Nigeria’s oil and gas sector has seen a significant influx of foreign investment, reaching approximately $17 billion in 2024. This surge is attributed to the comprehensive reforms brought about by the Petroleum Industry Act (PIA) of 2021 and a series of Executive Orders signed by President Bola Tinubu.
Udy Ntia, Executive Vice President of Upstream at the Nigerian National Petroleum Company Limited (NNPCL), shared the news during an investor session at the 2025 CERAWeek by S&P Global in Houston, Texas. Ntia highlighted the role of these reforms in liberalizing the country’s regulatory framework, offering incentives such as cost recovery mechanisms, royalty payments, and profit-sharing arrangements.
“Following the implementation of the Petroleum Industry Act and the executive orders, Nigeria has seen foreign investment inflows between $16 billion and $17 billion in 2024,” Ntia said. He also emphasized that these regulatory changes were designed to make Nigeria an increasingly attractive investment destination.
Ntia further noted that despite global energy security concerns, including those in Europe, Nigeria’s oil and gas sector remains poised for growth. The nation is leveraging favorable global energy prices and expanding its oil and gas industry to meet rising demand driven by geopolitical tensions and U.S. energy policies.
“Nigeria is strategically positioned to capitalize on these opportunities,” Ntia added. “We anticipate substantial investment inflows, particularly as global energy markets continue to evolve.”
The EVP also identified several key areas ripe for investment, including Nigeria’s refining and gas sectors. He stressed the country’s goal to boost its refining capacity to reduce dependency on imports while tapping into its abundant gas reserves—estimated at 207 trillion cubic feet—to drive industrialization and economic growth.
“Gas will play a pivotal role in Nigeria’s energy future,” Ntia noted. “We are working closely with global partners such as Shell, ENI, and Total to expand our gas infrastructure. Our LNG Train 7 project is advancing, and we are making investments in domestic pipeline networks to meet local energy demands.”
Ntia also called on international investors, particularly from China and India, to consider Nigeria’s oil and gas sector. He pointed to the country’s large crude oil reserves, which exceed 37 billion barrels, and flexible investment models such as joint ventures and production-sharing contracts as key attractions.
“Nigeria offers a stable democracy, improved security, and a business-friendly regulatory environment. We invite investors from China, India, and other global markets to collaborate with us in unlocking the vast potential of our oil and gas resources,” he stated.
The CERAWeek session also featured prominent global industry leaders, including Pinxian Zhang, Deputy Director General of Planning at China National Petroleum Corporation, Rajarshi Gupta, Managing Director of ONGC Videsh Ltd, and Masoud Mahmoud, Chairman of Libya’s National Oil Corporation.
CERAWeek, one of the world’s largest energy conferences, brings together energy experts, government officials, and corporate leaders annually in Houston for a week of discussions on the future of energy.