NNPCL’s Executive Vice President, Upstream, Udy Ntia, made the appeal on Tuesday during a session with investors at the 2025 CERAWeek by S&P Global in Houston, Texas, United States. Speaking on the theme, *‘Spotlight: Attracting Investment for Oil and Gas,’* Ntia highlighted Nigeria’s strategic position as a safe and attractive hub for investment, particularly as the country expands its oil and gas industry to meet rising global energy demand fueled by geopolitical tensions and the energy policies of the US administration.
“For Nigeria, despite global energy security concerns, including those in Europe, we see significant opportunities. We have strategically positioned our assets to take advantage of the current strong price environment, which has remained favourable over the past two to three years. As a result, we expect substantial investment inflows into the sector,” he stated.
Ntia identified key areas with significant investment potential, including the refining and gas sub-sectors. He emphasized Nigeria’s commitment to expanding its refining capacity to reduce reliance on imports and tapping into its vast gas reserves, estimated at 207 trillion cubic feet (TCF), to drive industrialization and economic growth.
“Gas will play a critical role in Nigeria’s energy future. We are expanding our gas infrastructure in collaboration with partners such as Shell, ENI, and Total. Our LNG Train 7 project is progressing, and we are investing in domestic pipeline networks to meet local energy demands,” he explained.
Ntia also noted that the Petroleum Industry Act (PIA) 2021 and the series of Executive Orders signed by President Bola Tinubu in 2023 have significantly liberalized the regulatory framework, offering incentives for cost recovery, royalty payments, and profit-sharing mechanisms. He revealed that Nigeria attracted $16 billion to $17 billion in foreign investment inflows in 2024 following the implementation of these reforms.
He encouraged foreign investors, particularly from China and India, to explore opportunities in Nigeria’s oil and gas sector, citing the country’s large crude oil reserves (over 37 billion barrels) and flexible investment models, including joint ventures and production-sharing contracts.
“Nigeria offers a stable democracy, improved security, and a business-friendly regulatory framework. We welcome investors from China, India, and beyond to partner with us in unlocking the vast potential of Nigeria’s oil and gas sector,” Ntia concluded.
The session featured prominent global industry leaders, including Pinxian Zhang, Deputy Director-General of Planning at China National Petroleum Corporation (CNPC); Rajarshi Gupta, Managing Director of ONGC Videsh Ltd (OVL); and Masoud Mahmoud, Chairman of Libya’s National Oil Corporation.
CERAWeek is one of the world’s largest energy conferences, attracting thousands of global energy experts, corporate leaders, and government officials annually to Houston, United States, for discussions on the future of energy.