Capital Goes Where Value Is Clear, and Nigeria Has That Value — NNPC

The Group Chief Executive Officer of NNPC Limited, Bashir Bayo Ojulari, has declared that Nigeria remains a prime destination for global energy investment, stating that capital naturally flows to environments where value is evident and investment fundamentals are strong.

Ojulari made the remarks while speaking at CERAWeek 2026, the world’s leading energy conference hosted by S&P Global, currently holding in Houston under the theme “Convergence and Competition: Energy, Technology and Geopolitics.”

Addressing a global audience of energy executives, government ministers, policymakers and investors during a leadership dialogue, Ojulari said Nigeria’s energy strategy is built on realism, partnerships and disciplined execution.

“Capital goes where value is clear, and Nigeria has that value,” he stated, outlining the country’s pragmatic approach to balancing immediate energy demands with long-term transition ambitions.

According to him, Nigeria’s energy outlook is not a choice between present production and future transition, but a strategy that allows current resources to finance long-term transformation.

> “We are not choosing between today and tomorrow; we are funding the future with the present,” Ojulari said.

During a fireside chat moderated by Dan Pratt, Senior Vice President for Upstream Solutions at S&P Global, the NNPC chief stressed that hydrocarbons will remain critical for Africa’s economic stability in the near term. He noted that oil revenues still underpin foreign exchange earnings across the continent, making sustained upstream production essential.

He added that Nigeria’s vast natural gas resources—estimated at over 600 trillion cubic feet of proven reserves—position the country as a strategic hub for industrial growth and energy security.

Ojulari said the Nigerian government has taken deliberate steps to strengthen the country’s investment climate, citing improved policy stability, infrastructure development and enhanced security for energy assets.

“The country has positioned itself as a dependable supplier of energy, supported by stable policies, improved infrastructure security, and strong partnerships,” he said.

He further noted that the administration of President Bola Ahmed Tinubu has granted NNPC the operational autonomy required to pursue commercial solutions capable of delivering long-term value.

On Nigeria’s energy portfolio strategy, the NNPC boss explained that balance does not necessarily mean equal investment across sectors but rather a strategic sequencing of priorities.

“Oil sustains value today, gas underpins industrial growth, and transition investments are targeted and disciplined,” he said.

Ojulari also highlighted the importance of international collaboration in unlocking Nigeria’s deepwater potential, noting that partnerships with global energy companies such as Shell and Eni provide not only capital but also advanced technology, project management expertise and operational discipline required for complex offshore projects.

He referenced deepwater assets including OPL 245 as examples where such partnerships could deliver large-scale production and investment.

The NNPC chief further noted that Nigeria’s regulatory environment has improved significantly following the enactment of the Petroleum Industry Act, which he said has created clearer rules and stronger investor confidence.

“With the right fundamentals in place, partnerships scale naturally,” Ojulari added.

On gas development, Ojulari said the difference today lies in improved execution discipline. He identified three major enablers driving Nigeria’s gas strategy: commercially viable pricing across the value chain, expansion of critical infrastructure such as the Ajaokuta–Kaduna–Kano (AKK) Gas Pipeline, and the creation of bankable contracts capable of attracting long-term investment.

He explained that Nigeria is adopting a flexible portfolio approach balancing domestic gas supply with exports through liquefied natural gas (LNG), ensuring that gas is allocated where it delivers the highest overall national and commercial value.

Ojulari also underscored a broader strategic shift within the country’s energy sector—from simply owning resources to effectively monetising them.

According to him, unlocking Nigeria’s vast proven but undeveloped reserves requires competitive fiscal policies, strong commercial discipline and sustained partnerships with global investors.

He added that deepwater projects remain a strategic priority because they offer large-scale production potential, are less exposed to onshore security challenges and continue to attract international capital.

CERAWeek 2026, which runs from March 23 to 27 in Houston, has attracted more than 10,000 energy leaders, executives and policymakers from across the world to discuss the evolving intersection of energy markets, technology and geopolitics.

According to a statement issued by the Chief Corporate Communications Officer of NNPC Limited, Andy Odeh, Ojulari’s participation at the global forum underscores Nigeria’s commitment to positioning itself as a reliable energy partner while advancing a balanced and pragmatic transition strategy.