Industry leaders have stressed that Nigeria’s oil and gas sector must adopt stronger corporate governance and environmental responsibility to ensure long-term growth.

Speaking at the 2025 Energy and Labour Summit (PEALS) in Abuja, PENGASSAN President Comrade Festus Osifo said the industry’s future relies on sound governance and environmental stewardship. He praised President Bola Tinubu for introducing reforms that speed up contracting processes, support gas development, extend third-party deals, and introduce performance-based tax incentives.

NNPC Limited’s Group Chief Executive Officer, Engr. Bashir Bayo Ojulari, highlighted that the company is transforming under the Petroleum Industry Act (PIA) with a focus on competitiveness, value creation, and efficiency. He said the new business model includes restructuring joint ventures, monetizing assets, and investing in critical infrastructure.

Ojulari emphasized that global investors and host communities now evaluate companies not just by production levels but by how responsibly they operate. NNPC has launched an Energy Transition Roadmap aimed at reducing carbon emissions, promoting gas as a transition fuel, and improving transparency.

He called on government, labour unions, investors, and other stakeholders to work together to boost output, manage risks, and maintain stability in the sector. Ojulari also commended PENGASSAN for strengthening Nigeria’s energy workforce and reaffirmed NNPC’s commitment to innovation and sustainable growth.