Why Government is Transforming Petroleum Industry—President Buhari


President Muhammadu Buhari has said that the country places high premium in creating the right atmosphere that supports investment and growth to boost our economy and continue to play important role in sustaining global energy requirements.

He stated this while unveiling the Nigeria National Petroleum Company Limited.

According to him: “We are transforming our petroleum industry, to strengthen its capacity and market relevance for the present and future global energy priorities”

He said the provisions of PIA 2021,has given the Nigerian petroleum industry a new impetus, with improved fiscal framework, transparent governance, enhanced regulation and the creation of a commercially-driven and independent National Oil Company that will operate without relying on government funding and free from institutional regulations such as the Treasury Single Account, Public Procurement and Fiscal Responsibility Acts.

He said It will, of course, conduct itself under the best international business practice in transparency, governance and commercial viability.

“Coincidentally, I, on the 1st of July 2022 authorized transfer of assets from the Nigerian National Petroleum Corporation to its successor company, the Nigerian National Petroleum Company Limited, and steered the implementation leading to the unveiling of Africa’s largest National Oil company today.”

He thanked Almighty God for choosing him to consistently play on important role in shaping the destiny our National Oil Company from the good to the great.

NNPC Limited he said will operate as a commercial, independent and viable NOC at par with its peers around the world, to sustainably deliver value to its over 200 Million shareholders and the global energy community, while adhering to its fundamental corporate values of Integrity, Excellence and Sustainability.

“NNPC Limited is mandated by law to ensure Nigeria’s National Energy Security is guaranteed to support sustainable growth across other sectors of the economy as it delivers energy to the world”

Olusola Bello


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