The Nigerian National Petroleum Company Limited has revealed that reforms in the oil and gas sector, driven by the enactment of the Petroleum Industry Act 2021 and Executive Orders issued by President Bola Tinubu, attracted about $17bn in foreign investment in 2024.
The Executive Vice President of Upstream, Udy Ntia, disclosed this during an investor session at the 2025 CERAWeek by S&P Global in Houston, Texas, USA, a statement issued by NNPCL spokesperson, Olufemi Soneye, stated on Wednesday.
He noted that the reforms have significantly liberalised the regulatory framework, offering incentives for cost recovery, royalty payments, and profit-sharing mechanisms.
The statement partly read, “Ntia also disclosed that the Petroleum Industry Act 2021 and the series of Executive Orders signed by President Tinubu in 2023 have significantly liberalized the regulatory framework, offering incentives for cost recovery, royalty payments, and profit-sharing mechanisms, adding that Nigeria recorded $16bn to $17bn in foreign investment inflows in 2024 following the implementation of these regulatory reforms.”
Speaking on the theme: “Spotlight: Attracting Investment for Oil and Gas”, Ntia emphasised that Nigeria is well-positioned as a safe and attractive destination for investment as the nation is currently expanding its oil and gas industry to meet rising global energy demand driven by geopolitical tensions and the energy policies of the US administration.
“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 stated.
Ntia called on global investors to direct their attention to the Nigerian oil and gas sector as the nation is now an investors’ haven, owing to the robust regulatory reforms and the investment-friendly policies of President Bola Ahmed Tinubu’s administration.
The EVP listed some of the areas with huge investment opportunities in the country including the refining and gas sub-sectors, stressing that Nigeria was keen on expanding its refining capacity to reduce dependency on imports, even as it is also interested in tapping into the nation’s vast gas reserves of about 207 trillion cubic feet to drive industrialisation and economic growth.
“Gas will play a critical role in Nigeria’s energy future. We are expanding our gas infrastructure in collaboration with partners such as Shell, ENI, and Total. Our LNG Train 7 project is advancing, and we are investing in domestic pipeline networks to meet local energy demands,” he explained.
He encouraged foreign investors, particularly from China and India, to explore the investment opportunities in Nigeria’s oil and gas sector, citing the country’s large crude oil reserves (over 37 billion barrels) and flexible investment models, including 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,” Ntia stated.
The session featured global industry leaders such as the Deputy Director General of Planning, China National Petroleum Corporation, Pinxian Zhang; Managing Director of ONGC Videsh Ltd, Rajarshi Gupta; and Chairman of Libya’s National Oil Corporation, Masoud Mahmoud.
CERAWeek is one of the largest energy conferences in the world, drawing thousands of foremost global energy industry experts and a host of other corporate and government leaders from around the world annually to Houston, United States, for a week-long conversation on the future of energy.
In a similar development, the Federal Government has allayed fears that its ongoing drive to attract investments in the oil and gas sector will result in a significant rise in Africa’s contribution to global emissions, emphasizing that such investments will not dramatically impact the continent’s carbon footprint.
It also reaffirmed its commitment to creating an enabling environment for hydrocarbon investments to address energy poverty, emphasising that Africa is not a net contributor to global emissions.
The Special Adviser to President Bola Ahmed Tinubu on Energy, Olu Verheijen, gave the assurance on Tuesday during a session at CERAWeek by S&P Global, themed “Policy and People: Pathways to a Just Transition.”
