President Muhammadu Buhari has said that the new Nigerian National Petroleum Company Limited (NNPC Limited), would guarantee Nigeria’s energy security.
Unveiling the new NNPC Ltd at an event at the State House Conference Center, in Abuja yesterday, Buhari said Africa’s largest national oil company would also support sustainable growth across other sectors of the economy as it delivers energy to the world.
He expressed optimism that the NNPC Limited would sustainably deliver value to its over 200 million shareholders and the global energy community; operate without relying on government funding and free from institutional regulations such as the Treasury Single Account (TSA).
‘‘We are transforming our petroleum industry, to strengthen its capacity and market relevance for the present and future global energy priorities.
‘‘The provisions of PIA 2021, have given the Nigerian petroleum industry a new impetus, with improved fiscal framework, transparent governance, enhanced regulation and the creation of a commercially-driven and independent national oil company that will operate without relying on government funding and free from institutional regulations such as the Treasury Single Account, Public Procurement and Fiscal Responsibility Acts.
‘‘It will, of course, conduct itself under the best international business practice in transparency, governance and commercial viability.”
The President, therefore, assured stakeholders in the industry that Africa’s largest NOC would adhere to its fundamental corporate values of integrity, excellence and sustainability, while operating as a commercial, independent and viable NOC at par with its peers around the world.
He added that the company would focus on becoming a dynamic global energy company of choice to deliver energy for today, for tomorrow, for the day days after tomorrow.
Minister of State for Petroleum Resources, Timipre Sylva, said with the signing of the PIA, which assures international and local oil companies of adequate protection for their investments, the nation’s petroleum industry is no longer rudderless.
‘‘While the country was waiting for the PIA, Nigeria’s oil and gas industry lost about $50 billion worth of investments. In fact, between 2015 and 2019, KPMG states that “only 4 percent of the $70 billion investment inflows into Africa’s oil and gas industry came to Nigeria even though the country is the continent’s biggest producer and the largest reserves.
‘‘We are setting all these woes behind us, and a clear path for the survival and growth of our petroleum industry is now before us,’’ he said. Sylva described the unveiling of NNPC Limited as a new dawn in the quest for the growth and development of the Nigerian oil and gas Industry, opening new vintages for partnerships.
The group chief executive officer of NNPC Limited, Mele Kyari, said the firm is rolling out a comprehensive expansion plan to grow its fuel retail presence from 547 to over 1500 outlets within the next six months.
He assured stakeholders and the global energy community that the new company was endowed with the ‘‘best human resources one can find anywhere in the industry.’’
‘‘NNPC Limited is positioned to lead Africa’s gradual transition to new energy by deepening natural gas production to create low carbon activities and positively change the story of energy poverty at home and around the world,’’ he said.
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