The Nigerian National Petroleum Company Limited has disclosed that recent reforms in Nigeria’s oil and gas sector have attracted over 24 billion dollars in investments, with an additional 10 billion dollars in prospective inflows, as the country advances toward a three million barrels per day production target.
The Group Chief Executive Officer of the company, Bashir Bayo Ojulari, made this known during the 2026 edition of the Oloibiri Lecture and Energy Forum held in Abuja.
Represented by the Executive Vice President Upstream, Udobong Ntia, Ojulari stated that the inflows were driven by reforms that resolved long standing disputes and unlocked previously stalled Final Investment Decisions.
According to him, the developments have strengthened investor confidence and contributed significantly to capital inflows from key upstream projects. He added that additional investment opportunities, including projects such as Bosi and Owowo, are progressing through various approval stages.
The NNPCL said the combined value of confirmed and potential investments now stands at about 34 billion dollars, reflecting renewed interest in Nigeria’s oil and gas sector.
Ojulari noted that beyond capital inflows, the company is prioritising digital transformation as a critical factor in achieving production targets. He said the adoption of technologies such as artificial intelligence and data analytics is necessary to reduce operational costs and improve efficiency across upstream activities.
He explained that Nigeria possesses decades of underutilised geological and production data, including paper based logs and unprocessed seismic information, which could be leveraged to enhance output through digital optimisation.
The NNPCL outlined a three part strategy to achieve the three million barrels per day target. This includes maintaining the integrity of existing assets, accelerating near term production growth through innovative financing and commercial models, and restructuring its asset portfolio to attract new investment.
The company said the approach is designed to improve asset performance, encourage participation from new investors, and unlock additional production capacity.
Ojulari also highlighted the role of regulatory reforms under the Petroleum Industry Act, noting that improved clarity and policy consistency have addressed longstanding funding challenges, including cash call obligations.
He stated that stable policies and predictable regulatory frameworks are essential to sustaining investor confidence, as capital tends to flow toward environments with lower uncertainty.
Also speaking at the event, Minister of State for Petroleum Resources Gas, Ekperikpe Ekpo, said Nigeria has the technical capacity to transform its energy sector but must strengthen execution.
He described the Petroleum Industry Act as a key enabler of transparency and investment, adding that natural gas remains central to Nigeria’s economic development, particularly in power generation, industrialisation, and export diversification.
Ekpo emphasised that achieving higher oil production must be complemented by increased gas utilisation, supported by coordinated policy implementation and capital investment.
The Petroleum Technology Development Fund also highlighted the importance of integrating digital technologies, efficient capital deployment, and strong policy frameworks to exceed production targets.
Representatives of the fund said ongoing investments in human capital development, research, and innovation are aimed at strengthening local capacity and reducing reliance on external expertise.
Stakeholders at the forum noted that while Nigeria has made progress in improving its regulatory environment and attracting investment, sustained growth in oil production will depend on effective execution, technological adoption, and continued policy stability.