AKK project completion’ll lead to massive industrialisation – NNPCL GCEO

Omeiza Bilal

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL Ltd), Bayo Ojulari has said that the Ajoakuta-Kaduna-Kano pipeline project will not only open up the economy but it will also lead to massive industrialization. 

Ojulari said this when the management of the Nigeria Extractive Industry Transparency International (NEITI) led by its Executive Secretary, Oji Ogbonnaya Oji, paid him a courtesy visit Thursday in Abuja. 

He said, “The AKK you mentioned is one of the major game-changers for Nigeria because we believe that will open up, people think about it as just a pipeline, but the gas that is coming through and the number of industries that will spin off from that is something that we are really, really proud of.

“We hope that the economic impact for Nigeria will be quite significant. So, we’re not just working on the pipeline. Our gas and new business team are actively engaging the market already.

“We’re engaging customers, off-takers, and helping them to put structures in place to ensure that it’s not about the gas line, it’s about the growth of the businesses, both in terms of power, industrial parks that are going to come off on the back of AKK alone. 

“In addition to that, we’re looking at further expansion, as you know, which is supplying the whole western zone, and all the industrialisation around Lekki and other parts of the South West. All of those are part of what is in the works to ensure that our work truly impacts society and the impact can be felt.

The GCEO further said the company will continue to strive to sustain the country‘s crude oil production. 

According to NNPCL in its monthly report for July, Nigeria’s crude oil and condensate rose to 1.70 million barrels per day in July, exceeding the OPEC production quota of 1.5mbpd. 

“In terms of our own aspirations, of course, you saw the mandate we got from the president around when we were appointed, around growing oil production to 3 million barrels per day by 2030. Growing gas production to a minimum of 20 billion cubic feet per day by 2020. Our aspiration is to beat that target on the gas,” he said.

Ojulari acknowledged that ongoing reforms would encounter resistance but expressed determination to drive on for the benefit of Nigeria.

“Let me conclude by emphasizing: transformation is never without resistance. We are aware of this and prepared to manage it. But we are not deterred. With the trust placed in us and the collective will of our stakeholders, we are determined to drive these reforms for the benefit of Nigeria.

“The company is committed to working closely with stakeholders, including NEITI, to achieve its aspirations,” he added.  

Speaking earlier, the NEITI Executive Secretary said it would support NNPC Ltd in its on-going reforms that will further position the company for growth. 

“I’m confident that under your leadership, sir, NNPC Limited will continue to drive reforms and set the benchmark for current governance in Africa’s extractive industry,” he said. 

Oji, said that only multi-stakeholders’ collaboration on issues in the oil and gas sector is the way to go if the company is to achieve the desired result. 

“Our appeal, therefore, is for a closer working relationship with the NNPC Limited and NEITI, anchored on openness, compliance, and responsiveness to multi-stakeholder concerns. Together with civil society, industry, and government, we can consolidate indigenous leadership of Nigeria’s oil and gas while sustaining an environment for global investors. This collaboration is essential for job creation, domestic resource mobilization, and ensuring that Nigeria’s natural resources remain a source of pride, sovereignty, and sustainable development,” Oji said. 

The ES stressed that NEITI will continue to work closely with stakeholders to support NNPCL’s transition as mandated by the Petroleum Industry Act, urging the company embrace global best practices and corporate governance in order to restore public trust and preserve its reputation as Nigeria’s greatest national asset.

He further urged NNPCL to restore and sustain critical publications, including audited financial statements, monthly financial and operations reports, and crude oil and gas production and sales data.