President Bola Tinubu has inaugurated a reconstituted board for the Nigerian National Petroleum Company Limited (NNPCL), tasking its members with spearheading reforms to revitalize Nigeria’s oil and gas sector and drive economic growth.
The inauguration, held on April 2, 2025, in Abuja, saw significant changes in the NNPCL leadership, with Bashir Ojulari appointed as the new Group Chief Executive Officer, replacing Mele Kyari. The former chairman, Pius Akinyelure, was also replaced, with new non-executive directors including industry veterans Austin Avuru, David Ige, and Henry Obih. The board includes representatives from the Federal Ministries of Finance and Petroleum Resources to ensure alignment with national economic goals.
During the inauguration, Tinubu charged the board with achieving ambitious targets, including increasing Nigeria’s oil production to two million barrels per day by 2027 and three million by 2030. The administration has already reported $17 billion in new investments in the oil sector in 2024, with plans to attract $30 billion by 2027 and $60 billion by 2030. The president emphasized the NNPCL’s critical role in stabilizing the economy, addressing chronic fuel supply challenges, and boosting foreign exchange earnings through exports. He highlighted the need for transparency, efficiency, and global competitiveness in the petroleum industry, particularly in light of ongoing debates about fuel subsidy removal and its impact on Nigerians.
The reconstituted board is expected to implement strategic policies to enhance the NNPCL’s operational capacity, including modernizing refineries, combating oil theft, and expanding gas infrastructure. The appointments have been broadly welcomed by industry stakeholders, who view the new leadership as capable of navigating the sector’s complex challenges. However, the board faces significant hurdles, including public skepticism about subsidy reforms and the need to balance domestic fuel needs with export ambitions. Tinubu’s charge to “turn the economy around” underscores the high expectations placed on the NNPCL, as the oil sector remains a cornerstone of Nigeria’s fiscal strategy.