The Nigerian National Petroleum Company Limited (NNPCL) has announced plans to secure $60 billion in new investments over the next five to seven years to expand the country’s gas infrastructure. According to Group Chief Executive Officer, Mr. Bayo Ojulari, this investment will be crucial in boosting industrialization and reinforcing Nigeria’s position in the global energy market.

Speaking at the Gastech Exhibition and Conference in Milan, Italy, Ojulari emphasized that the planned investment aims to increase Nigeria’s natural gas production to 12 billion cubic feet per day and expand refinery capacity to meet growing global energy demand. The NNPCL is seeking investors to grow production, with the ultimate goal of scaling up the country’s energy output.

The Petroleum Industry Act (PIA), signed into law in 2021, has transformed the NNPC into a limited liability company, enabling it to access direct funding and forge global partnerships. Currently, the company is producing approximately 1.6 million barrels of crude oil per day, with a mandate to grow output to 2 million barrels per day by 2027 and 3 million barrels per day by 2030.

Several ongoing projects are underway, including 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. Notably, Nigeria already supplies 60% of liquefied natural gas (LNG) to Portugal and Spain. The company is currently constructing Train 7 of the Nigeria LNG project, which is scheduled for completion in 2026, with plans for Trains 8 and 9.

The investment drive is expected to have a significant impact on Nigeria’s energy sector, with the potential to increase the country’s global energy market share. As the company moves forward with its expansion plans, it is likely to play a more prominent role in the global energy landscape. With its rich natural gas reserves and strategic location, Nigeria is well-positioned to become a major player in the global energy market.