Nigeria Secures $17bn in Oil Investments Amid Sector Reforms – NNPC

The Nigerian National Petroleum Company Limited (NNPCL) has announced that reforms in the oil and gas sector, spurred by the Petroleum Industry Act (PIA) 2021 and Executive Orders from President Bola Tinubu, attracted around $17 billion in foreign investments in 2024.

Udy Ntia, NNPCL’s Executive Vice President of Upstream, made this known during an investor session at the 2025 CERAWeek by S&P Global in Houston, Texas, USA. According to NNPCL spokesperson Olufemi Soneye, these reforms have liberalized the regulatory framework, introducing incentives for cost recovery, royalty payments, and profit-sharing.

“Ntia also disclosed that the Petroleum Industry Act 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, adding that Nigeria recorded $16bn to $17bn in foreign investment inflows in 2024 following the implementation of these regulatory reforms,” the statement read.

In a session themed “Spotlight: Attracting Investment for Oil and Gas,” Ntia highlighted Nigeria’s strategic positioning as a prime investment destination, particularly as global energy demand rises amid geopolitical tensions and shifting U.S. energy policies.

“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,” he stated.

Ntia urged global investors to consider Nigeria’s oil and gas sector, citing the nation’s investment-friendly environment under President Tinubu’s administration. He pinpointed key areas of opportunity, including refining and gas sub-sectors, as Nigeria seeks to reduce reliance on imports and harness its gas reserves of approximately 207 trillion cubic feet to drive industrialization and economic 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 advancing, and we are investing in domestic pipeline networks to meet local energy demands,” Ntia explained.

He encouraged foreign investors, particularly from China and India, to explore 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 oil and gas sector,” Ntia added.

The session also featured prominent global industry figures such as Pinxian Zhang, Deputy Director General of Planning at China National Petroleum Corporation; Rajarshi Gupta, Managing Director of ONGC Videsh Ltd; and Masoud Mahmoud, Chairman of Libya’s National Oil Corporation.

CERAWeek is one of the largest energy conferences globally, bringing together thousands of top energy industry experts, corporate leaders, and government officials annually in Houston, United States, to discuss the future of energy.

In a related development, the Federal Government has addressed concerns that increased investment in Nigeria’s oil and gas sector would significantly raise Africa’s contribution to global emissions. It reiterated its commitment to facilitating hydrocarbon investments to combat energy poverty, asserting that Africa remains a minor contributor to global emissions.

Olu Verheijen, Special Adviser to President Bola Ahmed Tinubu on Energy, provided this assurance during another session at CERAWeek by S&P Global, themed “Policy and People: Pathways to a Just Transition.”