Tinubu tasks NNPC board on economic turnaround

President Bola Tinubu has charged the newly inaugurated Board of the Nigerian National Petroleum Company Limited (NNPC Ltd) to consolidate the gains of his administration’s economic reforms and lead the charge in revitalizing the country’s economy.

Speaking during the inauguration ceremony at the State House in Abuja on Thursday, President Tinubu said the board members were carefully selected for their expertise, experience, and integrity.

“When I started searching, it took a while to come up with the kind of character that you represent. You represent the best in the industry, and I have set goals for you. You have the reputation, resourcefulness and experience to help the country. It is a call to duty for you,” the President stated.

He emphasized that ongoing economic reforms had already begun yielding local and international commendation, pointing to improved competitiveness and resilience of Nigeria’s economy.

“Nigeria has come of age. It is now more competitive and turning the corner, and with your highly respected team, I can relax and attend to other issues,” Tinubu added.

The President highlighted the need for the NNPC to look inward for solutions in light of global economic volatility and tasked the board with creating win-win outcomes for Nigerians.

Minister of State for Petroleum Resources, Heineken Lokpobiri, lauded the President for assembling what he described as the best oil and gas management team in Africa.

“I got calls from across Africa, including colleagues in OPEC, who said if this team does not deliver, Nigeria would have to import men from another planet to run its oil and gas sector,” Lokpobiri noted.

Chairman of the NNPC Ltd Board, Ahmadu Musa Kida, expressed gratitude for the appointment and pledged to lead with the highest standards of integrity and courage.

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Group Chief Executive Officer of NNPC Ltd, Bashir Bayo Ojulari, reported that the company had begun engaging stakeholders, implementing turnaround maintenance of refineries, and optimizing operations.

Ojulari disclosed that oil production had increased from 1.5 million barrels per day to 1.7 million in just two months, with a target of 1.9 million barrels by year-end. He also pledged that NNPC Ltd would deliver on its promises and operate strictly as a business.

“We will promise what we can deliver, and we will deliver on our promise,” Ojulari said, noting that the administration’s reforms had begun attracting foreign direct investment.

The inauguration underscores President Tinubu’s commitment to leveraging expert leadership in repositioning key sectors of the economy.