The Nigerian National Petroleum Company Limited (NNPCL) is planning a $60 billion expansion in the international oil market. The Group Chief Executive Officer of NNPCL, Bayo Ojulari, who gave the revelation last Tuesday during the Energy Talk segment of the 2025 Gastech Exhibition and Conference in Milan, Italy, urged international investors to take advantage of the country’s vast energy resources, describing Nigeria as Africa’s top destination for oil and gas investment.
The Chief Corporate Communications Officer of NNPCL, Andy Odeh on September 9 explained that the federal government sought the investment to boost industrialisation and strengthen Nigeria’s position in the global energy market.
“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,” Odeh stated. According to him, the plan aimed to scale up Nigeria’s natural gas production to 12 billion cubic feet per day and expand refinery capacity to meet rising global demand.
“We were seeking at least 60 billion dollars in investment over the next five to seven years, which for our oil and gas industry was just the tip of the iceberg. We sought investors to grow production,” he said. He said while some investors had already entered the market with gas-based industries such as petrochemicals and methanol plants, more capital was still needed.
“We require additional investments to build infrastructure to support the Federal Government’s aspiration to power the nation’s transportation sector with Compressed Natural Gas (CNG),” he said.
