NNPC woos investors, cites improved regulatory environment

The Nigerian National Petroleum Company Limited (NNPCL) has called on global investors to take advantage of Nigeria’s oil and gas sector growth potential, highlighting the country’s transformation into an attractive investment hub due to robust regulatory reform and business-friendly policies introduced by President Bola Ahmed Tinubu.

NNPCL Executive Vice President, Upstream, Udy Ntia, made the call during a session with investors at the 2025 CERAWeek by S&P Global in Houston, Texas, United States.

Speaking on the theme, ‘Spotlight: Attracting Investment for Oil and Gas’, Ntia emphasised that Nigeria is a secure and profitable destination for investment, especially as the country expands its oil and gas industry to meet growing global energy demands.

“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

In a statement by the company’s Chief Corporate Communications Officer, Olufemi Soneye, Ntia highlighted key investment opportunities in Nigeria’s refining and gas sub-sectors, stressing the country’s commitment to expanding its refining capacity to reduce dependency on imports. Also, he pointed to Nigeria’s vast gas reserves – estimated at 207 trillion cubic feet (TCF) as a major driver of 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.

Ntia also disclosed that the Petroleum Industry Act (PIA) 2021 and several executive orders signed by President Tinubu in 2023 were done to improve Nigeria’s investment climate. The reforms, he noted, have liberalised the regulatory framework, offering incentives for cost recovery, royalty payments and profit-sharing mechanisms.

As a result, he noted, Nigeria recorded $16 billion to $17 billion in foreign investment inflows in 2024, reinforcing growing investors’ confidence in the sector.

Encouraging investors from China, India, and other countries to explore the investment opportunities in Nigeria’s oil and gas sector, Ntia emphasised the country’s 37 billion barrels of crude oil reserves and flexible investment models, including joint ventures and production-sharing contracts.