The Nigeria Extractive Industries Transparency Initiative (NEITI) has urged the newly appointed Group Chief Executive Officer of the Nigeria National Petroleum Corporation Limited (NNPCL), Bayo Ojulari, to prioritize transparency and corporate governance, okay.ng reports.
NEITI emphasized the importance of timely publication of financial statements, full disclosure of production data, operational costs, and revenue remittances to rebuild public trust and enhance Nigeria’s global reputation in the oil and gas sector.
This call aligns with NEITI’s broader efforts to ensure transparency and accountability in Nigeria’s extractive industries.
The new NNPCL GCEO, Bashir Bayo Ojulari, is expected to implement several reforms which includes the following:
- Production Boost: Increase oil production to two million barrels per day by 2027 and three million by 2030.
- Refining Capacity: Elevate crude oil refining output to 200,000 barrels by 2027.
- Transparency and Accountability: Prioritize transparency and corporate governance, including audits of past projects to address corruption.
- Investment and Growth: Foster a conducive environment for private sector participation and investment in the oil and gas sector.
The new GCEO’s reforms are expected to significantly impact local refining capacity and investment in Nigeria. Key reforms include:
- Refinery Reactivation: The reactivation of major refineries like Port Harcourt, Warri, and Kaduna will increase domestic refining capacity, reducing reliance on imports.
- Investment Incentives: The government’s efforts to attract private investment through initiatives like issuing refining licenses and supporting projects like the Dangote Refinery will boost local refining capacity.
- Policy Reforms: Legal reforms, such as revising the Petroleum Industry Act (PIA), are crucial for creating a supportive environment for domestic refineries by ensuring stable crude supply and competitive pricing mechanisms.
These reforms aim to transform Nigeria from a net importer to a net exporter of refined products, enhancing energy security and economic stability.
