•Says demarketing NNPC petrol taking competition too far
From Adanna Nnamani, Abuja
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, has expressed confidence in Nigeria’s economic potential, stating that the country can surpass a $1 trillion Gross Domestic Product (GDP) with the right policies and investments.
Speaking at the Nigeria International Energy Summit in Abuja on Tuesday, Kyari said that Nigeria’s vast oil and gas resources position it for greater economic expansion.
“As we all know, Nigeria has the largest economy, that is not in dispute. But not just largest economy, but we have the potential of growing even bigger, and I hear some projections that we’re going to be $1 trillion GDP.
I think that is too small, that is not very ambitious. I think we can do better than this, and the trajectory is showing that this country will do better than this. I’m sure we know that $1 trillion is maybe the balance sheet of one IT company somewhere.We will do better than this,” Kyari.
He highlighted the role of the energy sector in driving this growth, noting that ongoing investments in oil, gas, and power infrastructure would significantly boost economic productivity.
Kyari reaffirmed NNPCL’s commitment to guaranteeing energy security for all Nigerians, noting that access to reliable energy is essential for economic growth.
He acknowledged that challenges remain but assured Nigerians that the company would take all necessary steps to ensure stable fuel supply, power generation, and gas distribution.
Addressing concerns about the petroleum market, Kyari condemned attempts to undermine NNPC’s fuel supply, describing it as taking competition to the extreme.
“There are claims that NNPC petrol burns faster than others. Someone even came up with an experiment comparing generator runtime. This is competition taken too far,” Kyari remarked.
He assured Nigerians that NNPCL’s products meet the highest standards and that market forces, not misinformation, would ultimately determine consumer choices.
Kyari also highlighted ongoing tax and policy reforms aimed at creating a more attractive investment climate in the oil and gas sector.
He noted that these reforms have already led to increased investor confidence, with several Final Investment Decisions (FIDs) being secured.
“Our industry used to struggle with multiple taxes and bureaucratic delays. Today, tax reforms are simplifying administration, reducing burdens, and making Nigeria a prime destination for energy investments,” he said.
He further stressed that Nigeria’s leadership in Africa’s energy sector is undisputed and that interconnecting energy markets across the continent would unlock even greater economic opportunities.