Buhari says vision to make petroleum industry competitive, commercially viable

PRESIDENT MU HAMMADU BU HARI’S vision is to reposition the Nigerian petroleum industry to become a commercially viable and competitive industry in line with global business dynamics and best practices, he said during the inauguration of the new board of the Nigerian National Petroleum Company (NNPC) Limited.

Buhari charged members of the Margret Chuba Okadigbo-chaired new board to make profit for the country.

He implored the board to comply strictly with corporate governance principles, including ensuring that they do business with the highest ethical standards, integrity, and transparency.

He tasked them to focus on profitability and operate at par with its industry peers across the world.

He said he expects NNPC Limited to be mindful of the country’s commitments to net carbon zero aspirations and to ensure total alignment with the global energy transition realities

According to him, the members are on board as a result of the reforms put forward by the Petroleum

Industry Act (PIA) 2021.

“The Nigerian National Petroleum Company Limited is mandated to focus on profitability and continuous value creation beyond the simple fulfilment of legal and regulatory requirements.

“NNPC Limited is expected to operate at par with its industry peers across the world, while acting as Enabler Company that will foster the development of other sectors of our economy.

“The inauguration of this board is a major step in the ongoing transition to a more viable petroleum industry that will attract investment to support our economic growth and generate employment to millions of our people,” he said.

He emphasized that there should be full alignment and synergy between NNPC Limited, the Upstream Regulatory Commission and the Midstream & Downstream Regulatory Authority in compliance with the provisions of the law in all respects to deliver the onerous reforms envisaged for the energy industry.

“NNPC Limited is expected to operate at par with its industry peers elsewhere in the world, while acting as Enabler Company that will foster the development of other sectors of our Economy,” he stated