NNPC's Bayo Ojulari: Refinery Shutdown Part of Long-Term Energy Strategy, Not Cost-Cutting

Bayo Ojulari, the group chief executive of the Nigerian National Petroleum Corporation (NNPC), clarified at the Nigeria International Energy Summit in Abuja that the shutdown of Nigeria's state-owned refineries is a strategic move aimed at long-term energy planning rather than short-term cost-cutting. Ojulari emphasized the need for Nigeria to adapt to current energy trends and realities, stating that the country's energy future depends on strategic realism rather than outdated assumptions.

He highlighted that the refineries were built during an era of state ownership dominance in the oil industry, which is no longer sustainable. Ojulari stressed the importance of modernizing the refineries to align with broader energy transition goals and enhance energy security.

He also advocated for collaboration between the public and private sectors, citing the need to restructure public assets and work together towards a more commercially viable energy portfolio. The decision to shut down the refineries reflects a shift in mindset and strategy towards sustainability and long-term viability.