Business
NNPC Ltd Credits Reforms With $24bn Investments Boost for Three Million bpd Oil Target
With Nigeria focused on efforts to achieve its three million barrels per day production target, recent reforms in the oil and gas sector have unlocked over $24bn in fresh investments, with an additional $10bn currently in the pipeline.
The Nigerian National Petroleum Company Limited made the revelation through its Group Chief Executive Officer, Bayo Ojulari, on Thursday, in Abuja, at the 2026 Oloibiri Lecture and Energy Forum, where industry leaders converged to chart the future of Nigeria’s upstream sector.
The lecture in its 26th edition was themed, “Beyond the Three Million Barrels Target: Harmonising Digitalisation, Capital and Policy Frameworks for Intelligent Operations and Asset Optimisation.”
Organised by the Society of Petroleum Engineers, OLEF gathers policymakers, industry leaders, and academics to foster innovation and growth.
Ojulari, who was represented by the Executive Vice President, Upstream, Udobong Ntia, said the resolution of long-standing disputes and previously stalled Final Investment Decisions had significantly boosted investor confidence.
He also stated that the national oil company is ramping up AI pilots and digital mining of decades-old data to slash costs and propel Nigeria’s upstream sector toward a 3 million barrels per day (bpd) production goal.
He said, “Shortening the project cycle is very important. It would help us a lot. The resolution of long-standing issues, including legacy asset disputes and previously stalled FIDs, has unlocked significant investor confidence. These interventions have contributed over $24bn in capital investment from just two projects.”
He added, “I haven’t even added Owowo. There is an extra $10bn in the works, and some others that we are looking at very closely. Bosi has just passed gate one with the operators. Who knew Bosi would be headline news? There is a lot to look forward to.”
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The NNPC Ltd boss said Nigeria now has a potential investment pipeline of about $34bn, combining confirmed and prospective inflows, describing it as a strong signal of renewed global confidence in the country’s oil and gas sector.
He stressed that beyond funding, the country must urgently embrace digital transformation, warning that failure to adopt artificial intelligence could leave operators uncompetitive.
He added, “I’ve been preaching AI for a long time, and it has now become an imperative. If we don’t do it, we’re going to be buried, frankly.”
“It is no longer a nice-to-have. It is an absolute necessity. We have spent a lot of money digitising our data, but if we don’t mine it, we will lose one of the most critical variables in the oil industry — data. We have to, and NNPC has shown leadership, spent a lot of money digitising all our data. Nigeria’s business are so mature and data-rich that if we don’t do anything about it, we will lose in the future one of the things that will be the most important variables you will have in the oil industry, data. We have to learn how to mine it.
“We have to do it as an imperative, otherwise our costs will balloon out of this world. There’s so much we can do, and we need to stay focused on that. The thing before us, beyond the 3 million barrels target, is both timely and instructive.
It recognises that reaching and sustaining 3 million barrels per day is not merely a production aspiration but a commercial, regulatory, and capital slash digital opportunity. What I have in my notes is a digital challenge, but it’s frankly an opportunity if we begin to shift our focus to what really matters. It’s not just the operators that need to begin to move in that direction, it’s also the service providers.”
According to him, Nigeria holds decades of untapped data dating back to the first commercial oil discovery in 1956, much of which remains underutilised.
“We have logs still on paper, seismic data that have not been analysed. There is so much we can do. With technology alone, the three-million-barrel target is within sight in the next three to four years,” he stated.
Ojulari outlined a three-pronged strategy by NNPC to achieve the production target, including protecting existing assets, accelerating near-term production growth, and restructuring the company’s portfolio to attract new investors.
“To support Nigeria’s aspiration to reach and sustain three million barrels per day, NNPC Limited is executing a clearly sequenced, commercially grounded, three-stage strategy. And I want you to listen to this. The first one, we are protecting the base. Very important, we protect the base.
“What has been produced, the assets we have, ensure we keep integrity going. I mean, there are two words I want to try to eliminate. Two words I want to eliminate from our dictionary in the upstream and it’s called aged facilities. Some of us have worked abroad. And when we see facilities, a 10-year asset is looking brand new just by the way they maintain it. So the culture has to change across the board.
“Second, accelerating near-term growth. Through innovative commercial and financing frameworks, including alternative funding structures and optimised risk sharing, we are fast-tracking mature projects capable of delivering incremental barrels in the near-term. So you protect the base in the first case. In the second case, you accelerate near-term growth.
