How to boost downstream sector growth in 2025 — 11Plc MD, Oyebanji
The Managing Director and Chief Executive Officer of 11PLC, Mr Tunji Oyebanji, has pointed to two pivotal areas of opportunity in Nigeria’s oil and gas industry which, if effectively managed, could significantly boost economic development from 2025 onwards.
Speaking at the company’s 47th Annual General Meeting, held at the Abuja Continental Hotel, Mr Oyebanji drew attention to the considerable potential within the country’s hydrocarbon value chain. He stressed that Nigeria’s energy landscape is ripe for transformation, provided that ongoing reforms are seen through with consistency and focus.
According to him, the recent full deregulation of the downstream petroleum sector and the adoption of a market-reflective petrol pricing model offer major openings for progress across the board. He maintained that these reforms could lead to long-term improvements in operational efficiency and sector competitiveness.
Mr Oyebanji cited the commissioning of the 650,000-barrel-per-day Dangote Refinery as a defining moment for the industry, noting that its scale and ambition underscore Nigeria’s industrial capacity while offering broader benefits for West Africa.
He added that the revival of the Warri Refinery and the operational resumption at the Port Harcourt Refinery Company mark further turning points in efforts to boost domestic refining output.
He went on to describe the recent increase in Nigeria’s crude oil production, which now exceeds 1.5 million barrels per day, as a welcome sign of progress. He noted that this puts the country in a strong position to meet President Bola Tinubu’s target of 2 million barrels per day.
Mr Oyebanji also referenced the Nigerian National Petroleum Company Limited’s disclosure that it is now producing 7.4 million standard cubic feet of gas, which he described as a meaningful step towards strengthening the country’s gas infrastructure.
He acknowledged the ongoing work by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), crediting its efforts to foster a business-friendly regulatory climate and attract fresh investment into the sector. According to him, these initiatives are essential to unlocking the sector’s full potential.
Turning to 11PLC’s own performance, Mr Oyebanji reassured shareholders of the company’s steady growth, supported by strategic diversification, particularly in the development of compressed natural gas (CNG) infrastructure. He said that 11PLC’s joint venture with NIPCO Gas has proven remarkably fruitful and is a key driver of the company’s upward trajectory.
“As the industry adapts to global and domestic changes, 11PLC remains focused on building on its existing strengths while identifying new avenues for expansion,” he told shareholders. “The company’s financial stability and forward-thinking approach place it in a strong position for sustained success.”
Mr Oyebanji said the firm’s commitment to sustainability is evident in its operations, particularly in efforts to minimise environmental impact. He explained that the company’s increasing focus on gas development and utilisation aligns closely with President Tinubu’s broader objective of promoting gas as a credible alternative to traditional fossil fuels.
Looking ahead, Mr Oyebanji expressed confidence that 11PLC’s future will be shaped by its financial resilience and its dedication to both its workforce and customer base. He concluded that the company’s experienced leadership team and well-defined strategic direction position it to take full advantage of the evolving opportunities within Nigeria’s oil and gas landscape.
“With sound management in place and a clear vision for the future, 11PLC is ready to make the most of what the sector has to offer,” he stated.
