General
Future of Nigeria’s Energy Industry Rests on Strong ESG Practices—Ojulari
By Modupe Gbadeyanka
For Nigeria to remain competitive in the oil and gas industry and attract more investors, efforts must be made to adopt strong Environmental, Social, and Governance (ESG) practices.
This was the submission of the chief executive of the Nigerian National Petroleum Company (NNPC) Limited, Mr Bayo Ojulari, at the 2025 Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) Energy and Labour Summit (PEALS 2025) in Abuja, on Wednesday.
While delivering a keynote address themed Building a Resilient Oil and Gas Sector in Nigeria: Advancing HSE, ESG, Investors and Incremental Production, Mr Ojulari noted that global investors and communities alike now judge energy companies not only by what they produce but how responsibly they produce it.
“Today, oil and gas companies are judged not only by what they produce, but how they produce it. Environmental stewardship, social responsibility, and sound governance are now critical metrics for accessing capital, winning community support, and sustaining growth.
“NNPC has initiated an Energy Transition Roadmap—reducing our carbon footprint, investing in gas as a transition fuel, and improving transparency.” he revealed at the event.
He also reaffirmed the company’s strategic direction towards value creation, competitiveness and efficiency as the foundation of its new business model, noting the renewed focus on operational excellence and investor confidence, driven by the provisions of the Petroleum Industry Act (PIA) and global market dynamics.
“With the Petroleum Industry Act (PIA), we now have a framework to transform our investment climate. NNPC is now operating under a new business model, focused on value creation, competitiveness, and efficiency. This includes restructuring joint ventures, monetizing assets, and investing in critical infrastructure across the value chain,” Mr Ojulari reiterated, stressing the need for stakeholder alignment to unlock stranded assets and boost incremental production through smarter, coordinated actions across the value chain.
He called for collaboration between PENGASSAN, labour unions, investors, government and industry stakeholders towards assuring stability, de-risking the environment and creating conditions for sustainable growth. Every additional barrel and gas molecule contributes directly to national prosperity and energy security, he added.
While commending PENGASSAN for its pivotal role in strengthening Nigeria’s energy workforce, the NNPC chief reaffirmed the organisation’s commitment to innovation, collaboration, and national development urging all stakeholders to embrace resilience as a deliberate choice for the future.
Earlier, the president of PENGASSAN, Mr Festus Osifo, said the long-term sustainability of Nigeria’s oil and gas industry hinges on a collective commitment to environmental stewardship, embedded in upholding robust corporate governance.
Mr Osifo commended President Tinubu for laying a strong foundation for achieving incremental production and attracting investment, citing the recent signing of executive orders aimed at shortening the contracting cycle, supporting non-associated gas development, extending the duration of third-party contracts and introducing performance-based tax incentives.
The PEALS Summit brought together senior government officials, industry captains, labour leaders, and stakeholders to deliberate on strategies to strengthen Nigeria’s oil and gas sector amid global energy transition pressures.
By Adedapo Adesanya
The Nigeria–China Strategic Partnership (NCSP) recently hosted a high-level delegation from Newryton International Industrial Development Company Limited, a leading Chinese investment and industrial development consortium, to advance discussions on deepening bilateral trade, industrial cooperation, and development financing between both countries.
The Newryton delegation, led by Mr David Chen, Assistant Secretary-General of the China Hainan Investment Council, had earlier engaged with the Nigerian Association of Commerce, Industry, Mines and Agriculture (NACCIMA). They were accompanied to the NCSP by Mr Joe Onyuike, Vice-Chairman of NACCIMA’s Agriculture and Livestock Trade Group, who conveyed NACCIMA’s support for the delegation’s engagements.
Discussions centered on the establishment of a Nigeria–China Trade and Investment Platform, including a proposed Promotion Centre in China to support Nigerian products, investors, and state governments.
The consortium also presented opportunities within Hainan Province’s Free Trade Port (FTP), which offers preferential policies that Nigerian businesses can leverage to expand exports and attract new investments.
In his address on behalf of Newryton, Mr Pong outlined plans to collaborate with NCSP in accessing FOCAC-supported financing for strategic investments in agriculture, energy, mining, solid minerals processing, and related sectors. The delegation identified aquaculture as a key area of interest and referenced the forthcoming Global Aquaculture Conference in Hainan Province, encouraging Nigerian stakeholders to participate.
They also expressed readiness to strengthen cooperation in vocational training and employment under the Belt and Road Initiative (BRI).
Welcoming the delegation on behalf of the Director-General, Martins Olajide, NCSP’s Head of Internal Operations, reaffirmed the organisation’s commitment to fostering mutually beneficial partnerships.
