Nigeria seeks USD 60 billion to grow oil and gas sector

Nigeria seeks $60 billion to grow oil and gas sector

ABUJA, September 12, 2025 – Nigeria’s NNPC has unveiled plans to raise USD 60 billion in new investments over the next five to seven years to boost gas production and develop infrastructure supporting the country’s position in the global energy market, Group CEO Bayo Ojulari said in a call at the 2025 Gastech Exhibition and Conference held in Milan on Tuesday.

Ojulari said the federal government aimed to attract investment to drive industrialisation and reinforce Nigeria’s role as a leading energy hub in Africa.

The country seeks to increase gas production to 12 bcf [340 mcm] per day and scale up refining capacity to meet global demand.

Ojulari added that several investors had already entered the market with gas-based industries such as petrochemicals and methanol plants, but more capital was required. He further said the federal government needed investment in CNG infrastructure and highlighted over 200 undeveloped oilfields with “enormous potential” to grow oil output beyond 1.7 million barrels per day.

NNPC is also “investing heavily” in carbon capture, energy efficiency and gas flaring reduction technologies to align with the goals of its financing partners.

NNPC is Nigeria’s state-owned oil and gas company, active across upstream, midstream and downstream operations. It operates joint ventures and production sharing contracts with international and domestic oil firms and is leading Nigeria’s gas commercialisation and infrastructure development initiatives.

In Nigeria, NNPC plays a central role in executing the country’s Gas Master Plan, including pipeline construction, gas processing and LNG export expansion, particularly through partnerships like NLNG.

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