MILAN, ITALY — The Nigerian National Petroleum Company Limited (NNPCL) says the country is seeking $60 billion in new investments over the next five to seven years to expand gas infrastructure and strengthen its position in the global energy market.
Group Chief Executive Officer of NNPCL, Mr. Bayo Ojulari, disclosed this at the opening of the Gastech Exhibition and Conference in Milan, Italy, where he addressed participants from over 150 countries.
Ojulari explained that the planned investments would scale up Nigeria’s natural gas production to 12 billion cubic feet per day, while also expanding refining capacity to meet rising global 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.
According to him, the Petroleum Industry Act (PIA), signed into law in 2021, transformed NNPCL into a limited liability company, giving it greater access to funding and global partnerships. He noted that the company is currently producing about 1.6 million barrels of crude oil per day, with targets to raise output to 2 million barrels per day by 2027 and 3 million by 2030.
Highlighting key projects, Ojulari listed the Ajaokuta–Kaduna–Kano (AKK) pipeline, the extension of the West African Gas Pipeline to Morocco and Europe, and the expansion of the Nigeria LNG project. He said Nigeria currently supplies 60 per cent of LNG imports to Portugal and Spain, while Train 7 of the NLNG project is under construction and due for completion in 2026. Plans are also underway for Trains 8 and 9.
“Nigeria has one of the best-run LNG businesses globally. We want to take advantage of the current high energy demand, which is also expected to rise further,” he added.
On clean energy, Ojulari said the government is promoting LPG adoption and has launched a programme to distribute 2 million cylinders nationwide. He also noted the rollout of a compressed natural gas (CNG) scheme for vehicles and machinery as part of Nigeria’s energy transition strategy.
Speaking on Nigeria’s role in global energy security, he said geopolitical shifts, including the Russia-Ukraine war, had accelerated regional pipeline projects, while over 200 undeveloped oil and gas fields remain open to international investors.
Also at the conference, Minister of State for Petroleum Resources (Gas), Mr. Ekperikpe Ekpo, reaffirmed Nigeria’s commitment to leveraging its 210 trillion cubic feet of gas reserves to drive industrialisation, regional integration, and global 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.
He added that the NLNG project would raise production capacity from 22 million metric tonnes per annum (MTPA) to 30 MTPA with Train 7, while regional pipeline diplomacy was advancing through the Nigeria–Morocco Gas Pipeline and the Trans-Saharan Gas Pipeline in partnership with Algeria and Equatorial Guinea.
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“Our natural gas is the bridge to renewables, and the anchor point for developing countries like Nigeria to ensure we are not left behind in the global energy transition,” the minister concluded.
Nigeria’s presence at the global summit, according to the News Agency of Nigeria (NAN), underscores its ambition to become a central player in the evolving global energy landscape.
