Despite Economic Headwinds, Nigeria’s Oil Sector Presents Huge Opportunities

The managing director/CEO of 11PLC, Tunji Oyebanji, has outlined two critical areas presenting opportunities for growth and development in Nigeria’s oil and gas sector if properly administered in 2025 and beyond.

Oyebanji, speaking to shareholders at the company’s 47th Annual General Meeting in Abuja, highlighted the enormous growth trajectory in the nation’s hydrocarbon industry.

He listed the growth opportunities including the recent comprehensive deregulation of Nigeria’s downstream sector and the transition to a market-based gasoline pricing system, both of which could drive significant improvements in the sector.

“The commissioning of the Dangote Refinery, with a refining capacity of 650,000 barrels per day, exemplifies Nigeria’s industrial capabilities and represents development for the entire West African region. The restart of the Warri refinery and the commencement of operations by the Port Harcourt Refinery Company are also significant milestones,” the MD outlined.

Oyebanji posited that an increase in Nigeria’s crude oil production above 1.5 million barrels per day is a positive development, setting the stage to meet the 2 million barrels per day target set by President Bola Tinubu.

According to him, the NNPCL’s announcement that it is now producing 7.4 million standard cubic feet of gas to power the gas infrastructure is also noteworthy.

He noted that the efforts of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to create a favorable business environment and promote investment are expected to drive growth in the sector.

“11PLC’s commitment to innovation and customer satisfaction positions it for success in this growing sector “ Oyebanji pointed out

The MD informed the enthusiastic shareholders that the company’s business diversification, particularly in CNG infrastructure, has enabled it to maintain a competitive edge in the industry.

He stated that 11PLC’s collaboration with NIPCO Gas has been exceptionally successful, contributing significantly to the company’s growth and success.

“As the oil and gas sector continues to evolve, 11PLC remains committed to building upon its successes and exploring new growth opportunities. The company’s financial performance and commitment to innovation position it for long-term success,” he added.

According to him, the company’s commitment to sustainability and reducing its environmental footprint is evident in its business operations. He mentioned that 11PLC’s focus on gas development and utilization aligns with President Bola Tinubu’s drive to make gas a viable alternative energy source aside from fossil fuels.

Looking into the future, he said, the company’s financial performance and commitment to its employees and customers will continue to drive its success in the industry.

“With its strong management team and strategic direction, 11PLC is well-positioned to capitalize on emerging opportunities in the oil and gas sector,” Oyebanji asserted.