Prospective foreign investors should take advantage of the transformed investment environment as a result of the robust regulatory reforms to do business in Nigeria’s oil and gas sector, the Nigerian National Petroleum Company Limited (NNPC Ltd) has said.
The Executive Vice President, Upstream of the NNPC Ltd, Udy Ntia, made the call on
Tuesday during a session with investors at the 2025 CERAWeek by S&P Global in Houston, Texas, United States.
Ntia who spoke on the theme: “Spotlight: Attracting Investment for Oil and Gas Sector”, said Nigeria was well-positioned now as a safe and attractive
destination for investment as the oil and gas industry was currently being expanded to meet rising global energy demand driven by geo-political tensions and the energy policies of the US administration.
“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 told participants at the event.
The EVP listed some of the areas with huge investment opportunities in Nigeria to include the crude oil refining and gas sub-sectors.
Nigeria, he said, was keen on expanding it refining capacity to reduce dependency on petroleum products imports, even as it is also interested in tapping into the nation’s vast gas reserves of about 207 trillion cubic feet (TCF) to drive industrialisation and
economic growth.
Gas, he pointed out, would play a critical role in Nigeria’s energy future, adding that the government was expanding
the country’s gas infrastructure in collaboration with joint venture partners like Shell, ENI, and
Total.
The construction of the Nigeria LNG Train 7 project, he said, was advancing, adding that Nigeria was investing in the development of domestic pipeline networks to meet local energy demands.
Ntia also disclosed that the Petroleum Industry Act (PIA) 2021 and the series of
Executive Orders signed by President Tinubu in 2023 have significantly liberalized the regulatory framework, offering incentives for cost recovery,
royalty payments, and profit-sharing mechanisms.
“Nigeria recorded $16 billion to $17 billion in foreign investment inflows in 2024 following the implementation of the regulatory reforms,” he disclosed.
He encouraged foreign investors, particularly from China and India, to explore the investment opportunities in Nigeria’s oil and gas sector, citing the country’s large crude oil reserves (over 37 billion barrels) and flexible
investment models, including joint ventures and production-sharing
contracts.
“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 vast oil and gas sector,” Ntia said.
The session featured global industry leaders such as the Deputy DirectorGeneral, Planning, China National Petroleum Corporation (CNPC), Pinxian Zhang; Managing Director of ONGC Videsh Ltd (OVL), Rajarshi Gupta; and
Chairman of Libya’s National Oil Corporation, Masoud Mahmoud.
CERAWeek is one of the largest energy conferences in the world, drawing thousands of foremost global energy industry experts and a host of other corporate and government leaders from around the world annually to
Houston, United States, for a week-long conversation on the future of energy.
