The Nigerian National Petroleum Company Limited (NNPCL) has announced plans to attract $60 billion in new investments over the next five to seven years as part of an ambitious drive to expand the country’s gas infrastructure and strengthen its position in the global energy market.
Group Chief Executive Officer of NNPCL, Mr. Bayo Ojulari, disclosed this on Tuesday while addressing delegates from more than 150 countries at the opening of the Gastech Exhibition and Conference in Milan, Italy.
Ojulari explained that the Federal Government was seeking fresh capital inflows to scale up Nigeria’s natural gas production to 12 billion cubic feet per day while also expanding refining capacity to meet growing global demand.
“We are seeking at least 60 billion dollars in investment over the next five to seven years, which for our oil and gas industry is just the tip of the iceberg. We are seeking investors to grow production,” he said.
The NNPCL boss noted that the Petroleum Industry Act (PIA), signed into law in 2021, had transformed the corporation into a limited liability company, granting it access to direct funding and global partnerships that would accelerate industry growth.
Currently, Nigeria produces about 1.6 million barrels of crude oil per day (bpd), with a target to increase output to 2 million bpd by 2027 and 3 million bpd by 2030.
Ojulari highlighted several strategic projects under development, including:
The Ajaokuta–Kaduna–Kano (AKK) pipeline.
The extension of the West African Gas Pipeline to Morocco and onward to Europe.
Expansion of the Nigeria LNG project.
He revealed that Nigeria already supplies 60 percent of its LNG exports to Portugal and Spain, operating on Train 6, with Train 7 under construction and expected to be completed by 2026. Plans are also underway for Trains 8 and 9 to boost production further.
Ojulari stressed that these projects would not only reinforce Nigeria’s role in the global gas supply chain but also support industrialisation and job creation at home.
