Abuja, March 13, 2025 – The reforms in the Nigerian oil and gas sector attracted about $17 billion in foreign investments into the country in 2024.
Udy Ntia, the Executive Vice President of Upstream, disclosed this during an investor session at the 2025 CERAWeek by S&P Global in Houston, Texas, USA,
Olufemi Soneye, NNPC Chief Spokesman, disclosed this in a statement on Wednesday.
Ntia said the reforms were driven by the enactment of the Petroleum Industry Act 2021 and Executive Orders issued by President Bola Tinubu.
He said the reforms had liberalised the regulatory framework, offering incentives for cost recovery, royalty payments, and profit-sharing mechanisms.
Ntia said 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 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 said.
Ntia called on international investors to direct their attention to the Nigerian oil and gas sector as the nation is now an investors’ haven, owing to the robust regulatory reforms and the investment-friendly policies of President Bola Ahmed Tinubu’s administration.
He listed some of the areas with huge investment opportunities in the country like the refining and gas sub-sectors.
Ntia said Nigeria is keen on expanding its refining capacity to reduce dependency on imports, while also interested in tapping into the nation’s vast gas reserves of about 207 trillion cubic feet to drive industrialisation 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 said.
Ntia advised foreign investors, particularly from China and India, to explore the investment opportunities in Nigeria’s 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 said.
