NNPC Calls for Increased International Investment in Nigeria's Energy Sector at Gastech Conference

At the Gastech exhibition and conference in Milan, Bashir Ojulari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd), extended a compelling invitation to international investors to explore the extensive opportunities within Nigeria's burgeoning energy sector. In an engaging discussion with NBC's Hala Gorani, Ojulari articulated the potential of Nigeria as a premier investment destination in Africa, largely due to recent reforms under President Bola Ahmed Tinubu that have significantly improved the country's investment landscape.

Ojulari pointed out that while several investors are already establishing gas-based industries, such as petrochemical and methanol plants, there remains an urgent need for further investments. These investments are crucial to developing infrastructure that supports the federal government's ambitious plans to utilize compressed natural gas (CNG) for transportation. He emphasized that Nigeria possesses vast untapped crude oil reservoirs, boasting over 37 billion barrels, and more than 200 undeveloped oil fields, which present substantial opportunities for investors.

The NNPC Ltd CEO also discussed the company's commitment to sustainable practices, highlighting significant investments in carbon capture technologies and energy efficiency initiatives aimed at reducing gas flaring. These measures align with the objectives of financing partners and are part of Nigeria's broader energy transition strategy, which focuses on eradicating energy poverty. Ojulari noted the necessity of using gas as a primary fuel for industrialization and liquefied petroleum gas (LPG) for domestic cooking, particularly for the over six million Africans who currently lack access to clean energy.

With critical gas infrastructure projects, including the Ajaokuta-Kaduna-Kano (AKK) gas pipeline and the NLNG Train 7 project, advancing steadily, Ojulari remains optimistic about the future. The initiatives not only promise to enhance the energy landscape but also offer a pathway for foreign investment, especially from nations like China and India, to drive Nigeria's industrial growth through its vast gas reserves, estimated at 207 trillion cubic feet. As NNPC Ltd continues to forge ahead under its new management, the call for international collaboration and investment stands as a pivotal element in realizing the full potential of Nigeria's energy sector.