Nigeria, a nation rich in oil reserves, has long faced the paradox of petroleum wealth and fuel scarcity.
Despite being one of the world’s largest oil producers, Nigerians continue to grapple with crippling petrol shortages, high fuel prices, and a lack of adequate infrastructure for refining the crude they produce.
The recent appointment of Bashir Bayo Ojulari as the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Corporation (NNPC) has raised hopes that change might be on the horizon.
But the question remains: can Bayo Ojulari end Nigeria’s ongoing petrol crisis?
The State Of Nigeria’s Petrol Crisis
Nigeria’s petrol crisis is not a new problem. For decades, citizens have endured long queues at filling stations, exorbitant fuel prices, and an economy heavily reliant on imported fuel.
Despite having an abundance of oil reserves, the country has struggled with refining capacity, underdeveloped infrastructure, and corruption within the sector.
The challenges go beyond mere supply and demand. Nigeria’s refineries are outdated and operate at far below their optimal capacity.
The country’s domestic production is insufficient to meet local consumption, forcing Nigeria to rely heavily on fuel imports.
This, in turn, results in a perpetual cycle of subsidies, which the government struggles to fund, leading to price fluctuations and further economic instability.
The Man Behind The Shift: Bashir Bayo Ojulari
On April 2, 2025, Nigerian President Bola Tinubu shook the foundations of the NNPC by appointing Bashir Bayo Ojulari, a former Shell executive with years of experience in the global oil and gas sector, as the new GCEO.
Ojulari’s appointment marks a significant shift in leadership, bringing fresh perspectives to an organization long mired in inefficiency.
Ojulari’s track record speaks for itself. With over 20 years of experience in energy management, Ojulari is known for his ability to drive transformation in complex organisations.
His tenure at Shell saw the company make substantial strides in refining and distribution, both in Nigeria and abroad.
His vast expertise in upstream and downstream operations positions him as a figure capable of steering NNPC toward new horizons.
The Core of Ojulari’s Vision
Ojulari’s vision for NNPC is clear: increase production, modernise refining infrastructure, and attract global investments into Nigeria’s energy sector.
His ambitious goals include raising Nigeria’s oil production to 2 million barrels per day by 2027 and 3 million by 2030. But it’s not just about increasing output; it’s about ensuring the country can refine enough of its crude oil domestically to meet local demand.
At the heart of Ojulari’s strategy lies the need to overhaul Nigeria’s refining sector.
Nigeria currently has four refineries, but these are underperforming, with a combined capacity of about 445,000 barrels per day, far below the country’s actual consumption.
Ojulari has already emphasised the need for a complete revamp of these refineries, with the aim to increase refining capacity to 200,000 barrels per day by 2027 and 500,000 barrels by 2030.
If successful, this could significantly reduce Nigeria’s dependence on fuel imports and bring down the cost of petrol at the pump.
Tackling the Challenges: Can Ojulari Succeed?
While Ojulari’s credentials are impressive, his ability to execute these grand plans will be put to the test.
The Nigerian oil sector has long been plagued by inefficiency, mismanagement, and political interference.
For Ojulari’s vision to come to fruition, he will need to overcome several challenges:
1. Refining Capacity And Infrastructure Development
Modernising Nigeria’s refineries and expanding the country’s refining capacity will require substantial investment.
The oil industry has seen little in the way of new, large-scale refinery projects in recent years.
Ojulari will need to forge partnerships with both local and international investors to ensure that Nigeria has the infrastructure in place to refine enough petrol domestically.
2. Addressing Corruption And Bureaucratic Hurdles
NNPC has long been a breeding ground for corruption.
Bureaucratic inefficiencies and red tape have hampered its ability to operate smoothly.
Ojulari’s leadership will need to be both strategic and firm in tackling these issues, ensuring that reforms are implemented at all levels of the organisation.
Restoring the public’s faith in NNPC will require a transparent, results-driven approach.
3. Global Oil Market Volatility
The global oil market is notorious for its volatility, with prices fluctuating based on geopolitical tensions, supply chain disruptions, and shifts in demand.
Nigeria’s oil sector cannot operate in a vacuum, and Ojulari will need to navigate these global uncertainties while still pushing for growth and development in Nigeria’s energy sector.
4. Government Support And Policy Stability
Successful reforms in the oil and gas sector require strong government backing.
Ojulari’s success will depend on the government’s willingness to support his vision with favorable policies and a stable regulatory environment.
The recent policy changes under President Tinubu’s administration have shown promise, but Ojulari will need the political support to push through long-term reforms.
Will Ojulari Be The Game Changer Nigeria Needs?
Bashir Bayo Ojulari’s appointment has raised hopes that Nigeria’s petrol crisis could soon become a thing of the past.
His extensive experience in the oil industry, coupled with his clear vision for transforming NNPC, provides a glimmer of optimism.
If he can successfully address the structural challenges plaguing the sector, Nigeria may finally see a shift from being a net importer of refined petroleum products to a self-sufficient oil powerhouse.
However, much remains to be seen. The petrol crisis has deep roots in Nigeria’s economy and politics, and Ojulari’s path will be fraught with obstacles.
He will need to act swiftly, decisively, and transparently to overcome the sector’s long-standing issues.
Also Read: Bayo Ojulari: Meet The New NNPC Boss And His Powerhouse Team
If he succeeds, Ojulari could not only end Nigeria’s petrol crisis but also leave a lasting legacy as one of the leaders who helped redefine Nigeria’s energy future.
To Whom Much Is Given
The appointment of Bayo Ojulari as the GCEO of NNPC brings a fresh hope to a nation weary of fuel crises and economic uncertainty.
His vision for modernising Nigeria’s oil sector and reducing the country’s dependency on imported fuel is ambitious but necessary.
If Ojulari can navigate the complex challenges of corruption, infrastructure deficiencies, and market volatility, he may just be the man who can end Nigeria’s petrol crisis for good.
For Nigeria, the stakes couldn’t be higher. The country’s economic future hinges on its ability to harness its oil resources effectively and efficiently.
Under Ojulari’s leadership, Nigeria has the potential to reclaim its position as a self-sufficient, global oil leader.
However, the road ahead will be long, and the real test lies in execution. Can Ojulari turn the tide? Only time will tell.
