President Muhammadu Buhari has unveiled the Nigerian National Petroleum Company (NNPC) Limited, saying the transformation was to strengthen its capacity and market relevance.
Speaking at the State House Abuja, he described the ceremony as a landmark event in the oil industry.
According to him, Nigeria “places high premium in creating the right atmosphere that supports investment and growth to boost our economy and continue to play on important role in sustaining global energy requirements.”
He said: “We are transforming our petroleum industry, to strengthen its capacity and market relevance for the present and future global energy priorities.”
He recalled that he was privileged to lead the creation of the Nigerian National Petroleum Corporation on the 1st July 1977.”
According to him, 44 years later, he was again privileged to sign the Petroleum Industry Act (PIA) in 2021, heralding the long-awaited reform of the country’s petroleum sector.
Buhari explained that the provisions of PIA 2021, have given the petroleum industry a new impetus with improved fiscal framework, transparent governance, enhanced regulation and creation of a commercially-driven and independent National Oil Company that will operate without relying on government funding and free from institutional regulations such as the Treasury Single Account, Public Procurement and Fiscal Responsibility Acts.
He said it will, of course, conduct itself under the best international business practice in transparency, governance and commercial viability.
Minister of State for Petroleum Resources, Chief Timipre Sylva said the Company will demonstrate higher level of performance and accountability to continue to win the hearts of its over 200 million shareholders.
The unveiling of NNPC Limited, according to him, is a new dawn in the quest for the growth and development of the Nigerian Oil and Gas Industry, opening new vintages for partnerships.
Sylva recalled that a new dawn was ushered into oil and gas industry that fateful day of 16th August 2021 when you signed the Petroleum Industry Bill (PIB) into law, making it the historic Petroleum Industry Act 2021 (PIA2021).
He described it as a landmark achievement and victory for all Nigerians after about two decades of dashed hopes.
According to him, from the onset of this administration, Buhari never concealed his desire to create a more conducive environment for growth of the oil and gas sector, and addressing legitimate grievances of communities most impacted by extractive industries.