“And the third thing we’re working on is strategic portfolio review, which a number of you may have heard about. We’re reshaping our portfolio to unlock value, to enable new oil from new players. And I put that in parentheses. New oil from New players. Give people the opportunity to come invest in incremental production, and let’s see how that would go.
“We want to deepen indigenous participation and attract capital and capabilities. Capital is going to go towards the path of least resistance. It doesn’t like uncertainty. When you make a law, you stay with it. They want to stay for up to five or seven years. And they can’t wake up one morning, and the law has changed.”
He noted that improved regulatory clarity under the Petroleum Industry Act had helped eliminate funding bottlenecks, particularly the long-standing issue of cash call arrears.
“I don’t think any company can say it has struggled with cash calls in the last one and a half years. The PIA has helped tremendously,” he added.
He further described the three million barrels target as more than a production goal, saying it is a test of Nigeria’s regulatory efficiency, capital discipline, and digital readiness.
“We are grateful for the PIA and the executive orders that the president has signed in the last year. They have really helped advance a number of things. We have seen movements in some deepwater assets that have been in legacy litigation for a while. We have seen advancements in key deepwater assets as well, inching closer to Final investment decisions. And we are glad that we would have them in our portfolio to make up the 3 million barrels that we are looking at, we think it is going to be more, but let’s just stick to 3 million barrels,” he said.
Also speaking, the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, said Nigeria already possesses the technical capacity to transform its energy sector, but must now demonstrate stronger execution.
“It tells me that the intelligence is already there. What remains is the political will, and that has been clearly provided by Mr President through executive orders and reforms,” he said.
He described the Petroleum Industry Act as a turning point for the sector, noting that it had created a more transparent and investor-friendly environment.
“The PIA marks a watershed. It provides clarity, predictability, and a framework that supports innovation and long-term value creation,” Ekpo stated.
The minister emphasised that achieving higher oil production must go hand-in-hand with increased gas utilisation, describing gas as central to Nigeria’s economic transformation.
“Natural gas remains at the heart of our energy future. It is not just a transition fuel, it is a catalyst for industrialisation, power generation, and export diversification,” he said.
He added that digitalisation, capital investment, and sound policy must work together to unlock Nigeria’s full energy potential.
“Digital technologies such as artificial intelligence and automation will reduce downtime, improve efficiency, and enhance safety. But capital will only flow where there is stability and clear returns,” he said.
The Oloibiri Lecture and Energy Forum, organised by the Society of Petroleum Engineers Nigeria Council, commemorates Nigeria’s first oil discovery in Oloibiri, Bayelsa State, in 1956, and serves as a platform for policy and technical dialogue in the energy sector.
Stakeholders at the event agreed that while Nigeria has the resources and policy framework to scale production, execution, regulatory consistency, and technology adoption will determine whether the country can compete effectively in the evolving global energy market.
Earlier in the Chief sponsors’ remarks, the Executive Secretary of the Petroleum Technology Development Fund, Shuaibu Shehu, insisted that players in Nigeria’s oil and gas sector must integrate digital technologies, efficient capital use, and robust policies to exceed the three million barrels per day production target.
Represented by the general manager, Research and Innovation, PTDF, Olayinka Agboola, Prof. Shehu, highlighted gains from the PIA, which has enhanced investor confidence and regulatory clarity.
Digital tools like automation, AI, IoT, machine learning, and robotics are now transforming operations, slashing costs, and sharpening decision-making across the value chain.
The gas sector also shows promise, with infrastructure drives boosting industrialisation, energy access, and Nigeria’s role in the global energy transition.
He said the PTDF is ramping up human capital efforts through PhD Split-Site Programmes, Centres of Excellence in Kaduna and Port Harcourt, specialised tech trainings, STEM initiatives, and academia-industry partnerships.
“We prioritise sustainable local capacity over international dependence,” Agboola noted, pushing research commercialisation to tackle real challenges.
However, challenges remained, including operational hurdles, regulatory delays, and the need for collaboration among regulators, operators, financiers, and trainers, he noted.
An oil sector advocacy group has commended the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), for stabilising the aviation fuel market, noting that its recent intervention helped ease tensions across the aviation sector and averted potential disruptions to flight operations.
This was detailed in a statement on Tuesday under the signature of the centre’s Executive Director, Tunde Adeyemi.
It averred that the regulator’s clarification on fuel availability and pricing came at a critical time, when uncertainty over Jet A1 costs had heightened anxiety among airline operators and other stakeholders.
