The Nigerian National Petroleum Company Limited (NNPCL), the state-controlled oil marketing company has initiated investment moves in collaboration with strategic partnerships with a view to attracting $60 billion in investments by 2030 to catalyze current drives towards Africa’s energy transformation.
The company’s Group Chief Executive Officer Engr. Bayo Ojulari, made this disclosure on Tuesday at the “Energy Talk” session at the ongoing four-day Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2025) in Abu Dhabi, United Arab Emirates (UAE).
The industry expert, while fielding questions from the host and Pulitzer Prize-winning energy author, Daniel Yergin, maintained that Nigeria’s pivotal role in Africa’s energy sector transition remained crucial and that the NNPCL was determined to play a pivotal role in the drive for energy sufficiency in the African continent.
Ojulari spoke on Nigeria’s huge oil, gas, and renewable energy endowments, pointing out that under the President Bola Tinubu-led administration there are sundry reforms being implemented to transform Nigeria from an extractive economy to a diversified, investment-driven energy hub.
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He clarified: “Africa’s energy future must be built on pragmatism, partnerships, and purpose. At NNPC Limited, we are not just participating in the energy transition, we are shaping it from an African perspective. Our focus is pragmatic: grow production, monetize gas, deepen partnerships, and deliver value to Nigerians and global partners alike.”
The company’s GCEO told the audience that NNPC Limited had raised Nigeria’s oil output to 1.7 million barrels per day, and that the government’s target was to raise the output to 2 million bpd by 2027 and 3 million bpd in 2030 based on Nigeria’s relationships with IOCs and independent producers in the global oil market.
Ojulari, while reaffirming the company’s commitment to collaboration, said the company was actively working with OPEC partners, African national oil companies (NOCs), and global financial institutions to attract between $30 billion and $60 billion in fresh capital by 2030.
He maintained that recent government incentives introduced to complement the Petroleum Industry Act (PIA) implementation were improving the nation’s investment space and now encouraging foreign investors’ interest in deep-water exploration, dry gas development, and operational cost optimization.
A statement issued by NNPC’s Chief Corporate Communications Officer, Andy Odeh, on the GCEO’s address at the global event quoted him as listing some of the key projects catalyzing Nigeria’s energy transformation as including the revitalization of upstream operations, fast-tracking new field developments, and expanding gas infrastructure projects such as the Ajaokuta-Kaduna-Kano (AKK) pipeline and the Obiafu-Obrikom-Oben (OB3) gas pipeline.
Ojulari urged global stakeholders to co-invest in Africa’s energy future, stressing that the Federal Government’s “message to the world is clear: Nigeria is open for business, and NNPC Limited is fit for the future, and we invite the world to co-invest in Africa’s energy transformation.”
