Nigeria’s state-controlled oil enterprise, Nigerian National Petroleum Company Limited, is preparing for a potential listing on prominent international stock exchanges, including New York and London, as part of a comprehensive strategy to attract foreign investment.
At the recent CERAWeek by S&P Global, Group CEO Bayo Ojulari emphasised that the firm is focusing on internal reforms first, signalling a measured and deliberate approach to an eventual Initial Public Offering (IPO).
Ojulari explained, “Our objective is not merely to list, but to establish solid fundamentals, ensure transparency, enhance cost efficiency, and deliver projects at world-class standards,” highlighting a shift from government-centric control toward a commercially oriented structure.
The planned IPO forms a key part of NNPC’s vision to reposition itself as a competitive global energy company, addressing years of inefficiencies and limited governance transparency. Central to this initiative is a broad reform agenda that includes leadership restructuring and integrating expertise from international oil companies, which the firm says is already strengthening operational capabilities.
Investor confidence seems to be on the rise. A major indicator is the Bonga Southwest deepwater project, valued at roughly $20 billion, which Ojulari described as a milestone investment facilitated by new project-specific fiscal incentives introduced by the Nigerian government.
Alongside renewed interest in Nigeria’s deepwater fields, industry analysts view this as a pivotal moment following nearly twenty years of limited investment caused by regulatory uncertainties and disputes with international partners.
Strategic reforms boost efficiency and investor interest
NNPC’s transformation is guided by five strategic priorities, with a primary focus on boosting production. The company plans to increase oil output to two million barrels per day in the near term, aiming for three million barrels per day by 2030.
Expansion in the gas sector is also central to the company’s plans, with infrastructure being developed to connect key regions nationwide. Ojulari noted that this would support industrial growth, enhance electricity supply, and generate employment, aligning with broader national economic objectives.
In the downstream sector, NNPC is working to establish Nigeria as a refining and distribution hub for sub-Saharan Africa. This includes expanding refining capacity and extending networks for compressed natural gas and liquefied petroleum gas across the country.
Beyond scaling operations, the company is reviewing its portfolio to strengthen financial sustainability ahead of any public listing. This entails divesting non-performing assets and focusing on commercially viable projects capable of delivering consistent returns.
Ojulari also highlighted a cultural shift within NNPC, with the company positioning itself as a preferred partner for global investors. The separation of regulatory functions under the Petroleum Industry Act has created a cleaner operating framework, helping rebuild trust with stakeholders.
To support IPO readiness, NNPC is investing in workforce development, global partnerships, and emerging technologies, including artificial intelligence. Internally, operational silos are being dismantled to create a more integrated structure across upstream, midstream, and downstream segments.
Although no definitive timetable for a public listing has been provided, the company’s leadership emphasises that the process will prioritise readiness over speed.