Nigeria targets $60bn investment drive to boost gas infrastructure, industrialisation
By Seun Ibiyemi
The Nigerian National Petroleum Company Limited (NNPCL) has unveiled plans to attract $60 billion in fresh investments over the next five to seven years to scale up gas infrastructure and reinforce the country’s position in the global energy market.
Group Chief Executive Officer of NNPCL, Mr. Bayo Ojulari, disclosed this while addressing delegates from over 150 countries at the Gastech Exhibition and Conference in Milan, Italy.
He said the Federal Government was seeking the capital injection to raise natural gas production to 12 billion cubic feet per day and expand domestic refining capacity in response to rising global energy 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,” Ojulari stated.
He added that the Petroleum Industry Act (PIA) of 2021, which transformed NNPC into a limited liability company, had opened new avenues for direct funding and international partnerships.
Currently producing about 1.6 million barrels of crude oil per day, the company aims to increase output to 2 million barrels by 2027 and 3 million barrels by 2030.
Ojulari outlined ongoing flagship projects including the Ajaokuta–Kaduna–Kano (AKK) pipeline, the West African Gas Pipeline extension to Morocco and Europe, and the expansion of the Nigeria LNG project.
Nigeria, he noted, already supplies 60% of LNG to Portugal and Spain and is working on Train 7, scheduled for completion in 2026, with plans for Trains 8 and 9.
On clean energy, he highlighted the government’s programmes to deliver two million Liquefied Petroleum Gas (LPG) cylinders nationwide and transition vehicles and machinery to Compressed Natural Gas (CNG).
Speaking on Nigeria’s role in global energy security, Ojulari said geopolitical shifts such as the Russia-Ukraine conflict had accelerated regional pipeline diplomacy, including the Nigeria-Morocco Gas Pipeline and the Trans-Saharan Gas Pipeline.
Minister of State for Petroleum Resources (Gas), Mr. Ekperikpe Ekpo, also addressed the Milan forum, reiterating Nigeria’s commitment to leveraging its 210 trillion cubic feet of gas reserves to drive industrialisation, regional integration, and energy security.
“Nigeria as a gas nation is committed to using our natural gas to serve our economy, our continent, and other parts of the world,” Ekpo said, adding that ongoing regulatory reforms under President Bola Tinubu had been designed to attract global investors.
He stressed that natural gas would remain the “bridge to renewables” and the anchor for Nigeria’s energy transition, job creation, and sustainable economic growth.