Bayo Ojulari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), disclosed that Nigeria’s oil and gas industry attracted $17 billion in new investments in 2024.
This inflow, according to Ojulari, marks a major step toward the nation’s broader ambition of driving sustainable production growth and boosting gas output by the end of the decade.
Speaking at the opening of Energy Week 2025, Ojulari stated that the company aims to increase investment across the energy value chain to at least $30 billion by 2027 and $60 billion by 2030.
He noted that such funding would support plans to achieve a sustained crude oil production of 2 million barrels per day (bpd) by 2027 and 3 million bpd by 2030.
“Our target is to increase investment across the energy value chain to a minimum of $30 billion by 2027 and $60 billion by 2030,” Ojulari said. “This investment will underpin our national aspiration to raise production to 2 million barrels per day by 2027 sustainably, not peak, and 3 million barrels by 2030.”
Expanding gas output and major project milestones
Beyond crude oil, Ojulari added that NNPC is pushing to expand daily gas production to 10 billion cubic feet (BCF) by 2027 and 12 BCF by 2030.
He explained that gas remains central to the country’s energy transition strategy, supporting domestic power, petrochemicals, and export markets.
Highlighting recent progress, Ojulari mentioned the milestone achievement of crossing the River Niger as part of the Ajaokuta–Kaduna–Kano (AKK) gas pipeline project.
He noted that the crossing had posed significant technical challenges but its completion marks a crucial step towards delivering greater gas supply to northern Nigeria and beyond.
“Now is the time to invest, now is the time to innovate, and now is the time to form partnerships that go beyond transactions,” Ojulari urged participants.
Sector reforms and national impact
The NNPC chief further stated that transforming the company goes beyond corporate targets, explaining it also contributes to national development from energy security and job creation to infrastructure growth and renewable energy investments.
Moreover, Ojulari invited industry stakeholders to use Energy Week 2025 as a platform to build collaborations that could accelerate Nigeria’s shift to a resilient and inclusive energy sector.
According to him, investments in the coming years are expected to catalyze growth, reduce import dependence, and increase revenue to federal and state governments.
“We aren’t just transforming a company. We are contributing to transforming a nation,” Ojulari stated.
Nigeria’s oil and gas sector, which accounts for about 80% of export revenue, has seen renewed investment interest following recent reforms, including the Petroleum Industry Act (PIA).
Industry experts suggest that sustained funding, transparency, and infrastructure upgrades remain critical to meeting the nation’s production and export goals by 2030.
