The Nigerian National Petroleum Company Limited (NNPC Ltd) has urged international investors to explore Nigeria’s oil and gas sector, stating that recent regulatory reforms and investment friendly policies have created a favorable business environment.
This was disclosed by the Executive Vice President, Upstream, Mr. Udy Ntia, on Tuesday during a session with investors at the 2025 CERAWeek by S&P Global in Houston, Texas.
Ntia stated that Nigeria is strategically positioned to attract investors, especially as the global energy landscape continues to shift due to geopolitical developments and policy changes in key economies.
“For us in Nigeria, despite concerns about energy security, we see significant opportunities.
“We have positioned our assets to benefit from the current strong price environment, which has remained stable over the past few years. As a result, we expect major investments in the sector,” he said.
He outlined key areas for investment, including the refining and gas sub sectors, noting that Nigeria is working to expand its refining capacity to reduce reliance on fuel imports.
He also pointed to the country’s vast gas reserves of approximately 207 trillion cubic feet (TCF), which the government aims to utilize for 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 progressing, and we are making significant investments in domestic pipeline networks to meet local energy demands,” Ntia stated.
Reforms drive investor confidence
Ntia further mentioned that the Petroleum Industry Act (PIA) 2021 and a series of Executive Orders signed by President Bola Ahmed Tinubu in 2023 have improved Nigeria’s regulatory framework.
He explained that these reforms have created incentives for cost recovery, royalty payments, and profit-sharing, making the country’s oil and gas industry more attractive to foreign investors.
“As a result of these reforms, Nigeria recorded between $16 billion and $17 billion in foreign investment inflows in 2024. This demonstrates that our policies are yielding results and creating confidence in the market,” he added.
He called on investors, particularly from China and India, to take advantage of Nigeria’s crude oil reserves, estimated at over 37 billion barrels, and flexible investment models such as joint ventures and production sharing contracts.
“Nigeria offers a stable democracy, improved security, and a business friendly regulatory framework. We invite investors from China, India, and other parts of the world to partner with us in unlocking the full potential of our oil and gas sector,” he stated.
The session featured discussions with global energy leaders, including Pinxian Zhang, Deputy Director General of Planning at China National Petroleum Corporation (CNPC); Rajarshi Gupta, Managing Director of ONGC Videsh Ltd (OVL); and Masoud Mahmoud, Chairman of Libya’s National Oil Corporation.
CERAWeek is one of the largest energy conferences in the world, bringing together industry experts, corporate leaders, and policymakers to discuss the future of global energy.
