The Nigerian National Petroleum Company Limited (NNPCL) on Tuesday hinted that it was targeting a minimum new investment of $30 billion by 2027 and $60 billion by 2030 in view of the improving investment policy regime in the hydrocarbon resources industry.
Last year, a total of $17 billion was attracted into the nation’s energy sector.
The Group Chief Executive Officer of the state-controlled oil company, Bashir Bayo Ojulari, while speaking at the 24th NOG Energy Week in Abuja, said these new investments were critical to achieving the national aspiration of raising sustainable crude oil production to 2 million barrels per day by 2027 and 3 million barrels by 2030.
To achieve the ambitious targets, Ojulari outlined a three-pronged approach, including strategic partnerships with international oil companies (IOCs), technology providers, contractors, consultants, and capital markets; performance contracts and clearly defined key performance indicators to ensure accountability and measurable results across all levels of collaboration and; investments in diversification, digital transformation, and, most importantly, in the workforce..
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H explained that his vision as the company’s GCEO was to pursue a transition from a talk shop into a deal room where performances are celebrated and investment deals are closed.
Ojulari maintained that with bold targets, major infrastructure milestones, and renewed confidence in Nigeria’s oil and gas ecosystem, the NNPCL had been positioning itself and the nation for a future defined by energy security, innovation, and industrial prosperity.
He also spoke on Nigeria’s recent achievements in energy infrastructure development following the successful crossing of the River Niger by the Ajaokuta-Kaduna-Kano, (AKK) Gas Pipeline, a major engineering project by the NNPCL after surmounting the challenging phase of the AKK project.
The AKK pipeline, which is scheduled for completion in Q4 of 2025, is a key component of Nigeria’s Gas Master Plan, designed to boost industrialisation, expand power generation, and support energy transition efforts.
Ojulari also highlighted the turnaround in the nation’s oil pipeline operations, stating that Nigeria recorded 100 per cent crude oil pipeline availability in June 2025 — a dramatic recovery from mid-2022.
The industry expert said the NNPCL, through industry-wide security collaboration and stakeholder engagement, had advanced from crisis to control, noting that this operational stability is already attracting new investments into onshore and shallow water assets.
On the importance of the Petroleum Industry Act (PIA) 2021 to the growth of the oil and gas sector, the company’s GCEO said the legislation was pivotal in transforming the NNPCL from a government-owned corporation into a commercially driven limited liability company.
He clarified: “The PIA has allowed NNPC to manage its financing and partnerships. So today, NNPC can raise the finance for all its businesses — a shift that is driving growth across the sector.”
To consolidate on the recent gains in the industry, Ojulari advocated the need for stronger collaboration among all stakeholders, especially in cases where certain partners struggle to raise the capital required for project delivery.
On expanding Gas Production and utilisation, he also harped on the need to deepen natural gas production to support power generation, gas-based industries, transportation, economic development, and revenue growth under the National Gas Expansion Programme and the Decade of Gas (2021–2030).
He assured the investment public and other stakeholders that the new management of the NNPCL was committed to continuously improving the company’s processes, technology and operations to expand gas utilisation and reduce reliance on oil alone.”
