In 2024, President Bola Tinubu’s oil and gas sector reforms attracted approximately $17 billion in foreign investment to Nigeria. According to the Nigerian National Petroleum Company Limited (NNPC Ltd), these significant inflows were driven by a series of Executive Orders signed in 2023 to liberalize the industry. NNPC Ltd’s Executive Vice President, Udy Ntia, highlighted the role of these reforms in creating a more investor-friendly environment through changes to the regulatory framework, offering incentives for cost recovery and profit-sharing mechanisms.
The Petroleum Industry Act of 2021, combined with the 2023 Executive Orders, played a critical role in transforming the sector. Ntia emphasized that Nigeria’s oil and gas sector is now more attractive than ever, with improved incentives for foreign investors. He noted that these reforms not only encouraged foreign investments but also positioned Nigeria as a top destination for global capital amidst rising energy demands influenced by geopolitical tensions and U.S. energy policies.
Ntia also pointed out the opportunities within the refining and gas sub-sectors, noting that Nigeria is looking to expand its refining capacity to reduce import dependency and leverage its vast gas reserves, estimated at 207 trillion cubic feet (TCF). He underscored the critical role gas will play in Nigeria’s energy future, with ongoing infrastructure projects like the LNG Train 7 and domestic pipeline networks aimed at meeting local energy needs.
During the 2025 CERAWeek in Houston, Ntia encouraged investors from China, India, and beyond to explore Nigeria’s oil and gas opportunities, citing the country’s large crude oil reserves and flexible investment models. He also emphasized Nigeria’s stable democracy, improved security, and favorable regulatory framework as key attractions for foreign investors. The event brought together global energy leaders to discuss future trends, with Nigeria positioning itself as a key player in the global energy market.
SOURCE: THE NATION