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The Nigerian National Petroleum Company Limited (NNPCL) has announced that reforms in the oil and gas sector have attracted approximately $17 billion in foreign investment in 2024. These reforms were driven by the enactment of the Petroleum Industry Act 2021 and executive orders issued by President Bola Tinubu.
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According to Udy Ntia, Executive Vice President of Upstream, “Ntia also disclosed that the Petroleum Industry Act 2021 and the series of Executive Orders signed by President Tinubu in 2023 have significantly liberalized the regulatory framework, offering incentives for cost recovery, royalty payments, and profit-sharing mechanisms, adding that Nigeria recorded $16bn to $17bn in foreign investment inflows in 2024 following the implementation of these regulatory reforms.”
Speaking at the 2025 CERAWeek by S&P Global in Houston, Texas, USA, Ntia emphasised that Nigeria is well-positioned as a safe and attractive destination for investment. “For us in Nigeria, despite global energy security concerns, including those in Europe, we see significant opportunities. We have strategically positioned our assets to leverage the current strong price environment, which has remained favourable over the past two to three years. As a result, we anticipate substantial investment inflows into the sector.”
NTIA highlighted areas with huge investment opportunities, including the refining and gas sub-sectors. “Gas will play a critical role in Nigeria’s energy future. We are expanding our gas infrastructure in collaboration with partners such as Shell, ENI, and Total. Our LNG Train 7 project is advancing, and we are investing in domestic pipeline networks to meet local energy demands.”
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He encouraged foreign investors, particularly from China and India, to explore opportunities in Nigeria’s oil and gas sector. “Nigeria offers a stable democracy, improved security, and a business-friendly regulatory framework. We welcome investors from China, India, and beyond to partner with us in unlocking the vast potential of Nigeria’s oil and gas sector.”
The session featured global industry leaders such as the Deputy Director General of Planning, China National Petroleum Corporation, Pinxian Zhang; Managing Director of ONGC Videsh Ltd, Rajarshi Gupta; and Chairman of Libya’s National Oil Corporation, Masoud Mahmoud.
CERAWeek is one of the largest energy conferences in the world, drawing thousands of foremost global energy industry experts and a host of other corporate and government leaders from around the world annually to Houston, United States, for a week-long conversation on the future of energy.
In a similar development, the Federal Government has allayed fears that its ongoing drive to attract investments in the oil and gas sector will result in a significant rise in Africa’s contribution to global emissions. The government emphasised that such investments will not dramatically impact the continent’s carbon footprint.
The Special Adviser to President Bola Ahmed Tinubu on Energy, Olu Verheijen, gave the assurance on Tuesday during a session at CERAWeek by S&P Global, themed “Policy and People: Pathways to a Just Transition.”
Verheijen reaffirmed the government’s commitment to creating an enabling environment for hydrocarbon investments to address energy poverty, emphasizing that Africa is not a net contributor to global emissions. He noted that the continent’s energy needs are critical, and investments in the oil and gas sector will help address these needs while minimizing environmental impact.
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