The Group Managing Director of the Nigerian National Petroleum Company Limited (NNPC), Bayo Ojulari, has warned that Nigeria risks losing access to global capital inflows unless it develops a bankable and credible strategy for its energy sector.
Speaking at the 2025 Society of Petroleum Engineers (SPE) International Conference in Lagos, Ojulari stressed the urgent need for Nigeria to present a compelling investment case that aligns with global sustainability standards and Environmental, Social, and Governance (ESG) criteria.
“In a world where global capital pools are vast, the competition for them is fierce. Africa must not just participate; it must compete. Nigeria must make its energy story bankable, sustainable, and globally relevant,” Ojulari said in a virtual presentation.
Repositioning Oil and Gas
Dismissing claims that oil and gas are “sunset industries,” Ojulari said that fossil fuels remain critical to achieving a balanced and inclusive energy future.
He urged the strategic repositioning of hydrocarbons to work alongside emerging technologies, such as carbon capture and storage, hydrogen development, artificial intelligence, smart grid systems, and compressed natural gas (CNG).
“The future of energy is not linear. It is shaped by the decisions we make today—how we invest, how we innovate, and how we collaborate,” he noted.
Ojulari highlighted the growing adoption of CNG across Africa as a tangible example of how clean fuel alternatives can displace traditional biomass and ensure a just transition.
Building Investor Confidence
The NNPC chief emphasized the importance of de-risking Nigeria’s energy sector to attract long-term investments. He identified key measures including improved governance, stronger regulatory frameworks, honoring contractual obligations, and ensuring transparent dispute resolution.
“To secure capital, we must not just sell our resources; we must build trust,” Ojulari said. “It is time for governments and the private sector to co-create investment environments that are credible, attractive, and future-ready.”
He also called for innovative financing mechanisms, such as blended finance and climate-resilient funds, to attract investors with long-term perspectives who prioritize impact and stability over short-term gains.
Energy Transition and Justice
Ojulari reiterated that Africa’s energy transition must be both just and context-driven, stressing that millions of people across the continent remain without reliable electricity.
“Our transition must be just. It must reflect the reality that in many parts of Africa, energy poverty is still the dominant challenge,” he stated. He added that natural gas should be recognized as a transitional fuel, enabling African economies to meet climate targets without sacrificing development goals.
He further urged investments in modern cooking technologies and decarbonization of heavy industries, noting that hydrocarbons, if responsibly managed, can provide the financial backbone for infrastructure and education systems critical to Africa’s long-term growth.
Outlook
Industry observers say Ojulari’s remarks underscore the growing urgency for Nigeria to balance its traditional reliance on hydrocarbons with the global shift toward cleaner energy. Without a credible and bankable energy framework, Nigeria risks losing investor confidence at a time when global competition for capital is intensifying.