The Nigerian National Petroleum Company Limited (NNPCL) has unveiled plans to attract $60 billion in new investments over the next five to seven years to significantly expand the country’s gas infrastructure and enhance its global energy market presence.
Speaking to a global audience from over 150 countries during the opening of the Gastech Exhibition and Conference in Milan, Italy, NNPCL Group Chief Executive Officer, Bayo Ojulari, emphasized the Federal Government’s drive to accelerate industrialisation and meet rising energy 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 join us in growing production,” Ojulari said.
Key Targets and Projects
The investment is aimed at scaling Nigeria’s natural gas production to 12 billion cubic feet per day, alongside expanding refinery capacity to meet growing global energy requirements.
NNPCL currently produces about 1.6 million barrels of crude oil per day, with a strategic mandate to boost this to 2 million barrels per day by 2027 and 3 million barrels per day by 2030.
Ojulari highlighted several ongoing and upcoming projects, including:
- The Ajaokuta–Kaduna–Kano (AKK) pipeline
- The extension of the West African Gas Pipeline to Morocco and Europe
- Expansion of the Nigeria LNG project, with construction underway on Train 7 (completion expected in 2026) and plans for Trains 8 and 9
Currently, Nigeria supplies 60% of LNG to Portugal and Spain, reinforcing its strategic importance in global liquefied natural gas markets.
The CEO credited the Petroleum Industry Act (PIA) of 2021 for transforming NNPC into a limited liability company, enabling it to secure direct funding and foster international partnerships vital for realizing these ambitious goals.
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