The Nigerian National Petroleum Company Limited (NNPC) has announced that the country secured approximately $17 billion in Foreign Direct Investment (FDI) following the passage of the Petroleum Industry Act (PIA) and recent regulatory reforms.
In a statement issued by NNPCL spokesperson, Olufemi Soneye, 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 created a more investor-friendly environment by liberalizing regulations and offering incentives for cost recovery, royalty payments, and profit-sharing.
Speaking on the theme “Spotlight: Attracting Investment for Oil and Gas,” Ntia emphasized that Nigeria is well-positioned as a safe and attractive destination for investment. The nation is currently expanding its oil and gas industry to meet rising global energy demand driven by geopolitical tensions and the energy policies of the US administration.
“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 called on global investors to seize the opportunities in Nigeria’s oil and gas sector, emphasizing the nation’s status as an investors’ haven. This is attributed to the robust regulatory reforms, which highlight the Bola Tinubu administration’s commitment to attracting investment.
The EVP listed some of the areas with huge investment opportunities in the country including the refining and gas sub-sectors, stressing that Nigeria was keen on expanding its refining capacity to reduce dependency on imports, even as it is also interested in tapping into the nation’s vast gas reserves of about 207 trillion cubic feet to drive industrialisation and economic growth.
Ntia emphasized the pivotal role of gas in Nigeria’s energy future, highlighting ongoing collaborations with industry giants like Shell, ENI, and Total. He noted the progress of the LNG Train 7 project and investments in domestic pipeline networks to meet local energy needs. Encouraging foreign investors, especially from China and India, he pointed to Nigeria’s vast crude oil reserves of over 37 billion barrels and flexible investment options, including joint ventures and production-sharing contracts, as key opportunities in the sector.
Ntia stated, “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.”
