• EVP Udy Ntia says Nigeria now an investors’ haven
'Seun Ibukun-Oni, Abuja
DAILY COURIER - The Nigerian National Petroleum Company Limited (NNPC Ltd) has urged global investors to capitalize on the investment-friendly regulatory reforms and thriving opportunities in Nigeria’s oil and gas sector, positioning the country as a prime investment destination.
A statement today by the corporation's spokesperson, Olufemi O. Soneye, stated that on Tuesday, the Executive Vice President (EVP), Upstream, Udy Ntia, speaking at the 2025 CERAWeek by S&P Global in Houston, Texas, emphasized that Nigeria’s energy sector is undergoing a transformation, making it a safe and attractive market for investors.
Addressing a session themed “Spotlight: Attracting Investment for Oil and Gas,” Ntia stated that geopolitical tensions and evolving global energy policies have created new opportunities for Nigeria to expand its oil and gas sector. He explained that despite global energy security concerns, including those in Europe, Nigeria sees significant opportunities. According to him, the country has strategically positioned its assets to leverage the current strong price environment, which has remained favorable over the past two to three years. As a result, substantial investment inflows into the sector are anticipated.
Nigeria is currently expanding its refining capacity to reduce import dependence and drive industrialization. Ntia noted that the country is actively seeking investors in the refining and gas sub-sectors, with gas playing a crucial role in Nigeria’s energy future. He revealed that the country is expanding its gas infrastructure in collaboration with partners such as Shell, ENI, and Total. He added that the LNG Train 7 project is advancing, and investments in domestic pipeline networks are being made to meet local energy demands.
With over 207 trillion cubic feet (TCF) of gas reserves, Nigeria has one of the largest untapped gas potentials in the world. The country is keen on utilizing these reserves to drive economic growth, power industries, and position itself as a global gas hub.
Ntia highlighted that recent reforms under President Bola Ahmed Tinubu’s administration, including the Petroleum Industry Act (PIA) 2021 and Executive Orders signed in 2023, have significantly improved Nigeria’s investment climate. He explained that these reforms provide incentives for cost recovery, royalty payments, and profit-sharing mechanisms, making Nigeria a more competitive and lucrative environment for oil and gas investors. He further disclosed that Nigeria attracted between $16 billion and $17 billion in foreign investment inflows in 2024, reflecting growing investor confidence in the country’s oil and gas industry.
Encouraging more participation, particularly from China and India, Ntia pointed to Nigeria’s large crude oil reserves, estimated at over 37 billion barrels, and the availability of flexible investment models, such as joint ventures and production-sharing contracts. He assured potential investors that Nigeria offers a stable democracy, improved security, and a business-friendly regulatory framework. He extended an invitation to investors from China, India, and beyond to partner with Nigeria in unlocking the vast potential of its oil and gas sector.
The session at CERAWeek 2025 featured key global energy industry figures, including Pinxian Zhang, Deputy Director-General, Planning, China National Petroleum Corporation (CNPC); Rajarshi Gupta, Managing Director, ONGC Videsh Ltd (OVL), India; and Masoud Mahmoud, Chairman, Libya’s National Oil Corporation. The participation of these high-profile executives further underscores the growing international interest in Nigeria’s energy sector.
CERAWeek is one of the world’s largest and most prestigious energy conferences, bringing together thousands of industry experts, corporate leaders, and policymakers annually in Houston, Texas, for a week-long discussion on the future of energy. Nigeria’s active presence at the event signals its commitment to engaging with international investors and reinforcing its position as a major player in the global energy market.