Adeyemi noted that confirmation of over 70 days’ aviation fuel sufficiency reflects a strong supply position and underscores the resilience of Nigeria’s downstream petroleum framework.
Adeyemi said the regulator’s data-driven disclosure helped counter widespread speculation, including claims of a potential spike in aviation fuel prices that had raised fears of flight disruptions and higher airfares.
“The timely intervention by the Authority provided much-needed clarity and helped calm frayed nerves within the aviation ecosystem. At a time when misinformation could have escalated into a crisis, the regulator chose transparency and facts, which is commendable,” he said.
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He added that aviation fuel remains a major cost driver for airlines in Nigeria, making stability in supply and pricing critical to the sector’s sustainability.
According to him, the Authority’s emphasis on the deregulated nature of the Jet A1 market is key to shaping realistic expectations, as pricing is influenced by global oil trends, foreign exchange fluctuations, and logistics costs.
“It is important for stakeholders to understand that aviation fuel pricing is market-driven. What the regulator has done is provide clarity that supports informed decision-making,” he said.
The group also highlighted the growing role of domestic refining in moderating fuel prices, noting that locally refined aviation fuel is being sold slightly below international benchmarks — an indication of improving local capacity.
It urged stakeholders across the aviation fuel value chain to avoid spreading unverified claims capable of distorting market realities or undermining confidence in the sector.
“Responsible engagement is critical. All parties must work together to sustain stability and ensure that recent gains are not reversed by panic or misinformation,” Adeyemi added.
There are indications from the trading arm of the Nigerian National Petroleum Company Limited (NNPC Ltd) that crude supplies to the Dangote Oil and Gas Company Limited (DOGC) in April 2026, increased to more than 1.03 million metric tonnes, equivalent to about 6.8 million barrels or over 1.08 billion litres.
An analysis of tanker vessel movements obtained by The PUNCH on Tuesday shows that the deliveries were executed through eight crude cargoes handled by NNPC Trading, reinforcing the state oil firm’s role as a major feedstock supplier to the 650,000 barrels-per-day Dangote refinery.
The shipments, sourced from key Nigerian crude streams including Anyala, Bonga, Odudu, Forcados, Qua Iboe, and Utapate, were routed through the refinery’s Single Point Mooring systems, SPM-C1 and SPM-C2.
The document shows that out of the eight cargoes, five have been fully discharged, while three others are still awaiting berthing or completion, indicating a steady pipeline of crude inflows into the refinery.
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This development comes amid the refinery’s continued complaints of supply inadequacies, with a total requirement of 19 cargoes monthly, and a recent report that the country imported 55.39 million barrels in January and February 2026.
A breakdown of the deliveries showed that Sonangol Kalandula initiated the supply chain, delivering 123,000 metric tonnes of crude from Anyala. The vessel arrived on April 5, berthed on April 8, and sailed on April 9.
This was followed by Advantage Spring, which supplied 128,190 metric tonnes from Bonga, arriving on April 11 and completing discharge by April 13.
Similarly, a vessel code-named Barbarosa delivered 125,000 metric tonnes from Odudu, while Sonangol Njinga Mban transported 129,089 metric tonnes from Bonga.
Another completed shipment, handled by Nordic Tellus, brought in 139,066 metric tonnes from Forcados, completing discharge on April 17.
However, three additional cargoes remain in progress. Advantage Sun, carrying 142,327 metric tonnes from Bonga, has arrived but is yet to berth. Also pending are Advantage Spring from Utapate with 120,189 metric tonnes, and Sonangol Kalandula from Qua Iboe with 126,471 metric tonnes.
In total, the NNPC Trading cargoes account for 1,033,332 metric tonnes of crude, underscoring what industry analysts describe as a “strong and sustained supply commitment” to the Dangote refinery.
Further findings show that, beyond crude deliveries, the Dangote refinery also received multiple shipments of refined products and blending components from international markets during the period.
Among them, Seaways Lonsdale delivered 37,400 metric tonnes of blendstock gasoline from Immingham, United Kingdom, handled by Vitol, between April 18 and 19.
Another vessel, Augenstern, supplied 37,125 metric tonnes of Premium Motor Spirit from Lavera, France, discharging between April 8 and 9.
From Norway, Emma Grace brought in 37,496 metric tonnes of PMS from Mongstad, while LVM Aaron delivered 36,323 metric tonnes from Lome, Togo.
