Nigeria now most reliable destination for energy investment — Ojulari

The Group Chief Executive Officer (GCEO) of Nigeria National Petroleum Company (NNPC), Bashir Bayo Ojulari, has delivered a characteristically direct and pragmatic assessment of Nigeria and Africa’s energy future at CERAWeek 2026, declaring that the country’s fundamentals are strong, its value proposition clear, and its focus now squarely on execution.

Speaking on the opening day of the world’s premier energy gathering, held under the theme “Convergence and Competition: Energy, Technology and Geopolitics,” Ojulari told a global audience of energy leaders, including C-suite executives, energy secretaries, and government ministers, that Nigeria’s strategy is grounded in realism, partnership, and disciplined delivery.

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“Capital goes where value is clear, and Nigeria has that value,” he stated, setting the tone for a leadership dialogue that outlined a pragmatic approach to balancing the country’s immediate energy needs with its long-term transition ambitions.

The GCEO articulated NNPC’s core philosophy with characteristic clarity: “We are not choosing between today and tomorrow; we are funding the future with the present.”

At the fireside chat anchored by Dan Pratt, S&P Global’s Senior Vice President, Upstream Solutions, Ojulari explained that Africa remains dependent on hydrocarbons for revenue and foreign exchange, making sustained upstream production non-negotiable. Additionally, with over 600 trillion cubic feet of proven reserves, gas represents not merely a transition fuel but a strategic economic lever for industrialisation and energy security across the continent.

According to the GCEO, “Nigeria is the reliable destination for energy investment the world needs. The country has positioned itself as a dependable supplier, riding on the established legacies of stable policies, improved energy infrastructure security, partnerships, and, lastly, the orientation of the government. The President has given NNPC the autonomy to act on its behalf and consolidate commercial solutions that are long-lasting.”

“Balance is not about equal allocation; it is about optimal sequencing,” Ojulari stated, outlining a portfolio where oil sustains value today, gas underpins industrial growth, and transition investments are targeted and disciplined.

He further highlighted the critical role of partnerships in de-risking Nigeria’s deepwater assets, noting that global players like Shell and Eni bring not only capital but execution capability, technology, and project discipline, particularly for assets like OPL 245 and other deepwater developments.

According to Ojulari, the Petroleum Industry Act (PIA) has now firmly established regulatory certainty, while infrastructure gaps are being closed through targeted investments and security is being strengthened through a more robust architecture. “When the fundamentals are right, partnerships scale naturally,” he added.

Addressing Nigeria’s long-discussed gas potential, the GCEO noted that what is different now is execution discipline. Three key enablers are receiving focused attention: commercial pricing across the value chain, critical infrastructure like the AKK (Ajaokuta-Kaduna-Kano) pipeline, and bankable contracts that provide investor certainty. On the balance between domestic gas needs and LNG exports, Ojulari described a dynamic approach of portfolio optimisation, allocating gas where it delivers the highest combined national and commercial value.

The GCEO articulated a clear strategic shift, moving from resource ownership to resource monetisation. He emphasized that unlocking Nigeria’s significant proven but undeveloped reserves requires commercial discipline, competitive fiscal frameworks, and strong partnerships. Deepwater remains a priority because it offers scale, it is less exposed to onshore challenges, and it attracts global capital.

CERAWeek 2026, hosted by S&P Global, runs from March 23–27 in Houston, Texas, bringing together over 10,000 global energy leaders, executives, and officials to explore the convergence of energy, technology, and geopolitics.