Nigeria targets $60bn gas investment to boost global energy role

The Nigerian National Petroleum Company Limited (NNPCL) has announced plans to attract $60 billion in new investments over the next five to seven years to expand the country’s gas infrastructure and boost its position in the global energy market.

NNPCL Group Chief Executive Officer, Mr. Bayo Ojulari, revealed the plans while addressing representatives from over 150 countries at the Gastech Exhibition and Conference in Milan, Italy.

He said the investment drive is aimed at scaling up Nigeria’s natural gas production to 12 billion cubic feet per day and expanding refinery capacity to meet rising global energy demand.

“We are seeking at least $60 billion in investment over the next five to seven years.

“For our oil and gas industry, this is just the tip of the iceberg. We want investors to join us in growing production,” Ojulari stated.

The NNPCL CEO also highlighted the Petroleum Industry Act (PIA) of 2021, which transformed the company into a limited liability entity, enabling it to secure direct funding and forge strategic global partnerships.

Currently, Nigeria produces approximately 1.6 million barrels of crude oil per day (bpd), with targets to increase output to 2 million bpd by 2027 and 3 million bpd by 2030. Ongoing initiatives include the Ajaokuta–Kaduna–Kano (AKK) pipeline, extension of the West African Gas Pipeline to Morocco and Europe, and expansion of the Nigeria LNG (NLNG) project.

Ojulari noted that Nigeria already supplies 60% of LNG to Portugal and Spain.

The company is completing Train 6 and constructing Train 7, with plans for Trains 8 and 9 by 2026.

“Nigeria has one of the best-run LNG operations globally, and we aim to capitalize on the current and growing energy demand,” he said.

On clean energy initiatives, the government is promoting LPG adoption with a programme to distribute 2 million cylinders nationwide, alongside a Compressed Natural Gas (CNG) transition scheme for vehicles and machinery.

Ojulari emphasized Nigeria’s role in global energy security, noting that geopolitical shifts, such as the Russia-Ukraine conflict, have accelerated regional pipeline projects.

He added that the country has over 200 undeveloped oil and gas fields, presenting significant opportunities for international investors.

Regarding foreign policy impacts, Ojulari stated, “While foreign policies influence the sector, our focus remains on creating a stable market and forging the right partnerships.”

Minister of State for Petroleum Resources (Gas), Mr. Ekperikpe Ekpo, also reiterated Nigeria’s commitment to leveraging its vast reserves to drive industrialization, regional integration, and global energy security.

He stressed that natural gas remains central to the country’s energy strategy, powering industries, clean cooking, agriculture, job creation, and public health.