Similarly, Egret discharged 35,498 metric tonnes of naphtha from Rotterdam between April 16 and 18, providing critical feedstock for gasoline blending.
A pending shipment, Mont Blanc I, carrying 36,877 metric tonnes of blendstock gasoline from Antwerp, Belgium, is yet to berth, while Aesop is expected to deliver 130,000 metric tonnes of residue catalytic oil from Singapore later in April.
In addition to NNPC Trading volumes, other crude cargoes from international and domestic traders also supported refinery operations.
Notably, Yasa Hercules delivered 273,287 metric tonnes of crude from Corpus Christi, United States, while Front Orkla brought in 264,889 metric tonnes from Ingleside, US.
A major cargo, Navig8 Passion, supplied 496,330 metric tonnes of crude from Cameroon, highlighting regional supply integration.
Domestic contributions included Harmonic, which delivered nearly 993,240 barrels from Ugo Ocha, and Aura M, which supplied 1 million barrels from Escravos, alongside an additional 651,331 barrels of cargo from Anyala.
Operational data indicate that most vessels berthed within one to two days of arrival and departed shortly after discharge, suggesting improved efficiency at the refinery’s offshore terminals.
The Dangote refinery, located in Lekki, Lagos, is Africa’s largest single-train refinery, with a nameplate capacity of 650,000 barrels per day.
The facility is expected to significantly reduce Nigeria’s dependence on imported petroleum products by refining domestic crude and supplying petrol, diesel, aviation fuel, and other derivatives to the local market.
NNPC Limited, through its trading arm, has remained a central player in supplying crude to the refinery under evolving commercial arrangements, amid ongoing reforms in Nigeria’s downstream oil sector.
Earlier this month, Africa’s richest man and President of the Dangote Group, Aliko Dangote, revealed in a report by Bloomberg that the refinery received 10 cargoes of crude oil from the state-owned oil firm in March, compared to an average of about five cargoes monthly since late 2024.
Dangote said the shipments included six cargoes paid for in naira and four in dollars, under the crude supply arrangement between the refinery and the NNPC.
“Nigeria doubled crude supply to Dangote Refinery in March as Africa’s top oil producer moved to shore up fuel availability after the Iran war disrupted Middle East shipments. Last month, they gave us six cargoes with payments in naira and four cargoes with payments in dollars,” he stated.
Business
Dangote Champions Infrastructure, Job Creation as Catalysts for Africa’s Economic Growth at IMF/World Bank Meetings
Africa’s leading industrialist and President and Chief Executive of the Dangote Group, Aliko Dangote, has reaffirmed the central role of infrastructure development, job creation, and private sector investment in accelerating Africa’s economic transformation.
Dangote made this assertion during a series of high-level engagements with global financial leaders on the sidelines of the recently concluded International Monetary Fund (IMF) and World Bank Spring Meetings in Washington, D.C. The meetings formed part of his ongoing efforts to mobilise investment flows and deepen strategic partnerships within Nigeria’s energy and industrial sectors.
During a keynote address at the World Bank’s Water Forward event, Dangote emphasised the urgency of scaling private sector participation to reposition water systems as enablers of industrialisation and employment across developing economies. He noted that infrastructure, particularly effective and sustainable water management, remains foundational to inclusive growth and long-term economic resilience.
“Africa’s growth story will be defined by our ability to invest in infrastructure that supports industry, creates jobs, and unlocks productivity across the continent,” Dangote said. “When the private sector is fully engaged, especially in critical areas like water and energy, it becomes a powerful engine for inclusive and sustainable development,” he said.
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As part of his engagements, Dangote also held strategic discussions with senior global financial leaders, including World Bank President Ajay Banga, focusing on accelerating capital inflows into Africa’s industrial sector. He stressed that rapid industrialisation is vital to strengthening economic resilience, promoting diversification, and reducing the continent’s exposure to external shocks.
Dangote further outlined the Group’s Vision 2030 strategy, which targets the significant expansion of operations across the Dangote Refinery, Fertiliser and Petrochemical Complex, and other business units, with the goal of achieving annual revenues of US$100 billion. According to him, the strategy reinforces the Group’s long-standing commitment to Africa-led industrial growth and sustainable development.
Reiterating his position, Dangote underscored that robust private sector participation — backed by reliable infrastructure — is essential to unlocking the economic value of water resources and advancing inclusive development across Africa.
The World Bank event attracted a distinguished audience, including heads of government, the United Nations Secretary-General, leaders of European development institutions, and representatives of multilateral development partners.
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