NNPCL New Boss, Ojulari Pledges To Attract $60bn Investment By 2030
LAGOS APRIL 19TH (NEWSRANGERS)-The new Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd.), Mr. Bayo Ojulari, has set an ambitious target to attract $30 billion in investments into Nigeria’s energy sector by 2027 and $60 billion by 2030.
Ojulari revealed the targets during a meeting with NNPC staff on Thursday, according to a statement issued by the company’s spokesperson, Mr. Olufemi Soneye.
Addressing staff for the first time since his appointment, Ojulari described the opportunity to lead NNPC Ltd. as both an honour and a critical responsibility. “We stand at the gateway of a new era—one that demands courage, professionalism, and a relentless drive for excellence. The task before us is great, yet the opportunity to redefine Nigeria’s energy future is even greater,” he said.
Outlining his strategic vision, Ojulari said NNPC Ltd. will pursue key objectives including:
Attracting $30 billion in sectoral investments by 2027 and $60 billion by 2030
Raising crude oil production to over 2 million barrels per day by 2027, with a target of 3 million by 2030
Expanding domestic refining capacity to 200,000 barrels per day by 2027 and 500,000 barrels per day by 2030
Increasing gas production to 10 billion cubic feet per day by 2027, and 12 billion cubic feet per day by 2030
Deepening energy access and affordability for all Nigerians
To achieve these, he emphasized the need to reconfigure NNPC’s business structure for greater agility and value creation. He also called for data-driven decisions through independent value assessments, stronger performance management, transparent partnerships, and a proactive narrative to shape public perception of the company.
“These targets are not just numbers. They represent jobs, industrial growth, and energy security for millions of Nigerians,” Ojulari noted.
He positioned NNPC Ltd. as a renewed, future-ready organization committed to driving Nigeria’s energy transition. He urged staff to embrace the company’s transformation and commit to building a transparent, profitable, and accountable national oil company.
Ojulari pledged to create an environment that allows both experienced professionals and young talent to thrive. “We will provide the best combination where the experienced and the young will both thrive towards achieving our set targets,” he said.
He also promised to strengthen relationships with internal and national unions through trust-based engagement, while encouraging staff to lead with integrity and urgency.
“We recognize that our greatest asset is our people. Our success will be powered by empowered employees,” Ojulari stated. “Together, we will build a high-performing, globally competitive NNPC Ltd. that is proudly Nigerian and proudly world-class.”
Vanguard
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Posted by News Rangers
on Apr 19 2025. Filed under Business, National.
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