President Bola Tinubu has announced plans to reform and list the Nigerian National Petroleum Company (NNPC) on the capital market as part of efforts to accelerate economic growth and achieve a one trillion-dollar economy.
Tinubu disclosed this at the State House, Abuja, while receiving the Board and Management of the Nigerian Exchange Group (NGX), who briefed him on the strong recovery of Nigeria’s stock market, whose value has risen from N30 trillion in 2023 to N160 trillion.
According to a statement by his spokesman, Bayo Onanuga, the President said improving economic indicators and increasingly positive assessments of Nigeria’s economy by experts suggested that the country was on a stronger growth path.
He said the reforms introduced by his administration were consistent with global best practices and had helped stimulate economic activity while creating the foundation for sustainable long-term growth.
Tinubu expressed confidence that Nigeria could attain a one trillion-dollar economy, citing the country’s population and human capital.
“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.”
The President 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 their dedication, foresight and diligence.
Reflecting on the economic conditions inherited by his administration, Tinubu acknowledged the difficulties at the outset but said he was encouraged by the progress recorded since taking office.
“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.
Tinubu also stressed the importance of private-sector investment in expanding the economy and creating employment opportunities.
“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.
The President 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.
