By Jemimah Wellington, JKNewsMedia Reporter
THE NIGERIAN oil and gas sector is emerging as a prime destination for global investment, with the Nigerian National Petroleum Company Limited (NNPC Ltd) urging investors to seize opportunities in the country’s energy market.
This call was made by the Executive Vice President, Upstream, Mr. Udy Ntia, at the 2025 CERAWeek by S&P Global in Houston, Texas, where he highlighted the nation’s investor-friendly policies and regulatory reforms under President Bola Tinubu’s administration.
Addressing investors during the session themed Spotlight: Attracting Investment for Oil and Gas, Ntia underscored Nigeria’s strategic positioning in the global energy landscape.
With increasing demand for oil and gas due to geopolitical tensions and shifting U.S. energy policies, he described Nigeria as a stable and attractive investment destination.
“Despite global energy security concerns, particularly in Europe, Nigeria offers significant opportunities. Our assets are strategically positioned to leverage the favourable price environment, and we anticipate substantial foreign investment in the coming years,” Ntia stated.
Highlighting key investment areas, Ntia emphasised Nigeria’s commitment to expanding its refining capacity, reducing reliance on fuel imports, and unlocking its vast gas reserves.
The country boasts an estimated 207 trillion cubic feet (TCF) of natural gas, presenting a significant opportunity for industrialisation and economic growth.
“Gas will play a critical role in Nigeria’s energy future. We are expanding gas infrastructure in collaboration with industry leaders such as Shell, ENI, and Total. Our LNG Train 7 project is progressing steadily, and we are also investing in domestic pipeline networks to meet local energy demands,” he explained.
The Nigerian government has implemented far-reaching regulatory reforms to attract investment. Ntia highlighted the impact of the Petroleum Industry Act 2021 and Executive Orders signed by President Tinubu in 2023, which have liberalised the sector, offering incentives for cost recovery, royalty payments, and profit-sharing mechanisms.
As a result of these reforms, Nigeria recorded between $16 billion and $17 billion in foreign investment inflows in 2024, a testament to the growing confidence in the sector.
Calling on investors, particularly from China and India, Ntia cited Nigeria’s extensive crude oil reserves of over 37 billion barrels and its flexible investment models, including joint ventures and production-sharing contracts.
He assured investors of a stable democratic environment, improved security, and a business-friendly regulatory framework.
“Nigeria welcomes investors from China, India, and beyond to partner with us in unlocking the vast potential of our oil and gas sector,” he added.
The session at CERAWeek featured global industry leaders, including Pinxian Zhang, Deputy Director General of Planning at China National Petroleum Corporation (CNPC); Rajarshi Gupta, Managing Director of ONGC Videsh Ltd (OVL); and Masoud Mahmoud, Chairman of Libya’s National Oil Corporation.
CERAWeek, one of the world’s largest energy conferences, gathers thousands of industry experts, corporate executives, and government leaders annually in Houston, Texas, to discuss the future of energy.
