Director and Chief Executive Officer of NGX Group, Temi Popoola, said the strong performance of the market showed growing confidence in the direction of the Nigerian economy.
He said rising market capitalisation, domestic participation and activity in the primary market showed that the capital market was becoming increasingly capable of financing the country’s next phase of growth.
“A one-trillion-dollar economy requires deep pools of long-term domestic and international capital,” Popoola said.
He said the capital market must become one of the major channels through which Nigeria finances leading companies, infrastructure and productive sectors.
NGX Group proposed four major measures to deepen the market’s contribution to national development.
These include the privatisation and listing of commercially viable government assets, domestic or dual listing of leading Nigerian companies, greater clarity on capital gains tax for listed securities and increased use of capital market instruments to finance infrastructure and industrial development.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, described the Nigerian capital market as one of the best-performing markets in the world.
Oyedele said the market was also one of the fastest ways to create wealth for millions of Nigerians.
He challenged NGX Group and the Securities and Exchange Commission (SEC) to work towards growing the market to one trillion dollars, simplifying the listing process and increasing participation, particularly among young Nigerians.
The meeting brought together senior government officials and capital market leaders, including the Minister of Budget and National Planning, Senator Atiku Bagudu; Minister of Information and National Orientation, Mohammed Idris; Governor of the Central Bank of Nigeria, Olayemi Cardoso; and Chairman and Chief Executive of the National Revenue Service, Zacch Adedeji.
Also present were the Director-General of the Securities and Exchange Commission, Emomotimi Agama; Principal Secretary to the President, Hakeem Muri-Okunola; and Senior Special Assistant to the President on Finance and Economy, Sanyade Okoli.
The engagement highlighted the growing partnership between the Federal Government and the private sector in using Nigeria’s capital market to mobilise long-term investment, support businesses and infrastructure, and drive economic growth.