NNPCL has announced a drive to secure $60 billion investments to boost natural gas production.
Officials say the plan will expand energy capacity and position Nigeria as a global industry leader.
The Nigerian National Petroleum Company Limited (NNPCL) has unveiled an ambitious plan to attract $60 billion in investments over the next five to seven years to expand its natural gas output and strengthen the country’s position in global energy markets.
Group Chief Executive Officer of NNPCL, Bayo Ojulari, made the call on Tuesday during the Energy Talk segment of the 2025 Gastech Exhibition and Conference in Milan, Italy. The announcement was contained in a statement by NNPCL’s Chief Corporate Communications Officer, Andy Odeh.
Ojulari emphasized that President Bola Ahmed Tinubu’s administration had improved Nigeria’s investment climate, making the country the leading destination for oil and gas investment in Africa.
According to him, Nigeria plans to scale up natural gas production to 12 billion cubic feet per day and expand refinery capacity to meet rising global demand.
“We were seeking at least $60 billion in investment over the next five to seven years, which for our oil and gas industry is just the tip of the iceberg. We seek investors to grow production,” Ojulari said.
He noted that while some investors had already committed to gas-based industries such as petrochemicals and methanol plants, more capital was needed to build infrastructure, particularly for powering Nigeria’s transportation sector with Compressed Natural Gas (CNG).
Beyond gas, Ojulari highlighted opportunities in crude oil, pointing out that Nigeria still produces about 1.7 million barrels per day but has over 200 undeveloped oil fields with significant potential.
“Our existing crude oil assets have huge untapped reservoirs for investors to explore and expand production,” he explained.
Ojulari also outlined NNPCL’s commitment to sustainability, citing ongoing investments in carbon capture technologies and efforts to reduce gas flaring. He mentioned that critical projects such as the Ajaokuta–Kaduna–Kano (AKK) gas pipeline and the NLNG Train 7 were at advanced stages.
He further explained that Nigeria’s energy transition strategy was anchored on gas and Liquefied Petroleum Gas (LPG).
“Our focus is on eradicating energy poverty, which requires enormous investments in gas as the fuel of choice for industrialisation, and LPG as domestic cooking gas for the millions of Africans who still lack access to clean energy,” Ojulari said.
The Gastech 2025 conference, one of the world’s largest gatherings of energy leaders, drew more than 50,000 professionals and 1,000 exhibitors from 150 countries, providing Nigeria with a high-profile platform to showcase its energy reform ambitions and attract international partners.
