The Nigerian National Petroleum Company Limited (NNPCL) has issued a call to international investors, urging them to focus on Nigeria’s oil and gas sector, which has now emerged as an attractive destination for investment.
This appeal was made by NNPCL’s Executive Vice President for Upstream, Udy Ntia, during a high-profile session at the 2025 CERAWeek by S&P Global in Houston, Texas.
Speaking on the theme “Spotlight: Attracting Investment for Oil and Gas”, Ntia highlighted Nigeria’s strategic position as a key player in the global energy market, bolstered by extensive regulatory reforms and a welcoming investment environment. With geopolitical tensions and evolving energy policies driving global demand, Nigeria stands poised to capitalize on significant opportunities in both oil and gas.
“Despite global challenges related to energy security, particularly in Europe, Nigeria presents substantial opportunities,” Ntia remarked. “We have strategically positioned our assets to benefit from the favorable pricing environment, which we anticipate will attract considerable investment inflows into our sector.”
Ntia pointed to promising areas of growth within Nigeria’s oil and gas landscape, particularly in refining and gas. He underscored the nation’s commitment to expanding its refining capacity to reduce dependency on oil imports, and its determination to harness its vast gas reserves—estimated at 207 trillion cubic feet (TCF)—to foster industrialization and economic growth.
“Gas will be a cornerstone of Nigeria’s energy future,” Ntia noted. “We are expanding gas infrastructure in partnership with global energy giants such as Shell, ENI, and Total. Projects like LNG Train 7 and the development of domestic pipeline networks are key steps in meeting local energy demands.”
Ntia also praised the landmark Petroleum Industry Act (PIA) of 2021, along with the suite of Executive Orders issued by President Bola Tinubu in 2023, which have greatly liberalized Nigeria’s regulatory framework. These reforms have already attracted significant foreign interest, with Nigeria recording foreign investment inflows of approximately $16-17 billion in 2024.
He further encouraged investors, especially from China and India, to consider Nigeria’s vast oil and gas potential. Highlighting the country’s large crude reserves—exceeding 37 billion barrels—Ntia emphasized Nigeria’s flexible investment models, including joint ventures and production-sharing contracts, which offer promising prospects for both seasoned and new investors.
“Nigeria offers a stable democracy, enhanced security, and a favorable business environment,” Ntia concluded. “We invite global partners, particularly from China, India, and beyond, to join us in unlocking the vast potential of our oil and gas industry.”
The session also featured prominent global figures, including Pinxian Zhang, Deputy Director-General of Planning at China National Petroleum Corporation (CNPC); Rajarshi Gupta, Managing Director of ONGC Videsh Ltd (OVL); and Masoud Mahmoud, Chairman of Libya’s National Oil Corporation.
CERAWeek, one of the world’s largest and most influential energy conferences, attracts top-tier industry leaders and policymakers from around the globe for discussions on the future of energy.
