Nigeria’s presidency is considering a major shake-up at the Nigerian National Petroleum Company Limited (NNPC Ltd.), as the country struggles with low crude oil production levels despite ambitious national targets.
Speaking at the Nigerian Association of Petroleum Explorationists (NAPE) Conference in Lagos yesterday, the Special Adviser to the President on Energy, Olu Verheijen, announced that the government is evaluating new strategies to revitalise Nigeria’s oil and gas sector, including potential changes to NNPC’s asset ownership structure.
Verheijen expressed concern that NNPC Exploration & Production Limited (NEPL) produces only about 220,000 barrels per day, accounting for less than ten percent of the nation’s total output.
She questioned whether the state-owned company has the financial and operational capacity to fund the large-scale drilling campaigns needed to meet the administration’s goal of producing three million barrels per day.
“Unlike in the era of international oil companies onshore, current joint venture partners can no longer carry the NNPC,” Verheijen said.
“If the company cannot deliver the incremental growth we need, we must have the courage to restructure asset ownership and invite operators with the technical capacity, financial depth, and governance discipline to deliver results.”
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She introduced what she called the “Four Rs” framework — reserves, revenues, reliability, and responsibility — as the key metrics for evaluating Nigeria’s energy progress.
Under this model, she explained, that the government aims to restore investor confidence through clear and consistent policies, drive exploration growth, and expand midstream infrastructure.
Verheijen also highlighted the progress made under President Bola Tinubu’s administration, noting that within just 18 months, Nigeria has unlocked over $8 billion in final investment decisions across projects such as Ubeta, Bonga North, and HI, with another $20 billion in the pipeline.
“These are not just signatures — they’re shovels in the ground,” she said, emphasizing that the government is commercializing gas assets through long-term agreements, improving gas-to-power projects, and positioning Nigeria as a regional energy supplier.
Beyond export revenues, Verheijen said the administration’s focus is also on domestic value creation — including gas-to-power, LPG and CNG distribution, petrochemicals, fertilizers, and refining — to reduce import dependence and strengthen industrial output.
In response, NNPC Chairman Ahmadu Kida reaffirmed the company’s commitment to transformation and transparency.
He pledged that in the next five years, the NNPC would evolve into Africa’s “incontestable energy company.”
“We want Nigerians to be proud of NNPC,” Kida said. “When our name is called, it should sound like a goal scored against Brazil in a football match.”
The remarks underscore growing pressure on NNPC Ltd. to deliver tangible performance improvements as Nigeria races to boost production and revenue amid a global energy transition.
Analysts note that the government’s willingness to consider asset restructuring marks one of its boldest policy signals yet in pursuit of sustainable energy growth.
