Bayo Ojulari's Mixed Results in NNPC Leadership Year

Bayo Ojulari assumed office as Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC) on April 2, 2025. His tenure has been marked by a mix of achievements and challenges, particularly in meeting production targets.

Despite ambitious goals to raise crude oil production to 2 million barrels per day by 2027 and 3 million barrels per day by 2030, Nigeria has struggled to consistently meet its quotas. Recent data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) indicates that Nigeria's production fell to 1.48 million barrels per day in February 2026, down from 1.68 million barrels per day when Ojulari took office.

Additionally, NNPC reported a revenue of N2.57 trillion in January 2026, a 46.7% decline from the previous month, raising concerns about the management of Nigeria's oil resources. Ojulari's leadership aims to attract $30 billion in investments by 2027 and $60 billion by 2030, but the current output and revenue figures suggest significant challenges ahead.