- The Nigerian National Petroleum Company Limited said oil and gas sector reforms attracted $17 billion foreign investment in 2024
- It said Nigeria is well-positioned for oil and gas investments
- NNPCL said Nigeria will keep expanding its refining capacity to curb imports
The Nigerian National Petroleum Company Limited (NNPCL) revealed that reforms in the oil and gas sector attracted about $17 billion in foreign investment in 2024.
NNPCL said chief among the reforms are the enactment of the Petroleum Industry Act (PIA) 2021 and Executive Orders issued by President Bola Tinubu.
According to a statement by NNPCL spokesperson, Olufemi Soneye, on Wednesday, March 12, the Executive Vice President of Upstream, NNPCL, Udy Ntia, disclosed this during an investor session at the 2025 CERAWeek by S&P Global in Houston, Texas, USA.
The statement noted that the reforms have liberalised the regulatory framework, offering incentives for cost recovery, royalty payments, and profit-sharing mechanisms.
“Ntia also disclosed that the Petroleum Industry Act 2021 and the series of Executive Orders signed by President Tinubu in 2023 have significantly liberalised the regulatory framework, offering incentives for cost recovery, royalty payments, and profit-sharing mechanisms, adding that Nigeria recorded $16 billion to $17 billion in foreign investment inflows in 2024 following the implementation of these regulatory reforms,” the statement read.
‘Nigeria is well-positioned for oil and gas investments’
The NNPCL Executive Vice President further called for investments in Nigeria, noting that the country is well-positioned as a safe and attractive investment destination.
Speaking on the theme, ‘Spotlight: Attracting Investment for Oil and Gas,’ Ntia highlighted that the nation is currently expanding its oil and gas industry to meet rising global energy demand driven by geopolitical tensions and the energy policies of the US administration.
“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,” he stated.
Nigeria to keep expanding refining capacity to curb imports
Ntia said some of the areas with huge investment opportunities in the country including the refining and gas sub-sectors.
He stressed that Nigeria is focused on expanding its refining capacity to curb dependence on imports, in addition to tapping into the nation’s vast gas reserves of about 207 trillion cubic feet to drive industrialisation and economic growth.
Ntia also cited Nigeria’s large crude oil reserves and flexible investment models, including joint ventures and production-sharing contracts, as other attractive features of investment in its oil and gas sector.
“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.
“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,” Ntia stated.
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.
More investments expected in oil sector in 2025 – FG
Meanwhile, TheRadar earlier reported that the Federal Government said more investment is expected in the oil sector in 2025 due to reinforced investor confidence in the industry.
The Special Adviser on Energy to President Bola Tinubu, Olu Verheijen, stated this at the Nigeria International Energy Summit 2025 on Monday, February 24.
