The Nigerian National Petroleum Company Limited (NNPCL), called on global investors to focus their attention on Nigeria’s oil and gas sector, citing robust regulatory reforms and investment-friendly policies that make the country an ideal investment destination.
Udy Ntia, NNPCL’s Executive Vice President for Upstream, made the appeal on Tuesday during an investor session at the 2025 CERAWeek by S&P Global in Houston, Texas, USA.
During the session, which focused on “Spotlight: Attracting Investment for Oil and Gas,” Ntia emphasized that Nigeria is well-positioned as a secure and appealing investment destination.
He noted that the nation is expanding its oil and gas industry to meet the growing global energy demand, driven in part by geopolitical tensions and the energy policies of the US administration.
“Despite global energy security concerns, including those in Europe, we see significant opportunities in Nigeria,” Ntia stated.
“We have strategically positioned our assets to capitalize on the favorable price environment that has prevailed over the past two to three years, which will likely drive substantial investment inflows into the sector,” Ntia added.
Ntia highlighted key areas for potential investment in Nigeria, particularly in the refining and gas sub-sectors.
He stressed that Nigeria is focused on expanding its refining capacity to reduce dependence on imports while tapping into its vast gas reserves—estimated at around 207 trillion cubic feet (TCF) to fuel industrialization and boost economic growth.
“Gas will play a critical role in Nigeria’s energy future,” Ntia explained.
“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 demands,” Ntia continued.
Ntia also underscored the significant regulatory changes that have opened up investment opportunities, particularly through the Petroleum Industry Act (PIA) of 2021 and the executive orders signed by President Bola Tinubu in 2023.
These reforms have liberalized the regulatory framework, providing incentives for cost recovery, royalty payments, and profit-sharing mechanisms.
As a result, Nigeria saw foreign investment inflows between $16 billion and $17 billion in 2024, thanks to these reforms.
“We encourage foreign investors, particularly from China and India, to explore the vast opportunities in Nigeria’s oil and gas sector,” Ntia added, citing the country’s large crude oil reserves—over 37 billion barrels—and flexible investment models such as 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 other countries to partner with us in unlocking the full potential of Nigeria’s oil and gas sector,” Ntia concluded.
The session also 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 is one of the world’s largest energy conferences, annually drawing top global energy industry experts, corporate leaders, and government officials to Houston for a week of discussions on the future of energy.
