NNPC Fast-Tracks Transformation Ahead of Initial Public Offer
The Nigerian National Petroleum Company Limited (NNPCL) is fast-tracking its transformation through strategic investments in infrastructure, governance reforms, and operational efficiency, positioning the company for a landmark Initial Public Offering (IPO).
Under its “Fit for the Future” strategy, NNPC Ltd. aims for global competitiveness, public listing, and a pivotal role in connecting Africa to international markets through extensive gas infrastructure development initiatives.
Group Chief Executive Officer, Bashir Ojulari, disclosed this during a dialogue at the 2025 Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), emphasising the company’s commitment to transparency, efficiency, and investor readiness.
Ojulari said NNPC Ltd. was steadily preparing for its IPO under the Petroleum Industry Act (PIA 2021) by improving governance, operational transparency, and accountability to meet international investment standards and expectations.
“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.
“The ‘Fit for the Future’ project focuses on market leadership, building the necessary structures for IPO readiness, increasing investor attractiveness, and strengthening the company’s long-term competitiveness and operational capacity,” Ojulari said.
The CEO highlighted the transformation programme’s five core workstreams: production growth, gas monetisation, downstream optimisation, market leadership, and talent development, forming the backbone of NNPC’s strategy to become globally competitive.
Ojulari said the initiative was also reshaping NNPC’s workforce through innovation, digitalisation, and international exposure, enhancing staff capabilities via the “Talent Valley” programme and secondments with global partners.
He stated, “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.”
On gas development, Ojulari noted targets of 10 billion cubic feet per day by 2027 and 12 billion cubic feet by 2030, achievable through partnerships, operational efficiency, and access to broader investment capital.
He added that production recovery had been boosted by collaboration with international and indigenous operators, along with fiscal incentives under the PIA 2021, contributing to growth in oil output and investment 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.
On gas, Ojulari said Nigeria’s reserves, exceeding 600 trillion cubic feet equivalent, positioned the country for full industrialisation and regional economic leadership, underscoring NNPC’s strategic focus on natural gas development.
He said NNPC was leading the Nigeria–Morocco Gas Pipeline Project, connecting West African economies and Europe, allowing countries along the corridor to both consume and supply gas, boosting trade and energy 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 said.
He added that NNPC was finalising partnerships with global operators to upgrade refineries to international standards, seeking partners with proven expertise and shared investment responsibility to enhance operational efficiency.
Ojulari reaffirmed NNPC’s commitment to advancing energy access and industrial growth across Africa, emphasising that its transformation journey was simultaneously commercial and developmental, with benefits for investors, governments, and communities alike. Nigeria Records Over $50bn Cryptocurrency Transactions in 1 year
