NNPC urges Global Investors to tap Nigeria’s $60bn Oil and gas opportunities.

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The Nigerian National Petroleum Company Limited (NNPC Ltd.) has called on international investors to seize the opportunities in Nigeria’s vast oil and gas sector, describing the country as Africa’s top energy investment destination.

The Group Chief Executive Officer of NNPC Ltd., Bayo Ojulari, made the appeal on Tuesday during the Energy Talk segment of the 2025 Gastech Exhibition and Conference in Milan, Italy. His remarks were contained in a statement issued by the company’s Chief Corporate Communications Officer, Andy Odeh, on September 9.

Ojulari explained that the federal government was seeking fresh investments to accelerate industrialisation and strengthen Nigeria’s role in the global energy market. “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.

He noted that the plan aimed to scale up natural gas production to 12 billion cubic feet per day while expanding refinery capacity to meet rising global demand. “We were seeking at least 60 billion dollars in investment over the next five to seven years, which for our oil and gas industry was just the tip of the iceberg. We sought investors to grow production,” he said.

While acknowledging progress made so far, Ojulari stressed the need for more capital inflows. “Some investors have already entered the market with gas-based industries such as petrochemicals and methanol plants, but we require additional investments to build infrastructure to support the Federal Government’s aspiration to power the nation’s transportation sector with Compressed Natural Gas (CNG),” he said.

The GCEO also highlighted Nigeria’s untapped oil potential. “Apart from gas, our existing crude oil assets have huge untapped reservoirs for investors to tap into to boost production beyond the current 1.7 million barrels per day. We also have over 200 undeveloped oil fields with enormous potential,” he said.

Ojulari further outlined NNPC Ltd.’s ongoing efforts to attract partners through cleaner energy initiatives. “We are investing heavily in carbon capture projects as well as technology to enhance energy efficiency and reduce gas flaring, in line with the objectives of our financing partners,” he said.

According to him, critical projects such as the Ajaokuta–Kaduna–Kano (AKK) gas pipeline and the NLNG Train 7 are already at advanced stages. He emphasised that Nigeria’s energy transition strategy was anchored on gas and Liquefied Petroleum Gas (LPG).

“Our focus is on eradicating energy poverty, which requires enormous investments in gas as the fuel of choice for industrialisation and LPG as domestic cooking gas for the over six million Africans who lack access to clean energy,” Ojulari said

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