The Nigerian National Petroleum Company Limited is seeking $60 billion in fresh investments to expand Nigeria’s refining capacity to 500,000 barrels of crude oil per day by 2030, according to Bayo Ojulari, Group Managing Director of NNPCL.
Ojulari disclosed this during a courtesy visit to his office by the Nigeria Extractive Industries Transparency Initiative (NEITI). He noted that the company also aims to increase crude oil production to 3 million barrels per day while pursuing its ambitious refining goals.
“Our aspiration is to achieve an additional refining capacity of 500,000 barrels per day by 2030,” Ojulari said. “To deliver this, we need a minimum investment of $60 billion. While the numbers seem huge, they pale in comparison to global players like Saudi Aramco. It will, however, take significant transformation to reach this target.”
Ojulari emphasized NNPCL’s commitment to ensuring that investments in critical oil and gas infrastructure translate into a stronger Nigerian economy.
He cited the Ajaokuta-Kaduna-Kano (AKK) gas pipeline project as a key priority, describing it as a “major game changer” that would spur new industries, create jobs, and drive economic growth.
Meanwhile, the Executive Secretary/CEO of NEITI, Ogbonnaya Orji, revealed that the EITI International Secretariat in Oslo has requested urgent attention to NNPCL’s public disclosures as Nigeria prepares for its next Validation process.
Earlier, the NNPCL GCEO had revealed that the company is “under attack” from individuals and groups opposed to its ongoing transformation efforts.
Ojulari made the remarks while hosting a delegation from the Petroleum & Natural Gas Senior Staff Association of Nigeria (PENGASSAN) at the NNPCL Towers in Abuja. According to a company statement, the GCEO urged Nigerians to remain patient, stressing that the reforms underway are crucial and will ultimately benefit the nation and its citizens.
