The Nigerian National Petroleum Company Limited (NNPC Ltd.) has announced that it is accelerating its transformation programme through major investments in infrastructure, governance reforms, and operational efficiency as it prepares for a landmark Initial Public Offering (IPO).
Under its “Fit for the Future” strategy, NNPC Ltd. aims to become globally competitive, position itself for public listing, and strengthen Africa’s connection to international markets through large-scale gas infrastructure projects.
Group Chief Executive Officer, Bashir Ojulari, made this known during a dialogue session at the 2025 Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), where he reiterated the company’s commitment to transparency, efficiency, and investor readiness.
Ojulari stated that NNPC Ltd. was methodically preparing for its IPO under the Petroleum Industry Act (PIA 2021) by enhancing corporate governance, operational transparency, and accountability in line with international investment standards.
“Our IPO journey is mandated by law. We are publishing monthly performance reports and embedding global best practices to make NNPC a high-performing, investor-ready company with enhanced transparency,” Ojulari said.
He added that the “Fit for the Future” initiative focuses on building market leadership, developing robust structures for IPO readiness, attracting investors, and strengthening the company’s long-term competitiveness and operational capacity.
The CEO outlined five core workstreams driving the company’s transformation agenda: production growth, gas monetisation, downstream optimisation, market leadership, and talent development, forming the foundation of NNPC’s strategy to achieve global competitiveness.
Ojulari also revealed that the transformation is reshaping NNPC’s workforce through innovation, digitalisation, and global exposure, particularly via its “Talent Valley” programme and secondments with international partners.
“The new board and management were given a clear mission by the president: achieve two million barrels per day by 2027 and three million barrels per day by 2030,” he said.
On gas development, Ojulari disclosed that the company targets production levels of 10 billion cubic feet per day by 2027 and 12 billion cubic feet by 2030, to be achieved through strategic partnerships, improved efficiency, and access to broader investment capital.
He noted that production recovery has been bolstered by collaboration with both international and indigenous operators, along with fiscal incentives under the PIA 2021, leading to stronger oil output and investor confidence.
“Nigeria’s oil output has increased from 1.5 million to about 1.7 million barrels per day. We recently signed our first deepwater Production Sharing Contract in 15 years,” he revealed.
Ojulari further highlighted Nigeria’s vast gas reserves of over 600 trillion cubic feet equivalent, describing them as a foundation for national industrialisation and regional economic leadership. This, he said, underscores NNPC’s strategic focus on developing the natural gas value chain.
He pointed to the Nigeria–Morocco Gas Pipeline Project as a key component of this vision, connecting West African economies and Europe to boost energy trade and integration.
“The pipeline aligns with our vision to make Africa a major global gas player while promoting economic integration, industrialisation, and sustainable development across participating nations,” Ojulari explained.
Additionally, he confirmed that NNPC is finalising partnerships with global operators to modernise its refineries to international standards, seeking partners with proven technical expertise and shared investment responsibilities to improve operational efficiency.
Ojulari reaffirmed the company’s broader commitment to advancing energy access and industrial growth across Africa, emphasising that NNPC’s transformation is both commercial and developmental — designed to deliver value for investors, governments, and communities alike.
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