NIPCO PLC has thrown its weight behind the petroleum sector reforms of President Bola Ahmed Tinubu's administration, hailing the bold economic decisions as necessary steps for Nigeria's energy future.
The Managing Director of NIPCO PLC, Chief (Dr.) Bestman Anekwe, speaking at a stakeholders' forum on Nigeria's downstream sector, commended the Tinubu administration for removing the fuel subsidy regime, stating that the reform, though painful in the short term, would unlock investment opportunities and ensure long-term energy security for Nigeria.
"We endorse the President's bold reforms in the petroleum sector. The removal of fuel subsidy was a necessary and courageous decision that opens the way for private sector investment and market-driven efficiency. NIPCO is committed to expanding our investment footprint in this new landscape," Anekwe said.
The NIPCO MD noted that the company has been deliberately expanding its operations in the downstream gas sector, describing natural gas and LPG as the key growth drivers for the company in the coming years. He revealed that NIPCO is investing significantly in new LPG infrastructure including skid plants and retail dispensing points across Nigeria to make gas more accessible and affordable.
"Our strategy is clear: we are doubling down on downstream gas. Nigeria has abundant gas resources and the demand for cleaner cooking fuel is growing rapidly. We intend to be the market leader in LPG distribution across Nigeria and we are already making that happen," he stated.
On retail expansion, Anekwe noted that NIPCO has grown its network to over 400 service stations and continues to add new outlets. He said the deregulated fuel market offers a more level playing field that rewards efficiency and quality service.
The NIPCO chief also called on the Federal Government to accelerate infrastructure development in gas transportation, noting that pipeline infrastructure remains a critical bottleneck for wider gas distribution especially to industrial and residential customers in underserved areas.
"We urge the government to partner with the private sector to fast-track gas pipeline infrastructure. This is the single most important enabler for expanding gas access in Nigeria. NIPCO is ready to be a key investor and operator in this space," he added.
NIPCO PLC's natural gas subsidiary, Greenville Liquified Natural Gas Company Limited (GGL), a joint venture with the Nigerian Gas Company, has been at the forefront of expanding gas distribution across Nigeria, serving both industrial and commercial clients.