The Nigeria National Petroleum Company Limited (NNPCL) says Nigeria’s oil output has been raised to 1.7 million barrels per day (bpd), with targets of hitting two million bpd by 2027 and three million in the long term.
The company said this growth projection is driven by reforms in the oil and gas sector, which has led to the removal of all legacy barriers, such as theft and vandalism of oil infrastructure, among others and also modification of relationships with International Oil Companies (IOCs) and indigenous operators.
Group Chief Executive Officer, Engr. Bashir Bayo Ojulari stated this while speaking at the “Energy Talk” session of the ongoing Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2025) in Abu Dhabi, United Arab Emirates (UAE), on Tuesday, November 4.
In his remarks at the ADIPEC conference, Ojulari called for global partnerships and investments to end energy poverty across Africa.
While responding to questions from the host and Pulitzer Prize-winning energy author Daniel Yergin, Ojulari underscored Nigeria’s crucial role in Africa’s energy landscape.
According to a statement by the NNPCL Chief Corporate Communications Officer, Andy Odeh, the GCEO highlighted Nigeria’s massive oil, gas, and renewable energy potentials, stressing that President Bola Tinubu’s Renewed Hope Agenda is aimed at transforming the country from an extractive economy to a diversified, investment-driven energy hub.
He reiterated the company’s commitment to engaging with OPEC peers, African NOCs, and financial institutions to generate $30-$60 billion in new investment by 2030.
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According to Ojulari, new government incentives beyond the Petroleum Industry Act (PIA) are already attracting money for deep-water exploration, dry gas production, and cost reduction.
The NNPCL boss highlighted some of the country’s major energy initiatives, such as the new fields development, which is accelerating the revival of the upstream, gas infrastructure expansion, including the near-completion of the Ajaokuta-Kaduna-Kano (AKK) gas pipeline and the Obiafu-Obrikom-Oben (OB3), and the rollout of cleaner energy, including the Presidential CNG Initiative and expansion of autogas corridors.
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Ojulari urged global stakeholders to co-invest in Africa’s energy future, adding that Nigeria, as a giant on the continent, is open for business.
“Our message to the world is clear: Nigeria is open for business, and NNPC Limited is fit for the future, and we invite the world to co-invest in Africa’s energy transformation,” he stated.
NNPCL Eyes 20% Stake in Dangote Refinery
Ojulari also revealed plans to increase the national oil company’s stake in the Dangote Refinery to 20 per cent from the current 7.2 per cent.
He said the move is part of the company’s long-term strategy to strengthen Nigeria’s domestic refining capacity and ensure energy security.
“The company is working towards increasing its stake in Nigeria’s Dangote Refinery to 20 per cent,” Ojulari stated, according to a report by Reuters.
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Pinnacle Daily recalls that the Federal Government had, in 2021, given the NNPCL the green light to acquire a 20 per cent ownership stake in the $20 billion refinery. The cost of equity investments then was $2.76 billion, according to Timipre Sylva, the then Minister of State for Petroleum Resources. However, in July 2024 (a few months after the refinery commenced operations), the President of the Dangote Group, Aliko Dangote, said NNPCL only owns 7.2 per cent of the refinery following failure to pay the balance of their share, which was due in June. The NNPC had promised to pay the balance of $1.76 billion for the equity investments upon completion of the refinery project or any other date agreed, but failed.
The latest plan by NNPCL to raise equity stake in the Dangote Refinery to 20 per cent comes shortly after Aliko Dangote revealed intentions to expand the refinery’s capacity to 1.4 million barrels per day and also list 5-10 per cent of the company’s shares on the Nigerian Exchange within the next year.
NNPC is also seeking technical and equity partners to revive its own dormant refineries in Port Harcourt, Warri, and Kaduna.
Ojulari also said the company is working on enhancing transparency in its operations as it prepares for a future Initial Public Offering (IPO), which is mandated by the Petroleum Industry Act.
Victor Ezeja is a passionate journalist, scholar and analyst of socioeconomic issues in Nigeria and Africa. He is skilled in energy reporting, business and economy, and holds a master's degree in Mass Communication. He can be reached via @VICTOREZEJA on X
