The Nigerian National Petroleum Company (NNPC) Limited is focused on transforming into a high-performing, transparent, and agile organisation, with plans to be IPO-ready after 2026. This was revealed by the Group Chief Executive Officer, Bayo Ojulari, during the Bloomberg Fire Chat at the ongoing Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2025) in Abu Dhabi, United Arab Emirates.
According to Ojulari, the state oil company is on track to be listed on the stock exchange by 2028, as part of its strategic transformation into a commercially viable, globally competitive energy company. The listing is part of a larger roadmap enabled by the Petroleum Industry Act, which has reset and stabilised Nigeria’s energy industry. The Act has provided a clear direction for the company’s progress, allowing it to monitor its achievements and challenges.
The NNPC has made significant strides in increasing Nigeria’s oil output, with a current production level of 1.7 million barrels per day. The company aims to reach 2 million barrels per day by 2027 and 3 million in the long term. This growth is driven by redefined relationships with International Oil Companies and independents, as well as the removal of legacy blockers and alignment on shared value.
The transformation of the NNPC is part of a broader effort to strengthen Nigeria’s energy industry. The Petroleum Industry Act has brought stability to the sector, enabling the company to focus on its goals and objectives. With its plans to be IPO-ready after 2026, the NNPC is poised to become a major player in the global energy market.
The company’s progress is significant, given the challenges faced by the Nigerian energy industry in the past. The NNPC’s transformation is a testament to the country’s commitment to reform and development. As the company moves forward with its plans, it is likely to have a positive impact on Nigeria’s economy and energy sector. With its focus on transparency, agility, and commercial viability, the NNPC is well-positioned to achieve its goals and become a leading energy company in Africa.