Nigeria is courting global investors with promises that its vast natural gas reserves can help power the world through an era of energy uncertainty, with officials unveiling a $60 billion expansion drive aimed at cementing the country’s place in the global energy order.
Speaking at the Gastech Exhibition and Conference in Milan, Italy, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mr. Bayo Ojulari, said the Federal Government was repositioning the energy giant to attract capital, expand infrastructure and serve as a dependable supplier to Europe, Africa and beyond.
“We are seeking at least 60 billion dollars in investment over the next five to seven years, which for our oil and gas industry is just the tip of the iceberg. We are seeking investors to grow production,” Ojulari declared, addressing an audience drawn from more than 150 countries.
He outlined Nigeria’s ambition to scale natural gas output to 12 billion cubic feet per day while raising refining capacity to meet surging global demand. The plan is underpinned by the Petroleum Industry Act (PIA), which restructured NNPC into a limited liability company, giving it greater autonomy to raise funding and forge international alliances.
Currently producing 1.6 million barrels of crude oil per day, NNPCL is mandated to reach two million barrels per day by 2027 and three million barrels by 2030. The growth trajectory is being driven by strategic projects, including the Ajaokuta–Kaduna–Kano (AKK) pipeline, the extension of the West African Gas Pipeline to Morocco and Europe, and the expansion of the Nigeria LNG project.
Nigeria already supplies 60 percent of LNG to Portugal and Spain. Ojulari disclosed that Train 7 of the NLNG plant will be completed in 2026, while Trains 8 and 9 are being lined up. “Nigeria has one of the best-run LNG businesses globally. We want to take advantage of the current high energy demand, which is also expected to go even higher,” he said.
The NNPCL chief stressed that the global energy transition will not sideline gas, which he described as Nigeria’s “bridge fuel.” He revealed ongoing efforts to scale up clean energy adoption, including the rollout of two million LPG cylinders nationwide and the transition to Compressed Natural Gas (CNG) for vehicles and machinery.
He also tied Nigeria’s pitch to global geopolitics, saying that the Russia-Ukraine war had made regional pipeline diplomacy urgent. “Nigeria has over 200 undeveloped oil and gas fields,” Ojulari said, calling them “greenfield opportunities” for foreign investors. He added: “Nigeria is a global market. While foreign policies do impact us, our focus is on creating a stable market and building the right partnerships.”
Backing Ojulari’s message, the Minister of State for Petroleum Resources (Gas), Mr. Ekperikpe Ekpo, said natural gas sits at the heart of Nigeria’s economic and diplomatic strategy. He reaffirmed that the government was leveraging vast reserves—estimated at 210 trillion cubic feet—to drive industrialisation, job creation, agriculture and clean cooking solutions.
“Nigeria as a gas nation is committed to using our natural gas to serve our economy, our continent, and other parts of the world,” Ekpo said.
He added that the Nigeria-Morocco Gas Pipeline, a 5,000-kilometre project that will link West Africa to Europe, and the Trans-Saharan Gas Pipeline with Algeria and Equatorial Guinea, underscore Nigeria’s determination to be a key player in regional integration and global energy security.
Ekpo noted that Train 7 of the NLNG project would raise output capacity from 22 million metric tonnes per annum (MTPA) to 30 MTPA. He stressed that new executive orders under President Bola Tinubu were designed to ensure investors enjoy a transparent and business-friendly environment.
“Our natural gas is the bridge to renewables, and the anchor point for developing countries like Nigeria to ensure we are not left behind in the global energy transition,” the minister concluded.
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