How to make Nigeria’s energy more attractive to global investors — Ojulari

The Group Managing Director of the Nigerian National Petroleum Company Limited (NNPC), Bayo Ojulari, has called for a coordinated, strategic approach to make Nigeria’s energy sector more attractive to global investors.

He said that Nigeria needs a bankable case for energy investments.

Speaking at the 2025 Society of Petroleum Engineers (SPE) International Conference in Lagos, Ojulari said there’s an urgent need for Nigeria to present a compelling and credible case to compete for global capital, especially as sustainability and ESG (Environmental, Social, and Governance) criteria increasingly influence investment decisions.

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“In a world where global capital pools are vast, the competition for them is fierce. Africa must not just participate; it must compete. Nigeria must make its energy story bankable, sustainable, and globally relevant,” Ojulari said in his virtual presentation.

Rejecting the notion that oil and gas are “sunset industries,” Ojulari said that they remain central to a sustainable and inclusive energy future.

He stressed that fossil fuels must be strategically repositioned to work in tandem with emerging energy technologies.

According to him, the future of energy is not linear, pointing out that it’s being shaped by the decisions Nigeria makes today about investment, innovation, and collaboration.

“We must embrace technologies like carbon capture and storage, hydrogen development, artificial intelligence, smart grid systems, and compressed natural gas (CNG) as strategic enablers—not as buzzwords,” he said.

He highlighted the progress being made with CNG adoption across Africa, which he said is already having a tangible impact.

According to him, modern and clean fuel alternatives are essential to displacing traditional biomass and ensuring a just energy transition.

Ojulari underscored the importance of de-risking Nigeria’s energy environment to attract long-term investment.

This, he said, can only be achieved by improving governance, strengthening regulatory frameworks, honoring contracts, and building transparent dispute resolution systems.

“To secure capital, we must not just sell our resources; we must build trust. It is time for governments and the private sector to co-create investment environments that are credible, attractive, and future-ready,” he said.

He advocated leveraging financial instruments such as blended finance and climate-resilient funds, which can help bring in investors with long-term perspectives, investors who prioritise impact and stability over quick returns.

Ojulari reiterated that Africa’s energy transition must be contextualised and negotiated, not imposed.

“With millions across the continent still lacking access to reliable electricity, the emphasis must remain on energy justice and inclusion.

“Our transition must be just. It must reflect the reality that in many parts of Africa, energy poverty is still the dominant challenge.

“Natural gas must be recognized as a transitional fuel for Africa, allowing us to meet climate goals without sacrificing development,” the NNPC GMD said.

He also called for increased investments in modern cooking technologies and decarbonisation of heavy industries, noting that hydrocarbons can be responsibly leveraged to build the infrastructure and education systems that Africa needs.

According to Ojulari, no energy transition can succeed without investing in people, especially the youth.

He emphasised the importance of empowering young Africans through STEM education, green skills training, and entrepreneurship.

“We must help our young people see the energy sector not just as a place of extraction, but as a space of invention and inclusion. Let us equip them with the tools to not just understand the energy future—but to build it,” he said.

He called on both government and private sector actors to create platforms for youth leadership and innovation, ensuring that the next generation is prepared to take ownership of Africa’s energy destiny.