According to Aliko Dangote, the chairman of the Dangote Group and the wealthiest man in Africa, the Nigerian National Petroleum Company Limited(NNPC) must make significant investments in oil and gas to fulfill the demand for these commodities.
He suggested that the national oil corporation increase its investments since there were several buyers ready to purchase the company’s goods.
According to a release, Dangote addressed the Nigeria Upstream Investment Management Services Limited’s current 2023 Annual Value Assurance Review Workshop.
A smart investment manager, according to him, would actively look for investment possibilities, evaluate them, and make wise investment judgments.
He said that if the correct judgments were taken, the NNPCL might create billions of dollars in income since the Petroleum Industry Act had changed the oil company from a government institution to a business that was independent of government support.
I really think that NNPCL ought to be our African Aramco, he reportedly said. I’m delighted that you have what it takes to get there. There is nothing that cannot be done. Don’t let anything intimidate you; you can accomplish it.
“With us, it’s exactly the same. You will be startled if I tell you about our personal tale. Not only the refinery was where we began around six years ago. We simultaneously launched all 32 of our initiatives.
“However, along the way, there were other bumps on the road, including the devaluation of the currency, COVID, and infrastructural issues. Because our infrastructure isn’t designed for huge projects, it’s important to take a close look at it if you want to conduct a serious project in Nigeria.
He said that it was crucial to examine Nigeria’s infrastructure in order to determine “how we can take ourselves to the next level, and it has to be driven by NNPCL because they are the largest conglomerate and whatever happens to NNPCL’s assets, it actually happens to us, either directly or indirectly.”
Tony Elumelu, Chairman of Heirs Holding, who spoke at the occasion as well, said that NNPCL’s efforts to increase oil production in Nigeria had a good effect on Heirs Oil and Gas’ output.
The problems facing the global oil and gas business have compelled the oil firm to develop more creative methods of carrying out its tasks, according to Mele Kyari, Group Chief Executive Officer of NNPCL.
He acknowledged that there had been underinvestment and security issues in previous years, but pointed out that the Petroleum Industry Act had made NNPCL better positioned to benefit Nigerians.
“Ensuring that the upstream industry functions is crucial to the success of the sector. There would be money in the nation if the upstream strategy succeeds. Because the upstream has not developed to the point where we can have a surplus to sustain the economy, we are now experiencing a cash and FX shortage in the nation, according to Kyari.