The Nigerian National Petroleum Company (NNPC) Limited has announced plans to raise $60 billion in new investments over the next five to seven years to expand gas production and develop infrastructure aimed at strengthening the country’s role in the global energy market.
Group Chief Executive Officer of NNPC Limited, Bayo Ojulari, outlined the target on Tuesday during the Energy Talk segment of the 2025 Gastech Exhibition and Conference in Milan, Italy.
The announcement was contained in a statement released by NNPC’s Chief Corporate Communications Officer, Andy Odeh.
Ojulari said Nigeria intends to scale up daily gas production to 12 billion cubic feet while increasing refining capacity to meet rising global demand. He added that the Federal Government had improved conditions for foreign capital.
“President Bola Ahmed Tinubu has improved Nigeria’s investment climate and positioned the country as the preferred investment destination for the energy sector in Africa,” he said.
According to Ojulari, several gas-based projects, including petrochemical and methanol plants, have already attracted investors, but additional capital is required.
“We require additional investments to build infrastructure to support the Federal Government’s aspiration to power the nation’s transportation sector with Compressed Natural Gas (CNG),” he stated.
He also pointed to untapped reserves in crude oil. “Apart from gas, our existing crude oil assets have huge untapped reservoirs for investors to tap into to boost production beyond the current 1.7 million barrels per day. We also have over 200 undeveloped oil fields with enormous potential,” he said.
Ojulari highlighted ongoing projects, including the Ajaokuta–Kaduna–Kano (AKK) gas pipeline and NLNG Train 7, as central to Nigeria’s energy transition strategy, which focuses on gas and Liquefied Petroleum Gas.
He also noted NNPC’s commitments to carbon capture initiatives, energy efficiency technologies, and reduced gas flaring.
“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 over six million Africans who lack access to clean energy,” Ojulari said.
The Gastech conference, which drew more than 50,000 participants and 1,000 exhibitors from 150 countries, provided a platform for Nigeria to present its case to potential investors.
