The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, has said that investors are coming back to Nigeria’s oil and gas sector because they are making good profits.
Speaking at the Nigeria International Energy Summit in Abuja, Kyari explained that the Petroleum Industry Act (PIA) and new government policies under President Bola Tinubu have helped create a business-friendly environment.
Why Investors Are Coming Back
Kyari made it clear that investments are not charity work or Corporate Social Responsibility (CSR). Instead, investors want to make money, and Nigeria is now a place where they can get good returns.
“Investors are not doing CSR. They are here to make money, and they have seen that when they invest in our oil and gas sector, they get their money back. That’s why they are returning to Nigeria,” he said.
He also assured Nigerians that the NNPCL will continue to ensure energy security by supplying petrol and other fuels to stabilise the market whenever necessary.
Fuel Scarcity and Market Stability
In the past few weeks, there has been a heated debate over petrol supply in Nigeria. Some people have questioned why the country still imports petrol when refineries like Dangote Refinery are operational.
The Midstream and Downstream Petroleum Regulatory Authority recently stated that local refineries are only able to meet 50% of Nigeria’s petrol demand. However, Aliko Dangote, the owner of Dangote Refinery, has said his facility can produce enough petrol for the country.
Meanwhile, Kyari denied reports that NNPCL imported 200 million litres of petrol in February 2025, insisting that the company has not imported fuel this year.
‘Bad Fuel’ Viral Video – NNPCL Reacts
Kyari also addressed a viral video where two small generators were used to claim that NNPC petrol lasted only 15 minutes, while another brand lasted 30 minutes. He dismissed the claims as false, saying:
“This is a joke. Some people are taking competition too far. The market will stabilise itself.”
What This Means for Nigerians
With more investors putting money into the oil and gas sector, Kyari believes Nigeria will have a more stable fuel supply. However, the debate over fuel imports and local refining capacity is still ongoing.
For now, Nigerians will have to wait and see if these investments lead to lower fuel prices and better energy security in the coming months.