Nigeria attracts $17bn in foreign investment as energy reforms take effect — NNPC Ltd

By Seun Ibiyemi

The Nigerian National Petroleum Company Limited (NNPC Ltd) has reported that Nigeria secured approximately $17 billion in foreign investment in 2024, attributing the inflows to major regulatory reforms and executive orders introduced by President Bola Ahmed Tinubu in 2023.

NNPC Ltd’s Executive Vice President, Upstream, Mr Udy Ntia, made this known during a session at the 2025 CERAWeek conference hosted by S&P Global in Houston, Texas.

A statement released by NNPC Ltd’s Chief Corporate Communications Officer, Mr Olufemi Soneye, detailed how these policy changes have reshaped Nigeria’s oil and gas sector, making it more attractive to investors.

“The Petroleum Industry Act of 2021, combined with the executive orders signed by President Tinubu in 2023, has restructured the regulatory framework to provide incentives for cost recovery, royalty payments, and profit-sharing mechanisms,” Ntia explained.

He encouraged international investors to take advantage of Nigeria’s vast oil and gas potential, underscoring the country’s importance in the evolving global energy market.

Ntia outlined key investment opportunities in refining and gas infrastructure, pointing to Nigeria’s extensive natural resources, including 37 billion barrels of crude oil reserves and 207 trillion cubic feet of natural gas.

“Nigeria presents a stable democratic environment, enhanced security measures, and a regulatory system that supports business growth,” he said, urging investors—particularly from China and India—to consider forming strategic partnerships in the sector.

The conference session, which featured industry leaders from China, India, and Libya, reinforced Nigeria’s position as a leading destination for energy investments.