Global Capital Moves Freely, Nigeria Must Remain competitive – Ojulari

The group chief executive officer of the Nigerian National Petroleum Company Limited, Bayo Ojulari, has said Nigeria must remain competitive to attract global investment, stressing that capital moves quickly to jurisdictions with clearer policies and stronger incentives.

Ojulari spoke to State House correspondents after a delegation from Shell, led by its Global chief executive officer, Wael Sawan, visited Bola Tinubu at the Presidential Villa, Abuja.

According to the NNPCL boss, the visit was to thank President Tinubu for the executive orders issued to attract investments into Nigeria’s oil and gas sector and to reaffirm Shell’s commitment to expanding its operations in the country.

“Global capital is mobile, and Nigeria must stay competitive,” Ojulari said, noting that countries across Africa, Guyana and the Far East are continually adjusting their fiscal and regulatory policies to attract investment.

He explained that following the implementation of the Petroleum Industry Act, additional incentives became necessary to keep Nigeria attractive in an increasingly competitive global investment environment, adding that the President’s executive orders helped to address that gap.

Ojulari disclosed that since the incentives were introduced, Shell has completed the divestment of its onshore joint venture assets, a move he said demonstrated Nigeria’s openness to both investment entry and exit.

He added that Shell subsequently took a $5 billion Final Investment Decision on the Bonga North project and another $2 billion investment decision on a shallow-water gas development project known as HI.

“Between the time the incentives were announced and now, Shell alone has invested over $7 billion,” he said.

Ojulari further revealed that Shell had indicated plans to pursue additional investment opportunities of up to $20 billion over the next few years, describing this pipeline as a strong vote of confidence in Nigeria’s economy and leadership.

He said discussions also focused on the proposed Bonga South West deep offshore project, which he described as a major undertaking with significant capital and operating expenditure implications.

According to him, the project would revive dormant fabrication yards, create jobs during construction and sustain employment over the life of the asset through operations, maintenance and supply activities.

Ojulari said NNPCL, as concession holder, would continue to work with Shell and other international oil companies, as well as relevant government agencies, to develop credible proposals that would support final investment decisions.

He added that the company’s role includes ensuring that commitments made by investors are realistic and aligned with Nigeria’s long-term interests.

The NNPCL GCEO said the Shell delegation also used the visit to reiterate its appreciation of President Tinubu’s transparency and commitment to improving Nigeria’s investment climate, and to reaffirm its intention to continue investing in the country.