Capital Flight: NNPC Boss Ojulari Warns Against Holding Africa’s Refining Vision Hostage

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Bayo Ojulari, has urged African energy stakeholders to protect the continent’s refining ambitions from the damaging effects of capital flight and short-term investment patterns.

Speaking on Tuesday at the Global Commodity Insights Conference on the West African Refined Fuel Market in Abuja, Ojulari called for a bold shift towards coordinated action and indigenous ownership to realise Africa’s refining potential.

Ojulari warned that Africa’s persistent export of crude oil paired with the importation of refined products at higher costs has created an unsustainable imbalance that undermines energy sovereignty and industrial progress.

“Our refining vision must not be hostage to capital flight,” he stated. “We must move beyond declarations to delivery, and from fragmented national efforts to regional implementation driven by strong investments and partnerships.”

Highlighting the continent’s growing energy demand amid population growth and a pivotal role in the global energy transition, Ojulari described Africa’s reliance on refined imports despite its crude export status as a structural weakness that drains value and hampers industrialisation.

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He emphasised the need for a unified continental strategy focused on shared markets, integrated infrastructure, and harmonised policies.

Ojulari also advocated modern infrastructure designs that enhance connectivity and resilience, supported by innovative financing combining development finance, sovereign wealth funds, and private equity.

Stressing that refinery ownership must involve transformative local participation beyond equity, he urged stakeholders to prioritise indigenous SMEs and local content policies to retain value and build national wealth.

“This is a call to action for all stakeholders committed to fostering an inclusive, resilient, and globally competitive African refining ecosystem,” Ojulari concluded.

He praised regulators like the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and reaffirming NNPC’s dedication to leading the continent’s refining renaissance.