President Bola Tinubu has selected former Shell executive Bayo Ojulari as the new head of Nigeria’s state oil company, NNPC Ltd, marking a key step in his push to revamp the country’s energy sector. Ojulari replaces Mele Kyari, with the appointment taking immediate effect. The move is part of Tinubu’s broader strategy to increase oil production and revive Nigeria’s idle refineries. Nigeria currently produces 1.8 million barrels per day but aims to boost output to 2 million bpd by 2027 and 3 million by 2030. In addition to Ojulari’s appointment, Tinubu named a new 11-member board, which he tasked with implementing reforms to increase efficiency in the country’s oil and gas sector. This includes raising the country’s domestic refining capacity to 200,000 barrels per day by 2027.
Source: Reuters
