The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd), Bayo Ojulari, has addressed recent debates surrounding the newly launched Nigeria’s Gas Master Plan (GMP) 2026, particularly concerns over export parity pricing.
Speaking during a fireside chat at the Nigeria International Energy Summit (NIES) on Wednesday, the NNPC chief pushed back against claims that the framework is unworkable.
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“When people talk about export parity, I laugh a bit, because today we have domestic customers paying more than export prices,” he said.
Last week, PREMIUM TIMES reported that NNPC unveiled the Gas Master Plan 2026, a policy framework aimed at driving industrialisation and strengthening Nigeria’s energy security.
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The GMP 2026 is an offshoot of the Nigerian Gas Master Plan 2008, a strategic blueprint developed to maximise economic value from the country’s vast gas resources. A key feature of the new plan is its alignment with the Federal Government’s Decade of Gas Programme.
The plan is expected to serve as the definitive framework for coordinated gas-sector development, execution discipline, and value creation over the next decade.
Execution Over Policy Rhetoric
Mr Ojulari described the NNPC gas master plan as fundamentally different from previous initiatives, stressing that its focus is implementation rather than theory.
“We could have named it a gas monetisation execution plan. This plan is about implementation. It’s about execution,” he said.
He explained that gas producers were actively consulted during the design process to ensure realism and industry buy-in.
“Most of our producers have ownership of this plan because we interacted with them and checked what works and what doesn’t.”
Reflecting on past policy failures, Mr Ojulari said NNPC has moved away from relying on obligations to stimulate investment in the gas sector.
“We tried obligations, and nobody invested,” he said.
“Gas is not like oil. It needs long-term commitments, and those commitments must translate into action.”
Built-in Flexibility
To prevent delays caused by individual projects stalling the entire system, Mr Ojulari said flexibility has been built into gas supply agreements.
“If you’re not delivering on the plan, we have the option to swap that supply to someone else who is ready,” he said.
“We cannot hold the country to ransom because one person is holding on.”
Leadership
The NNPC chief said what sustains him in public service since his appointment last year is the quality of talent within the company and a growing sense of responsibility.
“The company has world-class people. What you need is consistent, credible leadership — leadership is about results,” he said.
He added that the opportunity to contribute directly to national development has been humbling.
“I didn’t realise how much one person can help this country until I got into this seat,” he said.
“You cannot waste that opportunity.”
Ultimately, he said faith remains his anchor amid the pressures of the role.
Revamping Nigeria’s energy sector
In recent years, Nigeria has embarked on reforms aimed at revamping its energy sector by leveraging its vast resources to achieve energy security, economic growth and sustainable development, amid challenges such as regulatory coordination gaps and financing constraints.
The development in Nigeria’s oil and gas sector has continued, as the industry is widely seen as critical to stabilising the country’s fragile economy and addressing persistent energy challenges.
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Under President Bola Tinubu’s Renewed Hope Agenda, the reforms seek to attract investment, expand access to energy and accelerate the transition to cleaner energy sources. Key policy drivers include the Electricity Act 2023, the Energy Transition Plan (ETP), which targets net-zero emissions by 2060, and increased investments in the gas sector.
These reforms have encouraged renewed investor interest, with several oil and gas companies indicating their willingness to expand operations in the country.
Although oil discoveries in Nigeria since the 1950s have been described by many as both a curse and a blessing, crude oil remains the backbone of the country’s economy. A PREMIUM TIMES investigation published last year found that several oil-producing communities, including Ogoniland, continue to suffer severe hydrocarbon pollution.
At the ongoing Energy summit in Abuja, the emphasis across the atmosphere of the discussions room has been primarily on how to scale oil and gas production, attract more investment, and increase profits; discussions on intensifying remediation efforts have been somewhat negligible.
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