Article

At Gastech 2025, held in Milan, Italy, Nigeria's National Petroleum Company Limited (NNPC) unveiled an ambitious strategy to attract global investment aimed at unlocking the vast untapped potential of its oil and gas sectors. With over 200 undeveloped oil fields and significant reservoirs, Nigeria is poised to increase its current crude oil production of 1.7 million barrels per day and enhance its status as a premier investment destination in Africa.

CEO Bayo Ojulari emphasized the opportunities available for international investors, urging them to capitalize on Nigeria's resource-rich landscape. He outlined a vision that seeks to attract at least $60 billion in investments over the next five to seven years, with specific goals to elevate natural gas production to 12 billion cubic feet per day and expand refinery capacities to meet the escalating global demand for energy.

Ojulari noted that while some investors have already ventured into Nigeria's gas-based industries, such as petrochemicals and methanol, the need for additional capital remains critical. He highlighted key infrastructural projects, including the Ajaokuta-Kaduna-Kano gas pipeline and the Nigeria LNG Train 7, which are advancing rapidly and pivotal to the nation’s energy transition strategy.

The CEO made a compelling case for Nigeria's commitment to creating an investor-friendly ecosystem, which includes investments in carbon capture technology, energy efficiency improvements, and reduced gas flaring. This aligns with national objectives and the expectations of financing partners keen on sustainable practices.

Ojulari's remarks at Gastech underscored the strategic role Nigeria aims to play in the global energy landscape, especially under President Bola Ahmed Tinubu's administration, which has worked to improve the investment climate. The conference, attended by over 50,000 professionals from 150 countries, served as a crucial platform for Nigeria to showcase its potential and attract the partnerships necessary to transform its energy sector.

By prioritizing gas as a fuel for industrialization and liquefied petroleum gas (LPG) for domestic cooking, Nigeria is not only targeting economic growth but also addressing energy poverty for the millions of citizens lacking access to clean energy. The unfolding narrative of Nigeria’s energy sector is one of vast opportunity, underscoring the call to action for global investors to engage in a market ripe with potential.