Nigeria Targets $60bn Gas Investment to Expand Energy Infrastructure

|By Adejumo Adekunle

The Nigerian National Petroleum Company Limited (NNPCL) has unveiled plans to attract $60 billion in fresh investments within the next seven years to expand gas infrastructure and strengthen the country’s role in the global energy market.

The Group Chief Executive Officer of NNPCL, Mr. Bayo Ojulari, disclosed this while addressing participants from more than 150 countries at the opening of the Gastech Exhibition and Conference in Milan, Italy.

Ojulari explained that the Federal Government is banking on the funds to scale up natural gas production to 12 billion cubic feet per day while boosting refinery capacity to meet rising international 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 are seeking investors to grow production,” he said.

He noted that the Petroleum Industry Act (PIA), signed into law in 2021, transformed NNPCL into a limited liability company, opening access to direct funding and global partnerships. Currently producing about 1.6 million barrels of crude oil per day, the company is targeting 2 million bpd by 2027 and 3 million bpd by 2030.

Ojulari also highlighted ongoing projects such as 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 per cent of LNG needs in Portugal and Spain, with Train 7 under construction and expected to be completed in 2026, followed by future Trains 8 and 9.

With these projects, Nigeria aims not only to industrialise locally but also to secure a stronger foothold in the global energy supply chain.