NNPC seeks $60bn investment to boost Oil & Gas production
The Nigerian National Petroleum Company Limited (NNPC) is actively inviting international investors to take advantage of the country’s extensive energy resources, branding Nigeria as the leading destination for oil and gas investment in Africa.
This call was made by Bayo Ojulari, the Group Chief Executive Officer of NNPC Ltd., during the Energy Talk segment at the 2025 Gastech Exhibition and Conference in Milan, Italy.
In a statement issued by NNPC Ltd.’s Chief Corporate Communications Officer, Andy Odeh, Ojulari emphasized the Nigerian government’s commitment to attracting investment to enhance industrialization and strengthen Nigeria’s position in the global energy landscape.
“President Bola Ahmed Tinubu has improved Nigeria’s investment climate and positioned the country as the preferred investment destination for the energy sector in Africa,” he stated.
Ojulari outlined ambitious plans to increase Nigeria’s natural gas production to 12 billion cubic feet per day and expand refinery capacity in response to growing global demand.
“We are seeking at least 60 billion dollars in investment over the next five to seven years, which for our oil and gas industry is just the tip of the iceberg,” he noted.
While acknowledging that some investors have already entered the market with gas-based industries, he stressed the need for more capital.
“We require additional investments to build infrastructure that supports the Federal Government’s aspirations to power the nation’s transportation sector with Compressed Natural Gas (CNG),” he explained.
On the subject of oil reserves, Ojulari shared, “Apart from gas, our existing crude oil assets have huge untapped reservoirs for investors to tap into, aiming to boost production beyond the current 1.7 million barrels per day. We also have over 200 undeveloped oil fields with enormous potential.”
Furthermore, he highlighted ongoing initiatives by NNPC Ltd. to attract partners, stating, “We are investing heavily in carbon capture projects and technology to enhance energy efficiency and reduce gas flaring, in line with the objectives of our financing partners.” Critical projects, such as the Ajaokuta–Kaduna–Kano (AKK) gas pipeline and the NLNG Train 7, are reportedly at advanced stages.
“Our focus is on eradicating energy poverty, which requires significant investments in gas as the fuel of choice for industrialization and LPG as domestic cooking gas for the over six million Africans who lack access to clean energy,” added Ojulari.
The Gastech conference has attracted over 50,000 professionals and 1,000 exhibitors from 150 countries, making it one of the largest global platforms where energy leaders gather to discuss the future of the industry.
Source: PUNCH
