Nigeria’s oil and gas sector attracted $17 billion in foreign investment in 2024, following major reforms driven by the Petroleum Industry Act (PIA) 2021 and executive orders from President Bola Tinubu, the Nigerian National Petroleum Company Limited (NNPCL) has revealed.
Speaking at the 2025 CERAWeek conference in Houston, Texas, NNPCL’s Executive Vice President of Upstream, Udy Ntia, highlighted how regulatory changes have created a more attractive investment climate. He noted that incentives for cost recovery, royalty payments, and profit-sharing mechanisms have positioned Nigeria as a key player in the global energy market.
“We see significant opportunities despite global energy security concerns,” Ntia stated. “By strategically positioning our assets and leveraging the strong price environment of the last few years, we anticipate substantial investment inflows into the sector.”
Nigeria’s ongoing expansion of its refining capacity and gas infrastructure was also a focal point of the discussion. Ntia emphasized that the country is working to reduce reliance on fuel imports and utilize its 207 trillion cubic feet of gas reserves for industrial growth.
“We are collaborating with global energy leaders such as Shell, ENI, and Total on key projects, including the LNG Train 7 project and domestic pipeline networks,” he added.
The NNPCL executive urged foreign investors—particularly from China and India—to explore Nigeria’s vast energy opportunities, citing the country’s 37 billion barrels of crude oil reserves and flexible investment models such as joint ventures and production-sharing contracts.
CERAWeek, one of the world’s largest energy conferences, featured top industry executives, including China National Petroleum Corporation’s Deputy Director General of Planning, Pinxian Zhang, and ONGC Videsh Ltd Managing Director, Rajarshi Gupta.
With these reforms, Nigeria aims to strengthen its position as a top investment destination in the global energy market, ensuring long-term economic growth and stability.
