The Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Mr. Bayo Ojulari, has said that the shutdown of Nigeria's state-owned refineries was part of a long-term energy strategy rather than a short-term cost-cutting move. Speaking at the Nigeria International Energy Summit (NIES) in Abuja, Ojulari said Nigeria's energy future depended on strategic realism, not nostalgia. "We cannot build tomorrow's energy system on yesterday's assumptions," he said.