Nigeria’s oil and gas sector holds significant growth opportunities, especially with recent reforms and strategic projects underway, according to Tunji Oyebanji, Managing Director and CEO of 11PLC.
Speaking at the company’s 47th Annual General Meeting in Abuja, Oyebanji highlighted key drivers for expansion in 2025 and beyond, including the deregulation of the downstream sector and the shift to market-based gasoline pricing.
“The commissioning of the Dangote Refinery, with a refining capacity of 650,000 barrels per day, exemplifies Nigeria’s industrial capabilities and represents development for the entire West African region,” Oyebanji said.
He also pointed to the restart of the Warri refinery and the launch of operations at the Port Harcourt Refinery Company as important milestones.Noting recent production trends, Oyebanji stated, “An increase in Nigeria’s crude oil production above 1.5 million barrels per day is a positive development, setting the stage to meet the 2 million barrels per day target set by President Bola Tinubu.”
He further praised the Nigerian National Petroleum Company Limited (NNPCL) for producing 7.4 million standard cubic feet of gas to fuel gas infrastructure development, and commended the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for fostering a favorable investment climate.
“Our commitment to innovation and customer satisfaction positions 11PLC for success in this growing sector,” Oyebanji emphasized, highlighting the company’s diversification into compressed natural gas (CNG) infrastructure and its successful partnership with NIPCO Gas.
Looking ahead, he reaffirmed 11PLC’s dedication to sustainability and environmental responsibility, aligning with President Tinubu’s push to promote gas as a cleaner alternative energy source.“With a strong management team and clear strategic direction, 11PLC is well-positioned to capitalize on emerging opportunities in the oil and gas sector,” Oyebanji concluded.
The CEO’s remarks underscore optimism amid ongoing economic headwinds, signaling robust potential for Nigeria’s hydrocarbon industry in the near future.
