New NNPC CEO Ojulari Pledges $30 Billion Investment by 2027, Aims to Boost Oil Production

The newly appointed Group Chief Executive Officer of Nigerian National Petroleum Company Limited (NNPC Ltd.), Mr. Bashir Ojulari, has announced ambitious plans to attract significant investments to Nigeria’s oil and gas sector.

During a town hall meeting with NNPC staff in Abuja, Ojulari committed to securing $30 billion in investments by 2027, with plans to increase this figure to $60 billion by 2030.

Just days after assuming his new role, Ojulari outlined a comprehensive strategy to transform NNPC into “the pride of all Nigerians.” A key component of his plan includes boosting Nigeria’s crude oil production to over two million barrels per day through 2027, with a further target of reaching three million barrels per day by 2030.

According to a statement released on Friday by Olufemi Soneye, NNPC’s Chief Corporate Communications Officer, Ojulari also intends to increase Nigeria’s refining capacity substantially. The company aims to expand refining output to 200,000 barrels per day by 2027, with plans to more than double this capacity to 500,000 barrels per day by 2030.

Additionally, the new GCEO announced plans to significantly enhance the country’s natural gas production capabilities, targeting 10 billion cubic feet per day by 2027 and increasing to 12 billion cubic feet per day by 2030. These measures will be accompanied by efforts to improve energy access and affordability for Nigerian citizens across the country.

“We stand at the gateway of a new era—one that demands courage, professionalism, and a relentless drive for excellence. The task before us is great, yet the opportunity to redefine Nigeria’s energy future is even greater. Now is the time to turn our transformation promise into performance.

“To achieve these targets, the company will focus on reconfiguring its business structure for agility and value creation, conducting independent value assessments to inform data-driven decisions, and enforcing a robust performance management framework.

“The company will build transparent, value-aligned partnerships with all stakeholders, and most critically, take control of its narrative,” he said.

During his address to staff, Mr. Bashir Ojulari emphasized that the company’s ambitious targets represent far more than mere statistical goals. He characterized these objectives as “indicators of hope, jobs, industrial growth, and energy security for millions of Nigerians,” highlighting the broader socioeconomic impact of NNPC’s operations.

Ojulari called on employees to take pride in the company’s recent transformation journey while emphasizing that the next phase—evolving into a fully-fledged limited liability company—would demand a collective commitment to enhancing transparency, profitability, and accountability across the organization.

The Group CEO made a firm commitment to creating an environment where all employees can excel and outperform competitors. “We will provide the best combination where the experienced and the young will both thrive toward achieving our set targets,” he assured staff during the town hall meeting.

Ojulari also outlined plans to strengthen relationships with both in-house and national unions, aiming to build collaboration based on shared purpose and mutual respect. In his call to action, he urged all staff members to demonstrate leadership through integrity and urgency, encouraging them to contribute their best efforts toward realizing the company’s ambitious vision for Nigeria’s energy sector.

“We recognise that our greatest asset is our people. Our success will be powered by empowered employees. As such, we are fully committed to creating a workplace where everyone is valued, motivated, and inspired to thrive. Together, we will build a high-performing, globally competitive NNPC Ltd. that is proudly Nigerian and proudly world-class,” Ojulari said.