Oil Sector Reforms Attract $17bn Foreign Investments, Says NNPCL
The Nigerian National Petroleum Company Limited has revealed that reforms in the oil and gas sector, driven by the enactment of the Petroleum Industry Act 2021 and Executive Orders issued by President Bola Tinubu, attracted about $17bn in foreign investment in 2024.
The Executive Vice President of Upstream, Udy Ntia, disclosed this during an investor session at the 2025 CERAWeek by S&P Global in Houston, Texas, USA, a statement issued by NNPCL spokesperson, Olufemi Soneye, stated on Wednesday.
He noted that the reforms have significantly liberalized the regulatory framework, offering incentives for cost recovery, royalty payments, and profit-sharing mechanisms.
The statement partly read, “Ntia also disclosed that the Petroleum Industry Act 2021 and the series of Executive Orders signed by President Tinubu in 2023 have significantly liberalized the regulatory framework, offering incentives for cost recovery, royalty payments, and profit-sharing mechanisms, adding that Nigeria recorded $16bn to $17bn in foreign investment inflows in 2024 following the implementation of these regulatory reforms.”
The EVP listed some of the areas with huge investment opportunities in the country including the refining and gas sub-sectors, stressing that Nigeria was keen on expanding its refining capacity to reduce dependency on imports, even as it is also interested in tapping into the nation’s vast gas reserves of about 207 trillion cubic feet to drive industrialization and economic growth.
Source: ECONOMICCONFIDENTAL
