By Nigeria is pushing a fresh $60 billion investment to expand its gas sector and secure a stronger foothold in the global energy market, the Nigerian National Petroleum Company Limited (NNPCL) has said.
Group Chief Executive Officer of NNPCL, Bayo Ojulari, made the pitch on Tuesday while speaking at the Energy Talk session of the 2025 Gastech Exhibition and Conference in Milan, Italy.
In a statement issued by NNPCL’s Chief Corporate Communications Officer, Andy Odeh, Ojulari described Nigeria as Africa’s most attractive oil and gas investment hub, citing ongoing reforms aimed at industrial growth.
“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,” Ojulari said.
According to him, the new plan will raise daily natural gas production to 12 billion cubic feet and expand refining capacity to meet increasing global demand.
“We are seeking at least $60 billion over the next five to seven years, which for our oil and gas industry is just the tip of the iceberg. We sought investors to grow production,” he explained.
Ojulari noted that while some progress had been made with petrochemicals and methanol projects, more funding was needed to build infrastructure that would support the government’s target of powering transportation with Compressed Natural Gas (CNG).
On crude oil, the NNPCL boss stressed that Nigeria’s untapped reserves remained vast.
“Beyond 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 added that key projects such as the Ajaokuta–Kaduna–Kano (AKK) pipeline and the NLNG Train 7 were nearing completion. He said Nigeria’s energy transition framework is anchored on gas for industry and Liquefied Petroleum Gas (LPG) for homes.
“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,” he stated.
The Gastech conference brought together over 50,000 participants and 1,000 exhibitors from 150 countries, offering Nigeria a global platform to pitch its energy ambitions.