He highlighted NCSP’s strong interest in the proposed Nigeria–China Trade and Investment Platform and the development of the Nigerian Oil Palm Industrial Park as a flagship demonstration project.
Also speaking at the meeting, Ms Judy Melifonwu, NCSP’s Head of International Relations, underscored the opportunities presented by China’s zero-tariff policy and the forthcoming NAQS–GACC protocol on the export of Nigerian aquaculture products. She noted that these frameworks would significantly enhance Nigeria’s competitiveness in emerging global markets.
Both parties expressed commitment to advancing discussions toward a structured cooperation framework covering all priority areas.
By Adedapo Adesanya
The United Kingdom–Nigeria Infrastructure Advisory Facility (UKNIAF), established in 2019 as part of a 16-year legacy of UK-funded infrastructure support to Nigeria, convened over 100 senior stakeholders on Tuesday, December 2, to review its progress and formally close out its current phase of operations.
The event brought together representatives from federal and state governments, development partners, development finance institutions, and the private sector to reflect on UKNIAF’s work across the power, infrastructure finance, and roads sectors. Discussions focused on institutional reforms, capacity development, and the sustainability of tools and processes introduced over the past six years.
Since inception, UKNIAF has delivered targeted technical assistance designed to embed evidence-based reforms, data-driven decision-making, and improved institutional performance. Its interventions have mobilised significant financing, strengthened regulatory and planning systems, and enhanced investor readiness across multiple infrastructure markets.
In the power sector, participants highlighted landmark achievements including the development of Nigeria’s first Integrated Resource Plan, which outlines a least-cost and low-carbon pathway for expanding electricity supply. UKNIAF also supported the Nigerian Electricity Regulatory Commission (NERC) in building advanced real-time data capabilities for tariff monitoring, grid management, and outage tracking. The programme enabled pioneering states to establish their own electricity markets following constitutional reforms.
In infrastructure finance, UKNIAF was recognised for strengthening project preparation systems and enabling access to capital. Notable accomplishments include supporting the mobilisation of $75 million from the African Development Bank to the Special Agro-Industrial Processing Zone (SAPZ) programme in two states, and accelerating mini-grid and solar deployment through improved technical standards at the Rural Electrification Agency (REA).
UKNIAF also designed a national project preparation facility, for which N21 billion was allocated in both the 2024 and 2025 budgets to build a pipeline of bankable projects.
Speaking on this, Mr Frank Edozie, UKNIAF Team Lead, described the programme’s close-out as a “handover for sustained delivery,” emphasising that strengthened institutions now hold tools that make Nigeria’s infrastructure landscape more transparent, climate-smart, and investor-ready.
On his part, the Minister of Power, Mr Adebayo Adelabu, commended the programme, noting that its technical assistance and advisory services had helped lay the foundation for a sustainable and inclusive electricity supply industry.
Mrs Cynthia Rowe, Head of Development Corporation at the UK Foreign, Commonwealth and Development Office (FCDO) in Nigeria, praised the partnership, highlighting achievements ranging from state-level electricity market reforms to unlocking major financing and designing Nigeria’s Climate Change Fund.
Enugu State Secretary to the State Government, Professor Chidiebere Onyia, underscored the lasting influence of the programme, stating that UKNIAF’s impact continues through the expertise and leadership transferred to national and sub-national institutions.
The close-out event reaffirmed stakeholders’ commitment to sustaining tools, reforms, and knowledge products developed under UKNIAF, while strengthening collaboration among public, private, and development actors in the infrastructure ecosystem.
Participants included federal and state agencies such as the Nigeria Governors’ Forum, Federal Ministry of Power, Ministry of Finance, NERC, REA, and the Transmission Company of Nigeria, alongside development partners including the African Development Bank, World Bank, and IFC, as well as private sector and civil society stakeholders.
By Aduragbemi Omiyale
The gantry price of Premium Motor Spirit (PMS), otherwise known as petrol, has been slashed by the Dangote Petroleum Refinery.
The Lagos-based oil facility brought down the ex-depot price of the petroleum product by 15.58 per cent or N129 per litre to N828 per litre.
Though the company had yet to release an official statement on this development, real-time market data on Petroleumprice.ng on Friday showed the new price.
Punch reports that data from the platform also showed fresh reductions across several private depots following the refinery’s latest review.
Sigmund Depot cut its ex-depot price by N4 to N824 per litre, Bulk Strategic dropped its price by N3, and TechnoOil slashed its by N15.
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