Nigeria’s top oil executive has taken one of the world’s biggest energy stages to deliver a confident and commercially ambitious pitch declaring that Nigeria is no longer a country making promises but one focused entirely on delivery.
NNPC Group Chief Executive Officer Bashir Bayo Ojulari addressed a global audience of over 10,000 energy leaders, executives, government ministers and industry officials at CERAWeek 2026 in Houston, Texas on Monday March 23, 2026 the world’s premier energy gathering hosted annually by S&P Global.
The conference runs from March 23 to 27 under the theme “Convergence and Competition: Energy, Technology and Geopolitics.”
Ojulari delivered a characteristically direct and pragmatic assessment of Nigeria and Africa’s energy future, declaring that the country’s fundamentals are strong, its value proposition clear, and its focus now squarely on execution. “Capital goes where value is clear, and Nigeria has that value,” he stated, setting the tone for a leadership dialogue that outlined a pragmatic approach to balancing the country’s immediate energy needs with its long-term transition ambitions.
The CERAWeek appearance also produced one of the most significant operational announcements Nigeria has made since the Middle East war began. On the sidelines of the conference Ojulari told Reuters that Nigeria can increase crude oil production by approximately 100,000 barrels per day over the next few months, a boost that could help offset global supply shortfalls caused by the ongoing US-Israel-Iran conflict. “We are building that capacity,” he said. “We are not like Saudi Arabia, but we can contribute.”
He confirmed Nigeria averaged 1.6 to 1.7 million barrels per day in 2025 and is targeting 1.8 million barrels per day in 2026.
The production target however sits against a challenging backdrop. Nigeria’s output fell to 1.31 million barrels per day in February 2026 according to OPEC data, though it had recovered to 1.459 million barrels per day in January. The Federal Government had initially set an ambitious 2.6 million barrels per day benchmark for its 2026 budget before adopting the more conservative 1.8 million figure
Ojulari disclosed that President Bola Tinubu has granted NNPC the autonomy to act on behalf of the Federal Government in driving sustainable and commercially viable solutions across the energy sector a significant shift that gives the national oil company greater operational flexibility to implement long-term strategies.
Three strategic enablers are receiving focused attention. Commercial pricing across the value chain, critical infrastructure including the Ajaokuta-Kaduna-Kano gas pipeline, and bankable contracts that provide investor certainty are the three pillars Ojulari identified as central to Nigeria’s investment pitch.
On the balance between domestic gas supply and LNG exports he also said “It is about portfolio optimisation — allocating gas where it delivers the highest combined national and commercial value,”
On the energy transition debate that dominates every major global energy forum, Ojulari articulated NNPC’s core philosophy with characteristic clarity. “We are not choosing between today and tomorrow; we are funding the future with the present,” he said, arguing that Africa’s economic realities make continued hydrocarbon production unavoidable even as the world accelerates toward cleaner energy.
Oil remains critical for immediate revenue and foreign exchange while gas, estimated at over 600 trillion cubic feet in Nigeria, represents a strategic lever for industrialisation and long-term energy security.
He expressed confidence in Nigeria’s regulatory environment, stating that the Petroleum Industry Act has significantly improved certainty for investors, while ongoing investments in infrastructure and strengthened security architecture are gradually addressing longstanding bottlenecks in the sector.
