Nigeria’s State oil giant eyes New York, London IPO as $20 billion project signals investor revival.

By Jerry  Published On March 30, 2026

Speaking at the recent CERAWeek by S&P Global conference in Houston, Group Chief Executive Officer Bayo Ojulari said the company is prioritising internal reforms over speed, signalling a cautious but deliberate approach towards an eventual Initial Public Offering.

“Our strategy is not just about listing, but about building the right fundamentals, transparency, cost efficiency, and world-class project delivery,” Ojulari said, underscoring a shift from state control to a commercially driven model.

The proposed IPO forms a central pillar of NNPC’s effort to reposition itself as a globally competitive energy firm, following years of structural inefficiencies and opaque governance. Central to this shift is a sweeping reform agenda that includes leadership restructuring and the integration of talent from international oil companies, moves the firm says are already strengthening operational capacity.

Investor sentiment appears to be improving. A key signal is the $20 billion Bonga Southwest deepwater project, equivalent to roughly $20 billion in current US dollar terms, which Ojulari described as a landmark investment made possible by new, project-specific fiscal incentives introduced by the Nigerian government.

The project, alongside renewed interest in Nigeria’s deepwater assets, reflects what industry observers see as a turning point after nearly two decades of stalled investments, driven largely by regulatory uncertainty and disputes with international partners.

NNPC’s transformation is anchored on five strategic priorities, with production growth at its core. The company aims to increase oil output to two million barrels per day in the near term, with a longer-term target of three million barrels per day by 2030.

Gas expansion is also a central focus, with the company rolling out infrastructure designed to connect key regions across the country. Ojulari said this would support industrialisation, improve power supply, and create jobs, aligning with Nigeria’s broader economic development goals.

In the downstream sector, NNPC is seeking to position Nigeria as a regional refining and distribution hub for sub-Saharan Africa. This includes investments in refining capacity and the expansion of compressed natural gas and liquefied petroleum gas networks nationwide.

Beyond operational growth, the company is undertaking a portfolio review to improve financial sustainability ahead of any listing. This includes divesting from underperforming assets and concentrating on commercially viable ventures capable of delivering consistent returns.

Source: africabusinessinsider


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