The Nigerian National Petroleum Company Limited has urged international investors to look into prospects in Nigeria’s oil and gas sector, pointing out that recent regulatory reforms and investment-friendly policies have positioned the country as an appealing investment destination.
Speaking at CERAweek 2025 in Houston, Texas, Executive Vice President of NNPC Ltd, upstream, Udy Ntia, guaranteed to investors that Nigeria’s extended energy industry provides important opportunities in increasing global energy demand.
“For us in Nigeria, despite global energy security issues, including problems in Europe, we see important 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,” Ntia stated.
Ntia highlighted key investment areas, including refining and the gas sub-sector, stressing that Nigeria is expanding its refining capacity to reduce reliance on fuel imports.
He also noted the country’s vast gas reserves of about 207 trillion cubic feet (TCF) as a critical driver of industrialization 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.
Ntia emphasized that the Petroleum Industry Act 2021 and executive orders signed by President Bola Tinubu in 2023 have liberalized the industry, making it more investor-friendly. These reforms, he noted, have already attracted $16 billion to $17 billion in foreign investment inflows in 2024.
Encouraging investors from China and India, Ntia pointed to Nigeria’s 37 billion barrels of crude oil reserves 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,” he concluded.
Key industry figures also attended the event, including Managing Director of ONGC Videsh Ltd (OVL), Rajarshi Gupta, Chairman of Libya’s National Oil Corporation, Masoud Mahmoud and Deputy Director-General of Planning at China National Petroleum Corporation (CNPC), Pinxian Zhang.
One of the biggest energy conferences in the world, CERAWeek brings together government officials, business executives, and leading international energy specialists to discuss the energy industry’s future.
