The Nigerian National Petroleum Company Limited (NNPC Ltd) has unveiled an ambitious plan to attract $60 billion in investments by 2030 as part of its strategy to drive Africa’s energy transformation and position Nigeria as the continent’s premier energy hub.
The announcement was made by the Group Chief Executive Officer (GCEO) of NNPC Ltd, Engr. Bashir Bayo Ojulari, during the “Energy Talk” session at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2025), held in Abu Dhabi, United Arab Emirates (UAE), on Tuesday. The session, moderated by Daniel Yergin, Pulitzer Prize-winning energy author and vice chairman of S&P Global, centered on Africa’s evolving energy landscape and the role of national oil companies in the global transition to cleaner energy sources.
Nigeria at the Heart of Africa’s Energy Future
Engr. Ojulari emphasized that Nigeria holds a central position in Africa’s energy equation, possessing some of the continent’s largest oil and gas reserves, alongside a growing renewable energy portfolio. He noted that under President Bola Tinubu’s Renewed Hope Agenda, the federal government has set out to transform Nigeria from an extraction-based economy to a diversified, investment-led energy powerhouse.
“Africa’s energy future must be built on pragmatism, partnerships, and purpose,” Ojulari stated. “At NNPC Limited, we are not merely participants in the global energy transition—we are shaping it from an African perspective. Our focus is to grow production, monetize gas, deepen partnerships, and deliver value to Nigerians and our global partners alike.”
He explained that NNPC Ltd has already raised Nigeria’s crude oil production to 1.7 million barrels per day (bpd), with a short-term goal of 2 million bpd by 2027, and a longer-term target of 3 million bpd. This progress, he said, is being achieved through redefined relationships with International Oil Companies (IOCs) and local independents, removing bureaucratic barriers, and aligning with partners on mutual growth and value creation.
Attracting $60 Billion to Power Growth
According to Ojulari, the company is actively pursuing between $30 billion and $60 billion in new capital investments through partnerships with OPEC member states, African National Oil Companies (NOCs), and global financial institutions. The funds will be deployed to expand oil and gas production, invest in new infrastructure, and accelerate Nigeria’s transition toward cleaner energy.
He highlighted that recent government policies—including new incentives introduced to complement the Petroleum Industry Act (PIA)—have started attracting foreign interest in deep-water exploration, gas monetization projects, and energy cost optimization.
Ojulari also revealed that NNPC’s current investment pipeline includes several high-impact projects designed to secure Nigeria’s long-term energy stability. Among these are the Ajaokuta-Kaduna-Kano (AKK) gas pipeline, the Obiafu-Obrikom-Oben (OB3) gas project, and the revitalization of upstream operations to increase efficiency and output.
In a statement by Andy Odeh, NNPC’s Chief Corporate Communications Officer, Ojulari underscored that these initiatives are essential to achieving Nigeria’s ambition of becoming a regional energy hub capable of supplying both African and global markets.
Call for Global Collaboration
During the discussion, Ojulari aligned his message with the keynote remarks by Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and CEO of the Abu Dhabi National Oil Company (ADNOC), who called for “pragmatic, not performative” energy policies and emphasized the need for $4 trillion in annual global investment to achieve sustainable energy security.
Echoing this sentiment, Ojulari stressed that the global energy transition must consider Africa’s realities and opportunities, not just its challenges. “Our message to the world is clear: Nigeria is open for business, NNPC Limited is fit for the future, and we invite partners across the globe to co-invest in Africa’s energy transformation,” he declared.
He further noted that Africa’s vast untapped gas reserves present a unique opportunity to bridge the global energy gap, ensuring affordable, cleaner, and more reliable energy for millions while supporting the global decarbonization agenda.
About ADIPEC 2025
The Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), hosted annually by ADNOC, is one of the world’s largest gatherings of energy industry stakeholders. The 2025 edition, themed “Energy. Intelligence. Impact.”, marks the 41st in its series, bringing together policymakers, CEOs, investors, and experts to discuss innovations and strategies shaping the future of global energy.
This year’s conference has seen strong participation from African countries seeking new collaborations to unlock the continent’s energy potential. For NNPC Ltd, the event represents a major platform to showcase Nigeria’s reform-driven energy sector and attract international capital inflows that will power its growth trajectory toward 2030 and beyond.
Conclusion
As NNPC Ltd continues its transformation into a fully commercial and globally competitive energy company, its focus on building strategic partnerships and mobilizing large-scale investments stands as a crucial pillar in achieving Africa’s broader energy independence. By aligning national priorities with global sustainability goals, the company is positioning Nigeria not just as an oil producer but as a driving force in shaping the continent’s energy future.
