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NNPCL reveals that reforms in the oil and gas sector attracted about $17 billion in foreign investment in 2024.
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The reforms, driven by the Petroleum Industry Act 2021 and Executive Orders, have liberalized the regulatory framework, offering incentives for cost recovery and profit-sharing mechanisms.
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The NNPCL encourages global investors to explore opportunities in Nigeria’s oil and gas sector.
The Nigerian National Petroleum Company Limited (NNPCL) has revealed that reforms in the oil and gas sector, driven by the Petroleum Industry Act 2021 and Executive Orders issued by President Bola Tinubu, attracted about $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, USA.
He noted that the reforms have significantly liberalized the regulatory framework, offering incentives for cost recovery, royalty payments, and profit-sharing mechanisms.
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“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,” Ntia stated.
Ntia emphasized that Nigeria is well-positioned as a safe and attractive destination for investment, as the nation is currently expanding its oil and gas industry to meet rising global energy demand.
“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.”She said.
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He called on global investors to direct their attention to the Nigerian oil and gas sector, citing the country’s large crude oil reserves (over 37 billion barrels) and flexible investment models, including 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.”he added.
NNPC Suspension of Naira-for-Crude Oil Deal with Dangote, Others, Spells Price Hike
The recent move by the Nigerian National Petroleum Company (NNPC) Limited to suspend the naira-for-crude oil deal with refineries like the Dangote refinery, BUA refinery and other domestic refineries has sparked nationwide controversy.
Most analysts have warned that the suspension could trigger high importation and high fuel costs.
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