The Nigerian oil and gas sector attracted between $16 billion and $17 billion in foreign investment in 2024, driven by robust regulatory reforms and investment-friendly policies of the President Bola Ahmed Tinubu administration.
This was revealed in a press release by the Nigerian National Petroleum Company (NNPC) Limited on March 12, 2025.
Speaking at the 2025 CERAWeek by S&P Global in Houston, Texas, NNPC’s Executive Vice President, Upstream, Mr. Udy Ntia, highlighted Nigeria’s emergence as an attractive destination for global investors.
CERAWeek 2025 is the first major energy conference since pro-fossil fuel Donald Trump returned to the White House.
During the panel discussion, “Spotlight: Attracting Investment for Oil and Gas,” Ntia made a strong case to global investors, highlighting the country’s expanding oil and gas industry.
He emphasized the opportunities emerging from rising global energy demand, driven by geopolitical tensions and evolving US energy policies.
“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,” Ntia said.
Nigeria’s oil and gas sector offers vast investment opportunities.
Ntia noted the country’s commitment to increasing refining capacity to reduce import dependency and tapping into its abundant gas reserves of about 207 trillion cubic feet (TCF) to drive 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 added.
The investment inflow was largely attributed to the implementation of the Petroleum Industry Act 2021 and the series of executive orders signed by President Tinubu in 2023.
These regulatory reforms have liberalized the framework for oil and gas operations, offering incentives for cost recovery, royalty payments, and profit-sharing mechanisms.
In his call for increased foreign participation, Ntia encouraged investors from China, India, and other nations to explore Nigeria’s oil and gas sector.
“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 concluded.
Recall, in January, Olu Verheijen, Special Adviser to President Bola Tinubu on Energy, disclosed that Nigeria accounted for three out of the four Final Investment Decisions (FIDs) that came to Africa’s oil and gas industry in 2024, with total investments surpassing $5 billion.
A Wood Mackenzie analysis profiling 10 African oil-producing nations based on upstream capital expenditure (CAPEX) in 2024 also showed a similar trend.
