Copyright bizwatchnigeria
The Nigerian National Petroleum Company Limited (NNPC Ltd) says it is targeting between $30 billion and $60 billion in fresh investments by 2030 as part of its strategy to accelerate Africa’s energy transformation and reposition Nigeria as a leading player in the global energy transition. Group Chief Executive Officer of NNPC Ltd, Engr Bashir Bayo Ojulari, disclosed this on Tuesday during an “Energy Talk Session” at the ongoing Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2025) in the United Arab Emirates. He spoke while responding to questions from Pulitzer Prize-winning energy author, Daniel Yergin. Ojulari said Nigeria holds significant oil, gas, and renewable energy potential which, under President Bola Tinubu’s Renewed Hope Agenda, is being repositioned from an extractive economy into a diversified, investment-driven energy hub. “Africa’s energy future must be built on pragmatism, partnerships, and purpose,” Ojulari said. “At NNPC Limited, we are not just participating in the energy transition — we are shaping it from an African perspective. Our focus is pragmatic: grow production, monetise gas, deepen partnerships, and deliver value to Nigerians and global partners alike.” The NNPC chief said crude oil output has risen to 1.7 million barrels per day, with targets of two million barrels per day by 2027 and three million barrels per day in the long term. He attributed the production rebound to strengthened engagement with international oil companies (IOCs) and independents, removal of legacy bottlenecks, and renewed alignment on shared value. Ojulari further stated that NNPC Ltd is working closely with OPEC stakeholders, African national oil companies and international financial institutions to unlock the planned $60 billion capital inflow by the end of the decade. He added that new incentives introduced to complement the Petroleum Industry Act (PIA) are already stimulating renewed foreign interest in deep-water exploration, gas development and operational efficiency. A statement issued by NNPC’s Chief Corporate Communications Officer, Andy Odeh, listed ongoing priority projects including upstream revitalisation, fast-tracked new field developments, and major gas infrastructure schemes — notably the Ajaokuta–Kaduna–Kano (AKK) pipeline and the Obiafu–Obrikom–Oben (OB3) gas pipeline. Referencing the opening remarks by the UAE Minister of Industry and ADNOC CEO, Dr Sultan Ahmed Al Jaber — who called for “pragmatic, not performative” energy policies and noted that $4 trillion in annual investments is needed globally — Ojulari urged the global energy community to co-invest in Africa’s growth. “Our message to the world is clear: Nigeria is open for business, NNPC Limited is fit for the future, and we invite the world to co-invest in Africa’s energy transformation,” he said. ADIPEC is one of the world’s largest energy conferences, hosted annually by ADNOC. The 2025 edition, the 41st is themed “Energy. Intelligence. Impact.”
