Nigeria plans to list on stock exchange the Nigerian National Petroleum Company (NNPC) by 2028 as part of sweeping reforms under the Petroleum Industry Act (PIA), the Group Chief Executive Officer (GCEO), Bayo Ojulari, has stated.
Ojulari, speaking at the 9th Organization of the Petroleum Exporting Countries (OPEC) International Seminar in Vienna, said that the listing forms part of the roadmap to transform NNPC into a limited liability company and attract new investments.
At a session that brought together global industry leaders, Ojulari shared insights on Nigeria’s energy landscape.
He said the Petroleum Industry Act (PIA), signed into law in 2021, has reset the oil and gas sector by strengthening regulations and boosting investor confidence..
“The PIA gives us the roadmap and allows us to monitor our progress. It takes the industry and our regulatory bodies working together to achieve the greatness we want,” he said.
Furthermore, Ojulari noted that Nigeria’s ambition to become a leading energy hub is gaining momentum.
He pointed to recent actions by President Bola Tinubu, including the appointment of a new board of directors made up of global industry experts, former private sector executives, and public officials.
“The expectation is that this new board and management team will build the success that the country deserves, using its huge resources and collaborations within the industry,” he added.
Energy security and production targets
Moreover, Ojulari outlined Nigeria’s plans to expand oil and gas production to tackle energy security challenges at home and across sub Saharan Africa.
He reported that Nigeria aims to increase crude oil production capacity to at least three million barrels per day (bpd) by 2030.
Beyond oil, the country targets gas production capacity of no less than 12 billion cubic feet (BCF) per day over the same period.
“This capacity we will pursue, in collaboration and leveraging all our relationships within OPEC as we progress,” he stated.
Ojulari added that ongoing dialogue with investors, combined with domestic reforms, will unlock Nigeria’s vast oil and gas reserves, which remain underdeveloped compared to potential.
“The option to unlock these resources is what we are determined to do. We have a clear roadmap to achieve that and will continue to share progress,” he noted.
