NNPC: Reforms Attract $24bn Investments, Additional $10bn in Pipeline for Oil Sector Growth
NNPC: Reforms Attract $24bn Investments, Additional $10bn in Pipeline for Oil Sector Growth
NNPC: Reforms Attract $24bn Investments, Additional $10bn in Pipeline for Oil Sector Growth
The Nigerian National Petroleum Company Limited has disclosed that recent reforms in Nigeria’s oil and gas sector have attracted over $24 billion in fresh investments, with an additional $10 billion currently in the pipeline.
The Group Chief Executive Officer of NNPC Ltd, Bayo Ojulari, made this known at the 2026 Oloibiri Lecture and Energy Forum held in Abuja.
Represented by the Executive Vice President, Upstream, Udobong Ntia, Ojulari said the resolution of long-standing disputes and previously stalled Final Investment Decisions (FIDs) had significantly boosted investor confidence in the sector.
According to him, the country now has a combined potential investment pipeline of about $34 billion, reflecting renewed global confidence in Nigeria’s upstream oil industry.
He noted that NNPC is intensifying efforts to meet its target of producing three million barrels of oil per day, adding that digital transformation and the adoption of artificial intelligence (AI) are critical to achieving this goal.
“I’ve been advocating for AI for a long time, and it has now become an imperative. If we fail to embrace it, we risk becoming uncompetitive,” he said.
Ojulari explained that Nigeria possesses decades of untapped data dating back to its first commercial oil discovery in 1956, much of which remains underutilised. He stressed that mining this data using modern technology could significantly reduce costs and improve operational efficiency.
He outlined a three-pronged strategy by NNPC to achieve the production target, including protecting existing assets, accelerating near-term production growth, and restructuring its portfolio to attract new investors.
The NNPC boss also highlighted the role of the Petroleum Industry Act in improving regulatory clarity and eliminating funding bottlenecks, particularly issues related to cash call arrears.
He said the reforms, alongside recent executive orders, have enabled progress in key deepwater projects and positioned Nigeria to unlock new production opportunities.
The annual Oloibiri Lecture and Energy Forum, organised by the Society of Petroleum Engineers, brings together policymakers, industry leaders, and academics to discuss innovation and growth in the energy sector.
Ojulari emphasised that achieving and sustaining the three million barrels per day target goes beyond production, describing it as a test of Nigeria’s regulatory efficiency, capital discipline, and digital readiness.
He added that with the right policies, investments, and technology, the target is achievable within the next three to four years.
NNPC: Reforms Attract $24bn Investments, Additional $10bn in Pipeline for Oil Sector Growth
