THE Nigerian Exchange Limited (NGX) Group has called on President Bola Tinubu to fast-track the listing of state-owned enterprises, including the Nigerian National Petroleum Company (NNPC) Limited on the stock market.

The Group Chairman, Umaru Kwairanga, made the call at a meeting with the President on the sidelines of his two-day state visit to Brazil.

His call was contained in a statement on Wednesday, August 27 to The ICIR, signed by the Special Adviser to the President on Information and Strategy, Bayo Onanuga.

Tinubu’s state visit was aimed at reconnecting and strengthening Nigeria’s bilateral ties with the Southern American country.

Quoting the NGX chairman, Onanuga stated, “He urged the fast-tracking of the listing of major state-owned enterprises, such as NNPC Limited, and the introduction of tax incentives to sustain this momentum.

“He also invited the President to visit the NGX trading floor to recognise these achievements.”

Commending the President for his bold reforms, the NGX Group chairman said that trading volumes and market values on the NGX have nearly tripled since the commencement of the current administration.

The ICIR reports that amid the recent call on the President to fast-track listing of state-owned enterprises on the Exchange, there has been concern over the NNPC’s delay in listing its shares on the capital market.

These worries had followed its initial plan to list in the middle of 2023 but failed to do so, despite having transitioned into a Limited Liability Company on July 19, 2022, with the signing of the Petroleum Industry Act (PIA) 2021 into law.

The PIA provides for the NNPC to list its shares in the capital market in line with the provisions of the Companies and Allied Matters Act (CAMA) 1990.

Since then, the company has been postponing its plans to list on the NGX.

Earlier in March this year, it said it was in the final stage of getting listed in the capital market, in line with the provisions of the PIA. 2021.

Market analysts believe that listing on the Nigerian stock market will allow investment into the national oil company and provide funds to drive other state-owned enterprises, thereby providing more funds for the government to execute fiscal projects and limit its borrowing.

In July, however, the NNPC Group Chief Executive Officer, Bayo Ojulari, said the company had shifted its plans of listing its shares on the stock exchange till 2028, The ICIR reported.

At the meeting with the President were the NGX Group Chief Executive Officer, Temi Popoola, and the Director-General of the Securities and Exchange Commission (SEC), Emomotimi Agama.

Popoola stressed the need to position the Nigerian capital market as a global investment hub through stronger partnerships, modernised market infrastructure, and deeper product innovation.

He believes that expanding retail investor participation through digital channels will promote inclusive and sustainable market growth.

Agama described the recent signing of the Investment and Securities Act (ISA) 2025 as one of Africa’s most comprehensive legal frameworks for capital markets.

He anticipates that the Act will propel Nigeria toward a N300 trillion market while ensuring equitable wealth distribution through strong investor protection and regulatory clarity.

The NGX Group further cited exchange rate stability and macroeconomic predictability under the new government as drivers of the company’s growth, urging Nigerian businesses to list on NGX as a pathway to democratising wealth and broadening participation.

On his part, President Tinubu commended the capital market’s remarkable growth since he assumed office on May 29, 2023.

He noted the phenomenal rise in market capitalisation and increased trading activity, which have broadened investment opportunities for Nigerians and international investors.

He described the market’s performance as a clear reflection of investor confidence in his administration’s reforms and bold economic measures.

“Nigeria’s markets must be a trusted engine of enterprise and prosperity. My government will continue to pursue reforms that unlock capital, protect investors, and drive innovation, so that our economy works for every Nigerian,” Tinubu said.