Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, on Tuesday unveiled a plan to attract $60 billion in new investment over the next five to seven years. He made the disclosure while addressing participants from more than 150 countries at the Gastech Exhibition and Conference in Milan.
Ojulari explained that reforms under the Petroleum Industry Act (PIA) of 2021, which restructured NNPC into a limited liability company, now allow the company to access direct funding and forge stronger global partnerships.
He stressed that the Federal Government is positioning the gas sector to drive industrialisation, energy security, and international competitiveness. The planned investment, he said, would scale up Nigeria’s gas production to 12 billion cubic feet per day while expanding refinery capacity to meet growing global demand.
“We are seeking at least $60 billion in investment over the next five to seven years, which for our oil and gas industry is just the tip of the iceberg. We want investors to partner with us in growing production,” Ojulari said.
Currently, NNPCL produces about 1.6 million barrels of crude oil per day (bpd). It has set targets of 2 million bpd by 2027 and 3 million bpd by 2030.
Ojulari also highlighted several ongoing projects, including the Ajaokuta–Kaduna–Kano (AKK) pipeline, the proposed extension of the West African Gas Pipeline to Morocco and Europe, and the expansion of the Nigeria LNG project.
Nigeria already supplies 60% of LNG to Portugal and Spain. It currently operates Train 6, is constructing Train 7, scheduled for completion in 2026, and is planning further Trains 8 and 9.