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. Group Chief Executive Officer Bayo Ojulari said this investment will be crucial for boosting industrialisation 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 funding aims to raise Nigeria’s natural‑gas production to 12 billion cubic feet per day and to 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 nation’s energy output.
The Petroleum Industry Act (PIA), signed into law in 2021, transformed the NNPC into a limited‑liability company, enabling it to access direct funding and forge global partnerships. Currently, the company produces approximately 1.6 million barrels of crude oil per day, with a mandate to increase output to 2 million barrels per day by 2027 and 3 million barrels per day by 2030.
Several projects are already 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. Nigeria already supplies 60 % of liquefied natural gas (LNG) to Portugal and Spain. The company is constructing Train 7 of the Nigeria LNG project, 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, potentially increasing the country’s share of the global energy market. As the NNPCL 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.
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