NRGI urges NNPC to reassess oil investment strategy

At a policy forum in Abuja, the Natural Resource Governance Institute (NRGI) has warned that Nigeria's National Petroleum Company Limited (NNPC) must reassess its oil investment strategy to avoid fiscal, economic, and social risks due to the global energy transition. NRGI's Nigeria Country Manager, Tengi George-Ikoli, emphasized that NOCs control a significant portion of global oil and gas reserves, making their investment decisions crucial for the transition.

Nigeria has chosen to use natural gas as a transition fuel, and NNPC plays a pivotal role in this regard due to its interests across the oil, gas, and power sectors. However, only seven percent of media publications aligned with Nigeria's energy transition pathway, while 45 percent were misaligned, highlighting the need for a credible transformation pathway.