NNPC Director Bayo Ojulari Says Competition Will Save Nigerians — Even If It Hurts First

NNPC Director Bayo Ojulari has stated that the growing level of competition in Nigeria’s downstream petroleum sector is a necessary and positive development that will ultimately benefit consumers across the country. The Group Chief Executive Officer of NNPC Limited said increased participation by private marketers and refiners is gradually transforming the market from a government-dominated system into a more competitive commercial environment.

NNPC Director Bayo Ojulari explained that the downstream sector is undergoing a structural shift driven by deregulation and market liberalization, which encourages efficiency, innovation, and accountability. According to him, competition compels operators to improve service delivery, optimize logistics, and respond more effectively to consumer needs.

Bayo Ojulari emphasized that while the transformation may appear disruptive in the short term, it is a critical step toward building a sustainable petroleum market. He noted that competitive markets tend to self-correct over time, leading to improved supply reliability and better outcomes for end users.

Bayo Ojulari Says Willing Buyer, Willing Seller Model Comes With Short-Term Frictions

Bayo Ojulari acknowledged that the transition to a willing buyer, willing seller pricing model has introduced short-term frictions in the downstream petroleum market. He said these pressures are expected whenever a regulated pricing framework gives way to market-driven mechanisms.

Bayo Ojulari noted that price volatility, supply adjustments, and temporary market tensions are part of the learning curve for both operators and consumers. He stressed that these challenges should not be mistaken for policy failure but rather understood as transitional effects of a major economic reform.
Bayo Ojulari added that over time, market participants will adapt to the new system, allowing pricing signals to reflect actual supply and demand conditions. He maintained that this adjustment period is essential for creating transparency and eliminating distortions that previously burdened the sector.

Bayo Ojulari Projects Long-Term Consumer Benefits From Downstream Market Liberalization

Ojulari projected that Nigerians will ultimately benefit from the increased competition through improved efficiency, better product availability, and more competitive pricing. He explained that when multiple players compete in an open market, consumers gain from improved service quality and innovation.

Bayo Ojulari stated that liberalization also reduces the fiscal burden on government, freeing public resources for investment in infrastructure, healthcare, and education. He said a commercially viable downstream sector strengthens energy security and supports broader economic growth.
Ojulari concluded that patience and policy consistency are key to realizing the full benefits of the reforms. He reaffirmed NNPC Limited’s commitment to supporting a transparent, competitive, and consumer-focused petroleum market that aligns with global best practices and delivers long-term value to Nigerians.