The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced a bold target to attract between $30 billion and $60 billion in new investments by 2030 through strategic international partnerships aimed at redefining Africa’s energy landscape.
The Group Chief Executive Officer of NNPC Ltd, Engr. Bashir Bayo Ojulari, made the disclosure on Tuesday during the “Energy Talk” session at the ongoing Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2025) holding in Abu Dhabi, United Arab Emirates.
Speaking during an interactive session moderated by acclaimed energy author and Pulitzer Prize winner, Daniel Yergin, the GCEO highlighted Nigeria’s central role in Africa’s evolving energy ecosystem, stressing that NNPC Ltd remains the key national driver for sustainable energy growth, supply stability, and regional energy security.
Ojulari noted that Nigeria possesses some of the continent’s most significant oil and gas reserves, alongside strong renewable energy potential. He said under President Bola Ahmed Tinubu’s Renewed Hope Agenda, the nation is shifting from a predominantly extractive model to a diversified and investment-driven energy economy.
“Africa’s energy future must be built on pragmatism, partnerships, and purpose,” Ojulari stated.
“At NNPC Limited, we are not just participating in the energy transition, we are shaping it from an African perspective. Our focus is pragmatic: grow production, monetize gas, deepen partnerships, and deliver value to Nigerians and global partners alike.”
Production Output on the Rise
Ojulari disclosed that Nigeria’s oil production has been restored to 1.7 million barrels per day following targeted interventions, with further plans to increase output to 2 million barrels per day by 2027, and eventually 3 million barrels per day in the long term.
He attributed the progress to improved cooperation with International Oil Companies (IOCs), indigenous producers, and a renewed commercial framework that addresses legacy operational challenges.
Policy Reforms Driving Investor Confidence
The GCEO further explained that recent government incentives, designed to complement the Petroleum Industry Act (PIA), are attracting renewed foreign interest across:
- Deepwater exploration projects
- Gas development and monetization plans
- Cost efficiency and operational optimization initiatives
Strengthened Regional and Global Partnerships
Ojulari emphasized that NNPC Ltd is actively collaborating with:
- OPEC member partners
- African national oil companies (NOCs)
- International financial and investment institutions
to secure long-term funding and drive sustainable development within the region’s energy value chain.
He underscored that the next decade is critical for Africa in determining how it balances energy access, affordability, and sustainability.
NNPC Ltd is positioning itself at the forefront of Africa’s energy transition — not only as a national oil company but as a central player in the continent’s future energy architecture.
