Let me begin by extending a warm welcome to all of our esteemed invited guests who have travelled here from all over the world for the historic presentation of the NNPC Limited by the President.
This is a significant occasion for Nigeria’s oil sector.
For the sake of boosting our economy and ensuring that we can continue to contribute significantly to meeting the world’s energy needs, our nation places a high value on fostering an environment that encourages investment and growth.
To increase its capability and market relevance for the current and future global energy needs, we are reforming our petroleum business.
I had the honour of leading the establishment of the Nigerian National Petroleum Corporation on July 1, 1977, by chance of history.
After forty-four (44) years, I once more had the honour of approving the Petroleum Industry Act (PIA), which ushered in our country’s long-overdue reform of the petroleum industry.
The provisions of PIA 2021 have given the Nigerian oil sector a new lease on life with an improved fiscal framework, transparent governance, enhanced regulation, and the establishment of a commercially driven and independent National Oil Company that will operate independently from institutional regulations like the Treasury Single Account, Public Procurement, and Fiscal Responsibility Acts and without relying on government funding.
Naturally, it will conduct itself according to the best standards of openness, governance, and commercial viability in the world of business.
Coincidentally, I approved the transfer of assets from the Nigerian National Petroleum Corporation to its successor company, the Nigerian National Petroleum Company Limited, on July 1, 2022, and I oversaw the implementation that resulted in the today’s unveiling of Africa’s largest national oil company.
I therefore give thanks to Almighty God for using me to continually play a crucial part in determining the course of our National Oil Company’s development from good to exceptional.
In order to sustainably provide value to its more than 200 Million shareholders and the global energy community, NNPC Limited will do business as a competitive, independent, and viable NOC while upholding its core corporate principles of Integrity, Excellence, and Sustainability.
According to the law, NNPC Limited is responsible for ensuring that Nigeria’s National Energy Security is ensured to enable sustainable growth in other economic sectors while supplying energy to the rest of the world.
Therefore, it is my distinct honour and privilege to introduce the NNPC Limited on this historic day of July 19, 2022, with a focus on becoming a dynamic global energy company of choice to provide energy for today, tomorrow, and the day after tomorrow.
Now that the Petroleum Industry Act has been passed and NNPC Limited has been established, I would like to express my gratitude to the National Assembly’s leadership and members.Honorable ladies and gentlemen, distinguished guests, and Your Excellencies I appreciate you everybody coming to see this historic event.
The Federal Republic of Nigeria is blessed by God.