The Nigerian National Petroleum Company Limited (NNPC Ltd.) is accelerating its corporate reform programme through major infrastructure investments, governance restructuring, and operational upgrades to strengthen its market position ahead of a planned Initial Public Offering (IPO).
Through its “Fit for the Future” agenda, NNPC Ltd. seeks to become globally competitive, enhance transparency, and connect Africa to international markets by expanding gas infrastructure and driving energy integration across the continent.
Group Chief Executive Officer, Bashir Ojulari, shared this vision during a panel session at the 2025 Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), where he underscored the company’s readiness for investors and commitment to global best practices.
Ojulari said NNPC Ltd. is laying the groundwork for its IPO, as required under the Petroleum Industry Act (PIA 2021), by improving transparency, strengthening governance systems, and meeting international investment benchmarks.
“Our IPO journey is driven by law and guided by transparency. We have introduced monthly performance reports and adopted global standards to position NNPC as a performance-driven, investor-ready organisation,” he stated.
He added that the “Fit for the Future” initiative prioritises market leadership, operational efficiency, and strong corporate structures to enhance investor confidence and ensure long-term sustainability.
Ojulari outlined five key pillars of the company’s transformation programme — production growth, gas monetisation, downstream optimisation, market leadership, and talent development — which together form the foundation of NNPC’s competitiveness strategy.
He explained that the reforms also focus on workforce development through innovation, digital transformation, and international exposure, supported by the “Talent Valley” programme and partnerships with global energy firms.
According to him, President Bola Tinubu’s administration has set clear production targets for NNPC — two million barrels per day by 2027 and three million by 2030 — with corresponding goals of producing 10 billion cubic feet of gas daily by 2027 and 12 billion cubic feet by 2030.
Ojulari noted that recent gains in production were achieved through stronger collaboration between international and indigenous oil operators, coupled with fiscal incentives introduced under the PIA 2021.
“Nigeria’s oil output has risen from 1.5 million to about 1.7 million barrels per day. We’ve also concluded our first deepwater Production Sharing Contract in 15 years,” he said.
He highlighted Nigeria’s gas reserves of over 600 trillion cubic feet, describing them as a springboard for industrialisation and regional energy leadership, with NNPC playing a central role in gas development.
Ojulari reaffirmed that NNPC is leading the Nigeria–Morocco Gas Pipeline Project, designed to link West African countries to Europe, expand gas supply and trade, and promote economic cooperation across the region.
“The project reflects our vision to make Africa a major force in the global gas market while driving sustainable development and industrial growth,” he explained.
He further disclosed that NNPC is in discussions with international partners to modernise Nigeria’s refineries to global operational standards, leveraging joint investments to improve efficiency and output.
Ojulari concluded that NNPC’s ongoing transformation is not only a step toward commercial excellence but also a driver of inclusive development, aimed at creating long-term value for investors, communities, and the Nigerian economy.