By Ali Elias
Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd), Bayo Ojulari, on Monday, called for a coordinated and strategic push to make Nigeria’s energy sector more attractive to global investors, even as he set aside rumours about his alleged forced resignation.
Ojulari, speaking virtually at the ongoing Nigeria Annual International Conference and Exhibition (NAICE) organised by the Society of Petroleum Engineers, addressed energy stakeholders with a message focused on competitiveness, sustainability, and investment readiness.
His appearance effectively dispelled recent online speculation that he had been pressured to resign by some government agencies.
“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,” he said.
Oil and Gas Still Central
Rejecting the narrative that oil and gas are “sunset industries,” Ojulari maintained that fossil fuels will remain central to a sustainable and inclusive energy future, provided they are strategically repositioned to complement emerging technologies.
He listed carbon capture and storage, hydrogen development, artificial intelligence, smart grids, and compressed natural gas (CNG) as strategic enablers of the energy transition, not mere buzzwords.
“The future of energy is not linear. It is shaped by the decisions we make today, how we invest, how we innovate, and how we collaborate,” he said.
Ojulari pointed to progress in CNG adoption across Africa, saying modern and clean alternatives are already making a tangible impact in displacing traditional biomass and supporting a just energy transition.
Making Nigeria Attractive to Investors
The NNPC boss stressed the need to de-risk Nigeria’s energy environment to attract long-term financing. This, he noted, requires better governance, stronger regulatory frameworks, respect for contractual obligations, and transparent dispute resolution systems.
He warned that without a bankable case for investment, Nigeria risks losing out in the increasingly competitive global energy market, especially as Environmental, Social, and Governance (ESG) standards shape investment flows.
Ojulari reiterated that Africa’s energy transition must be “contextualised and negotiated,” reflecting the realities of the continent where millions still lack reliable electricity.
“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 recognised as a transitional fuel for Africa, allowing us to meet climate goals without sacrificing development,” he said.