By Ayomide Otitoju
The Nigerian National Petroleum Company Limited (NNPCL) has announced that reforms in the oil and gas sector, spearheaded by the enactment of the Petroleum Industry Act (PIA) 2021 and Executive Orders issued by President Bola Tinubu, attracted approximately $17 billion in foreign investment in 2024.
The Executive Vice President of Upstream at NNPCL, Udy Ntia, made this disclosure during an investor session at the 2025 CERAWeek by S&P Global in Houston, Texas, USA. A statement issued on Wednesday by NNPCL spokesperson, Olufemi Soneye, highlighted the impact of these reforms on the investment landscape.
According to Ntia, the regulatory changes have significantly liberalized the sector by offering incentives for cost recovery, royalty payments, and profit-sharing mechanisms. He stated, “The Petroleum Industry Act 2021 and the Executive Orders signed by President Tinubu in 2023 have created a more attractive regulatory framework, leading to foreign investment inflows of between $16 billion and $17 billion in 2024.”
Speaking on the theme, “Spotlight: Attracting Investment for Oil and Gas,” Ntia emphasized that Nigeria is well-positioned as a prime destination for investors, given the ongoing expansion of its oil and gas industry to meet rising global energy demand.
“Despite global energy security concerns, including those in Europe, we see significant opportunities. Our assets are strategically positioned to take advantage of the strong price environment seen over the past few years, and we anticipate substantial investment inflows into the sector,” he stated.
Investment Opportunities in Nigeria’s Oil and Gas Sector
Ntia encouraged global investors to explore opportunities within Nigeria’s oil and gas industry, citing robust regulatory reforms and investment-friendly policies introduced by the Tinubu administration. He highlighted key investment areas, including the refining and gas sub-sectors, stressing the country’s ambition to expand its refining capacity to reduce import dependency and leverage its vast gas reserves of approximately 207 trillion cubic feet for industrial 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 investing in domestic pipeline networks to meet local energy needs,” he explained.
Ntia also called on investors from China and India to take advantage of Nigeria’s abundant crude oil reserves, estimated at over 37 billion barrels, and its 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 oil and gas sector,” he added.
CERAWeek 2025 and Global Energy Leaders
The investor session at CERAWeek featured prominent industry leaders, including the Deputy Director General of Planning at China National Petroleum Corporation, Pinxian Zhang; Managing Director of ONGC Videsh Ltd, Rajarshi Gupta; and Chairman of Libya’s National Oil Corporation, Masoud Mahmoud.
CERAWeek is one of the world’s premier energy conferences, bringing together thousands of global energy experts, corporate executives, and government officials annually in Houston, Texas, for discussions on the future of energy.
Nigeria’s Commitment to a Sustainable Energy Transition
In a related development, the Federal Government has assured stakeholders that its drive to attract investments in the oil and gas sector will not significantly increase Africa’s contribution to global carbon emissions. The administration reaffirmed its commitment to fostering a sustainable energy environment while addressing energy poverty.
Special Adviser to President Bola Ahmed Tinubu on Energy, Olu Verheijen, reiterated this position during a session at CERAWeek titled “Policy and People: Pathways to a Just Transition.” He emphasized that despite increased investment, Nigeria remains dedicated to responsible energy development that aligns with global sustainability goals.NNPCL: Oil Sector Reforms Attracted $17bn in 2024
By Ayomide Otitoju
The Nigerian National Petroleum Company Limited (NNPCL) has announced that reforms in the oil and gas sector, spearheaded by the enactment of the Petroleum Industry Act (PIA) 2021 and Executive Orders issued by President Bola Tinubu, attracted approximately $17 billion in foreign investment in 2024.
The Executive Vice President of Upstream at NNPCL, Udy Ntia, made this disclosure during an investor session at the 2025 CERAWeek by S&P Global in Houston, Texas, USA. A statement issued on Wednesday by NNPCL spokesperson, Olufemi Soneye, highlighted the impact of these reforms on the investment landscape.
According to Ntia, the regulatory changes have significantly liberalized the sector by offering incentives for cost recovery, royalty payments, and profit-sharing mechanisms. He stated, “The Petroleum Industry Act 2021 and the Executive Orders signed by President Tinubu in 2023 have created a more attractive regulatory framework, leading to foreign investment inflows of between $16 billion and $17 billion in 2024.”
Speaking on the theme, “Spotlight: Attracting Investment for Oil and Gas,” Ntia emphasized that Nigeria is well-positioned as a prime destination for investors, given the ongoing expansion of its oil and gas industry to meet rising global energy demand.
“Despite global energy security concerns, including those in Europe, we see significant opportunities. Our assets are strategically positioned to take advantage of the strong price environment seen over the past few years, and we anticipate substantial investment inflows into the sector,” he stated.
Investment Opportunities in Nigeria’s Oil and Gas Sector
Ntia encouraged global investors to explore opportunities within Nigeria’s oil and gas industry, citing robust regulatory reforms and investment-friendly policies introduced by the Tinubu administration. He highlighted key investment areas, including the refining and gas sub-sectors, stressing the country’s ambition to expand its refining capacity to reduce import dependency and leverage its vast gas reserves of approximately 207 trillion cubic feet for industrial 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 investing in domestic pipeline networks to meet local energy needs,” he explained.
Ntia also called on investors from China and India to take advantage of Nigeria’s abundant crude oil reserves, estimated at over 37 billion barrels, and its 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 oil and gas sector,” he added.
CERAWeek 2025 and Global Energy Leaders
The investor session at CERAWeek featured prominent industry leaders, including the Deputy Director General of Planning at China National Petroleum Corporation, Pinxian Zhang; Managing Director of ONGC Videsh Ltd, Rajarshi Gupta; and Chairman of Libya’s National Oil Corporation, Masoud Mahmoud.
CERAWeek is one of the world’s premier energy conferences, bringing together thousands of global energy experts, corporate executives, and government officials annually in Houston, Texas, for discussions on the future of energy.
Nigeria’s Commitment to a Sustainable Energy Transition
In a related development, the Federal Government has assured stakeholders that its drive to attract investments in the oil and gas sector will not significantly increase Africa’s contribution to global carbon emissions. The administration reaffirmed its commitment to fostering a sustainable energy environment while addressing energy poverty.
Special Adviser to President Bola Ahmed Tinubu on Energy, Olu Verheijen, reiterated this position during a session at CERAWeek titled “Policy and People: Pathways to a Just Transition.” He emphasized that despite increased investment, Nigeria remains dedicated to responsible energy development that aligns with global sustainability goals.
