The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced that Nigeria’s oil and gas industry attracted between $16 billion and $17 billion in foreign investment in 2024, following significant regulatory reforms initiated by President Bola Tinubu.
Speaking at the 2025 CERAWeek by S&P Global in Houston, Texas, NNPC Ltd’s Executive Vice President, Upstream, Udy Ntia, stated that these investments were largely driven by the Petroleum Industry Act (PIA) 2021 and a series of Executive Orders signed by the President in 2023.
According to Olufemi Soneye, NNPC Ltd’s Chief Corporate Communications Officer, these reforms have liberalized the regulatory framework, making Nigeria an investor-friendly destination by offering incentives for cost recovery, royalty payments, and profit-sharing mechanisms.
Nigeria Positioned as a Global Investment Hub
During a session titled “Spotlight: Attracting Investment for Oil and Gas”, Ntia urged global investors to tap into the expanding opportunities in Nigeria’s oil and gas industry. He emphasized that, despite global energy security concerns, Nigeria is strategically positioned to benefit from the current strong oil price environment.
“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 said.
Ntia highlighted major investment opportunities, particularly in:
- Refining and Petrochemicals: Nigeria aims to expand its refining capacity to reduce dependence on fuel imports.
- Gas Development: With 207 trillion cubic feet (TCF) of natural gas reserves, Nigeria is prioritizing domestic gas infrastructure and LNG projects.
- Energy Security: Nigeria is working with international partners like Shell, ENI, and Total to boost energy production and meet growing demand.
He also pointed to Nigeria’s LNG Train 7 project, which is advancing steadily, and investments in domestic pipeline networks to ensure reliable energy supply.
Encouraging foreign investors, particularly from China and India, Ntia highlighted Nigeria’s large crude oil reserves (over 37 billion barrels) and flexible investment models, such as joint ventures and production-sharing contracts.
“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,” he added.
CERAWeek 2025: A Global Energy Platform
The event featured prominent industry figures, including:
- Pinxian Zhang, Deputy Director-General, Planning, China National Petroleum Corporation (CNPC)
- Rajarshi Gupta, Managing Director, ONGC Videsh Ltd (OVL)
- Masoud Mahmoud, Chairman, Libya’s National Oil Corporation
CERAWeek is one of the largest global energy conferences, bringing together industry leaders, policymakers, and investors to discuss the future of energy.
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