By Bassey Udo
Nigeria is where the much sought-after value is for prospective investors, the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Engr. Bashir Bayo Ojulari, has said.
Speaking at the CERAWeek 2026 hosted by S&P Global in Houston, Texas, Ojulari delivered a characteristically direct and pragmatic assessment of Nigeria and Africa’s energy future, declaring that the country’s fundamentals are strong, its value proposition clear, and its focus now squarely on execution.
Focusing on the theme of the world’s premier energy gathering titled: “Convergence and Competition: Energy, Technology and Geopolitics,” Ojulari told his audience, which included global energy industry leaders, C-suite executives, energy secretaries and government ministers, that Nigeria’s strategy was grounded in realism, partnership, and disciplined delivery.
“Capital goes where value is clear, and Nigeria has that value,” he said, setting the tone for a leadership dialogue that outlined a pragmatic approach to balancing the country’s immediate energy needs with its long-term energy transition ambitions.
The GCEO articulated NNPC’s core operational philosophy with characteristic clarity, saying: “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.
With over 600 trillion cubic feet of proven reserves of natural gas, he said the resource represents not merely a transition fuel, but a strategic economic lever for industrialisation and energy security across the continent.
The GCEO said Nigeria was the reliable destination for energy investment the world needs, adding that the country has positioned itself as a dependable supplier, riding on the established legacies of stable policies, improved energy infrastructure of security and partnerships as well as the government orientation towards investment.
“The President, he said, has given the 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,while 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 also technology, and project discipline in their execution capability, particularly for assets like OPL 245 and other deepwater developments.
The oil executive said the Petroleum Industry Act (PIA) has now firmly established regulatory certainty, while infrastructure gaps are being closed through targeted investments, while security is being strengthened through a more robust architecture.
He said when the fundamentals are right, partnerships scale naturally.
Addressing Nigeria’s long-discussed gas potential, the NNPC GCEO noted that what was different now was execution discipline, pointing out that three key enablers were receiving focused attention, namely 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, Engr. Ojulari described a dynamic approach of portfolio optimisation—allocating gas where it delivers the highest combined national and commercial value.
Articulating a clear strategic shift, moving from resource ownership to resource monetisation, the NNPC GCEO emphasized that unlocking Nigeria’s significant proven but undeveloped reserves required commercial discipline, competitive fiscal frameworks, and strong partnerships.
Deepwater, he said, remains a priority because it offers scale, less exposed to onshore challenges, and attracts global capital.
CERAWeek 2026 brings together over 10,000 global energy leaders, executives, and officials to explore the convergence of energy, technology, and geopolitics.
