The Nigerian National Petroleum Company Limited (NNPCL) has called on international investors to take advantage of Nigeria’s vast energy resources, describing the country as Africa’s leading destination for oil and gas investment.
Group Chief Executive Officer of NNPCL, Mr. Bayo Ojulari, made the appeal on Tuesday during the Energy Talk segment of the 2025 Gastech Exhibition and Conference in Milan, Italy. The global event drew more than 50,000 professionals and 1,000 exhibitors from 150 countries.
Ojulari said the Federal Government was seeking at least $60 billion in new investments over the next five to seven years to expand gas infrastructure, boost crude oil output, and reinforce Nigeria’s position in the global energy market.
“We are seeking at least 60 billion dollars in investment over the next five to seven years, which for our oil and gas industry is just the tip of the iceberg. We are seeking investors to grow production,” he stated.
According to Ojulari, the plan aims to scale up natural gas production to 12 billion cubic feet per day and expand refinery capacity to meet growing global demand.
He said the Petroleum Industry Act (PIA), signed into law in 2021, had transformed NNPCL into a limited liability company, enabling it to access direct funding and forge stronger global partnerships.
Ojulari disclosed that NNPCL currently produces about 1.6 million barrels of crude oil per day, with targets to grow output to 2 million barrels per day by 2027 and 3 million barrels per day by 2030.
He noted that Nigeria also has more than 200 undeveloped oil and gas fields, describing them as “greenfield opportunities for investors.”
Ojulari highlighted several major projects underway, including the Ajaokuta–Kaduna–Kano (AKK) gas pipeline, the expansion of the Nigeria LNG (NLNG) project, and the planned extension of the West African Gas Pipeline to Morocco and Europe.
He said Nigeria already supplies 60 percent of LNG to Portugal and Spain and is currently building NLNG Train 7, scheduled for completion in 2026, with plans for additional Trains 8 and 9.
On clean energy, he explained that the Federal Government had launched a programme to deliver two million LPG cylinders nationwide, alongside a Compressed Natural Gas (CNG) transition scheme for vehicles and machinery.
“We are investing heavily in carbon capture projects as well as technology to enhance energy efficiency and reduce gas flaring, in line with the objectives of our financing partners,” Ojulari added.
Also speaking at the Milan summit, Minister of State for Petroleum Resources (Gas), Mr. Ekperikpe Ekpo, reaffirmed Nigeria’s commitment to using natural gas to drive industrialisation, regional integration, and global energy security.
He noted that with an estimated 210 trillion cubic feet of gas reserves, Nigeria remains open to investors, supported by new regulatory reforms and executive orders introduced by President Bola Tinubu to create an investor-friendly environment.
“Our natural gas is the bridge to renewables, and the anchor point for developing countries like Nigeria to ensure we are not left behind in the global energy transition,” Ekpo said.
He added that the Nigeria-Morocco Gas Pipeline and the Trans-Saharan Gas Pipeline projects were central to expanding regional interconnectivity and ensuring energy security.
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