Mkpoikana Udoma
Port Harcourt — The Nigerian National Petroleum Company Limited, NNPC Ltd, has said that the Petroleum Industry Act, PIA, is restoring investor confidence and unlocking new investments across Nigeria’s downstream value chain.
Group Chief Executive Officer of NNPC Ltd, Engr. Bayo Ojulari, stated this recently in Lagos during the 2025 OTL Africa Downstream Energy Week, themed “Energy Sustainability: Beyond Boundaries & Competition.”
Ojulari said that since the enactment of the PIA, the downstream sector had witnessed renewed interest from both domestic and foreign investors, driven by clarity in regulations, incentives, and institutional reforms.
“The Petroleum Industry Act is a game-changer for Nigeria. It provides the legal, fiscal, and governance framework that ensures transparency and predictability, two things investors always look for before committing capital.”
He explained that the Act’s structure had enabled NNPC Ltd to operate as a commercially driven entity, improving efficiency and competitiveness across the value chain.
“The PIA allows us to form strategic partnerships, raise financing, and invest in critical infrastructure without bureaucratic constraints,” Ojulari noted.
According to him, the Act has also spurred innovation and competition in the downstream sector, as new players are now entering areas such as petroleum storage, refining, gas distribution, and logistics.
Ojulari commended the Federal Government and the regulators for providing what he described as “a clear roadmap for sustainable energy growth,” saying the alignment between policy direction and market realities had made Nigeria’s energy sector more attractive.
“Transparency breeds confidence,” he stressed. “Investors are seeing Nigeria differently now, as a market where policy consistency, fiscal incentives, and profitability can coexist.”
The GCEO highlighted that the PIA’s emphasis on host community development and environmental stewardship was fostering greater social inclusion and reducing conflicts around oil assets.
“With the PIA, energy development is no longer just about barrels and molecules; it’s about people, sustainability, and prosperity,” he said. “That’s the message we are driving at NNPC, responsible energy for shared growth.”
Ojulari called for continued dialogue among policymakers, operators, and investors to ensure the law continues to evolve with global best practices. “The success of the PIA will depend on our collective commitment to implementation,” he added.
The event brought together industry leaders, regulators, and investors to deliberate on energy reforms and sustainable investment strategies in Africa’s downstream and midstream markets.
