President Bola Tinubu has inaugurated the newly appointed board of the Nigerian National Petroleum Company Limited (NNPC Ltd.) and urged them to leverage their expertise to drive economic growth and stability. The inauguration, which took place in Abuja on Thursday, saw President Tinubu emphasize the need for Nigeria to look inward for solutions amidst global economic volatility.
Tinubu charged the board to consolidate the gains of his administration’s ongoing economic reforms, which have been praised locally and internationally for improving the competitiveness and resilience of the Nigerian economy.
“When I started searching, it took a while to come up with the kind of character that you represent. You represent the best in the industry, and I have set goals for you,” Tinubu said.
“You have the reputation, resourcefulness, and experience to help the country. It is a call to duty for you. I believe you are among the best the industry can offer.”
Tinubu acknowledged that Nigeria’s economic reforms are showing positive results, noting that the country is “turning the corner” and becoming more competitive on the global stage.
“Nigeria has come of age. It is now more competitive and turning the corner, and with your highly respected team, I can relax and attend to other issues. Thank you for accepting the opportunity to serve our dear country,” he added.
President Tinubu also highlighted the need for the board to reposition NNPC Ltd. to ensure long-term success.
“The volatility in the world’s economy will require looking inward for solutions, and Nigerians will depend on repositioning NNPC Ltd. Explore all options for a win-win situation for Nigeria. I am so proud of you and believe you will succeed.”
At the event, the Minister of State for Petroleum Resources, Heineken Lokpobiri, praised the President for assembling what he described as “the best team in Africa.”
“I got calls from the whole of Africa, my colleagues in OPEC, saying that if this team does not deliver, Nigeria will have to import men from another planet to come and deliver the oil and gas sector in Nigeria,” Lokpobiri said.
The Chairman of the NNPC Board, Ahmadu Kida, expressed gratitude to the President for the opportunity to serve.
“We have had several meetings, and we have set a direction with the mandate that you have given us. We have commenced the journey with a bi-weekly meeting with stakeholders.”
On his part, the Group Chief Executive Officer (GCEO) of NNPC Ltd., Bashir Ojulari, stated that the management has already engaged with industry stakeholders to review operations and business relationships. He added that the company has begun optimizing critical areas, including the turnaround maintenance of refineries.
Ojulari noted that Nigeria’s oil production has increased from 1.5 million barrels per day to 1.7 million barrels per day within two months, with a target of reaching 1.9 million barrels by year-end.
“We will promise what we can deliver, and we will deliver on our promise,” Ojulari assured.
The inauguration of the NNPC Board marks a significant milestone in Nigeria’s efforts to reform its oil and gas sector, enhance production, and stabilize the economy amidst global challenges.