Nigeria is stepping up efforts to attract international investors into its oil and gas sector, with the Nigerian National Petroleum Company Limited (NNPC Ltd.) announcing a $60 billion expansion plan aimed at boosting production and positioning the country as a key player in the global energy market.
Group Chief Executive Officer of NNPC Ltd., Bayo Ojulari, made the announcement on Tuesday during the Energy Talk session at the 2025 Gastech Exhibition and Conference in Milan, Italy.
The conference brought together over 50,000 energy professionals and 1,000 exhibitors from 150 countries, making it one of the largest platforms for global energy dialogue.
Ojulari emphasized that Nigeria has become the continent’s leading destination for oil and gas investment, noting that President Bola Ahmed Tinubu’s administration has created a more favorable business environment for foreign partners, Punchng reported.
“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 said in a statement released by NNPC Ltd.’s Chief Corporate Communications Officer, Andy Odeh.
According to Ojulari, Nigeria’s plan includes scaling up natural gas production to 12 billion cubic feet per day and increasing refinery capacity to meet rising global demand.
He explained that the country is seeking at least $60 billion in fresh investment over the next five to seven years, calling the initiative “just the tip of the iceberg” for Nigeria’s oil and gas industry.
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While several international firms have already committed to gas-based ventures such as petrochemical and methanol plants, Ojulari said additional funding is required to expand infrastructure, particularly to support the government’s push to power the nation’s transportation sector with Compressed Natural Gas (CNG).
Highlighting the vast opportunities still available, he noted that Nigeria has more than 200 undeveloped oil fields and untapped crude reserves capable of raising production well beyond the current 1.7 million barrels per day.
NNPC Ltd. is also investing in carbon capture technology and projects aimed at improving energy efficiency and reducing gas flaring, in alignment with global sustainability goals and the expectations of international financing partners.
Ojulari further pointed to critical infrastructure projects nearing completion, including the Ajaokuta–Kaduna–Kano (AKK) gas pipeline and the Nigeria LNG Train 7 project, as evidence of the country’s determination to strengthen its gas-based energy transition strategy.
“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,” he said.
With its ambitious plan, Nigeria is positioning itself not only as Africa’s energy leader but also as a vital contributor to global energy security in the years ahead.
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