Abuja: President Bola Tinubu has urged the new Nigerian National Petroleum Company Ltd. (NNPCL) board to consolidate the gains of the ongoing economic reforms, which have attracted commendations for the resilience and competitiveness of the Nigerian economy. Speaking at the inauguration of the Board of NNPC Ltd. at the State House, Tinubu said he selected the board members painstakingly to ensure quality leadership.
According to News Agency of Nigeria, the President emphasized the importance of the board members’ roles in turning the economy around, highlighting their reputation, resourcefulness, and experience as key factors. He expressed confidence in their ability to serve the country effectively, acknowledging the positive outcomes of the ongoing economic reforms, which have garnered both local and international recognition.
Tinubu noted that the current global economic volatility would necessitate a focus on domestic solutions, with the repositioning of NNPC Ltd. being critical. He urged the board to explore all options to achieve mutually beneficial outcomes for Nigeria, expressing pride in their potential for success.
Mr. Heineken Lokpobiri, the Minister of State, Petroleum, expressed gratitude to the President for assembling a team he described as unparalleled in Africa. He recounted receiving commendations from colleagues across the continent, emphasizing the high expectations placed on the board to deliver results in the oil and gas sector.
Ahmadu Kida, the Chairman of the Board, expressed gratitude for the opportunity to serve and committed to upholding the highest standards of leadership and integrity. Bashir Ojulari, the Group Chief Executive Officer of NNPC Ltd., reported on the team’s proactive engagement with industry stakeholders and outlined their strategic direction, including the optimization of various company aspects and the turnaround maintenance of refineries.
Ojulari highlighted the increase in production to 1.7 million barrels within two months, with a target of 1.9 million barrels by year-end, and reiterated the commitment to delivering on promises made. He also noted that the President’s economic reforms have created an environment conducive to attracting foreign direct investments, assuring that NNPC Ltd. would operate with a business-oriented approach.