The Group Chief Executive Officer of Nigerian National Petroleum Company Limited, Mele Kyari, has said that investors are returning to Nigeria because they are getting their return on investment in the country’s oil and gas sector.
Mele disclosed this in his remarks at the opening ceremony at this year’s Nigeria International Energy Summit in Abuja.
He emphasised that the implementation of the Petroleum Industry Act and executive orders by President Bola Tinubu’s administration has made Nigeria an investment designation in the oil and gas sector.
According to him, investments are not corporate social responsibility (CSR), rather than a profit enterprise in which investors in Nigeria are getting their returns.
He also assured that NNPCL would continue to guarantee energy security and would not hesitate to close the gap whenever the need arises in line with the mandate of the PIA.
“Investors are not CSR. There is no shame in saying this. Investors have seen that when they put their money in the country, in our businesses, particularly the oil and gas sector, they can get back their money.
“That is why you investors are returning to the country. All these will have no meaning to ordinary Nigerians if you do not guarantee energy security. The PIA has said one thing: that the NNPCL is required by law to ensure energy security in the country.
“Delivering automobile fuel of any sort, CNG or PMS, to close that space. Stabilise the market and fill any gap. There are a lot of open conversions out there.
“We are required by law to fill this gap. Whenever it is necessary, we take every step to ensure energy security for our country.
“That comes at a cost. Reputation cost. One viral video out there that took two small generators and claimed NNPC lasted for 15 minutes and the other 30 minutes. This is a joke. This is taking competition too far. The market will stabilise itself,” Kyari stated.
Recall that in the last week, the subject of continued fuel imports inspite of domestic capacity at local refineries such Dangote Refinery has been a subject of debate.
Meanwhile, the Midstream and Downstream Petroleum Regulatory Authority has insisted that local refineries has only met 50 percent of petrol product demands.
However, Aliko Dangote, the President of Dangote Refinery, has said his refinery can meet Nigeria’s petrol demand.
Earlier, NNPCL has denied importing petrol in 2025, contrary to reports suggesting the state-owned firm imported 200,000 million litres of PMS in February alone.
