The Nigerian National Petroleum Company Limited has announced that reforms in the oil and gas sector, driven by the Petroleum Industry Act 2021 and executive orders from President Bola Tinubu, attracted approximately $17 billion in foreign investment in 2024.
The Executive Vice President of Upstream, Udy Ntia, disclosed this during an investor session at the 2025 CERAWeek by S&P Global in Houston, Texas, according to a statement by NNPCL spokesperson Olufemi Soneye on Wednesday.
Ntia highlighted that the reforms have liberalized the regulatory framework, introducing incentives for cost recovery, royalty payments, and profit-sharing mechanisms to attract investment.
The statement partly read, “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.”
Speaking on the theme “Spotlight: Attracting Investment for Oil and Gas”, Ntia emphasized that Nigeria is a secure and attractive investment destination.
He noted that the country is expanding its oil and gas industry to meet rising global energy demand, driven by geopolitical tensions and 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 focus on Nigeria’s oil and gas sector, describing it as an investors’ haven due to robust regulatory reforms and the investment-friendly policies of President Bola Ahmed Tinubu’s administration.
Ntia highlighted key investment opportunities in Nigeria’s refining and gas sub-sectors, emphasizing the country’s commitment to expanding refining capacity to reduce import dependence. He also noted Nigeria’s interest in harnessing its 207 trillion cubic feet of gas reserves 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,” he explained.
He urged foreign investors, especially from China and India, to explore opportunities in Nigeria’s oil and gas sector. He highlighted the country’s 37 billion barrels of crude oil reserves 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 beyond to partner with us in unlocking the vast potential of Nigeria’s oil and gas sector,” Ntia stated.
The session included global industry leaders 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.
