Bayo Ojulari, the group managing director of the Nigerian National Petroleum Company Limited (NNPC) has called for a coordinated, strategic approach to make Nigeria’s energy sector more attractive to global investors, stating that “Nigeria needs a bankable case for energy investments.”

Speaking at the 2025 Society of Petroleum Engineers (SPE) International Conference in Lagos, Ojulari emphasised the urgent need for Nigeria to present a compelling and credible case to compete for global capital, especially as sustainability and ESG (Environmental, Social, and Governance) criteria increasingly influence investment decisions.

“In a world where global capital pools are vast, the competition for them is fierce. Africa must not just participate; it must compete. Nigeria must make its energy story bankable, sustainable, and globally relevant,” Ojulari said during his virtual presentation.

Ojulari’s remarks come at a time when Nigeria, like many African nations, faces mounting pressure to balance energy access, environmental sustainability, and economic development, all while navigating complex global energy transitions.

Repositioning oil & gas

Rejecting the notion that oil and gas are “sunset industries,” Ojulari argued that they remain central to a sustainable and inclusive energy future.

He stressed that fossil fuels must be strategically repositioned to work in tandem with emerging energy technologies.

“The future of energy is not linear. It is shaped by the decisions we make today—how we invest, how we innovate, and how we collaborate,” he said. “We must embrace technologies like carbon capture and storage, hydrogen development, artificial intelligence, smart grid systems, and compressed natural gas (CNG) as strategic enablers—not as buzzwords.”

He highlighted the progress being made with CNG adoption across Africa, which he said is already having a tangible impact.

According to him, modern and clean fuel alternatives are essential to displacing traditional biomass and ensuring a just energy transition.

Building trust

Ojulari underscored the importance of de-risking Nigeria’s energy environment to attract long-term investment.

This, he said, can only be achieved by improving governance, strengthening regulatory frameworks, honoring contracts, and building transparent dispute resolution systems.

“To secure capital, we must not just sell our resources; we must build trust,” he said. “It is time for governments and the private sector to co-create investment environments that are credible, attractive, and future-ready.”

He advocated leveraging financial instruments such as blended finance and climate-resilient funds, which can help bring in investors with long-term perspectives, investors who prioritise impact and stability over quick returns.

Energy transition

Ojulari reiterated that Africa’s energy transition must be contextualised and negotiated, not imposed. With millions across the continent still lacking access to reliable electricity, the emphasis must remain on energy justice and inclusion.

“Our transition must be just. It must reflect the reality that in many parts of Africa, energy poverty is still the dominant challenge,” he said. “Natural gas must be recognized as a transitional fuel for Africa, allowing us to meet climate goals without sacrificing development.”

He also called for increased investments in modern cooking technologies and decarbonisation of heavy industries, noting that hydrocarbons can be responsibly leveraged to build the infrastructure and education systems that Africa needs. (BusinessDay)