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Ongoing reforms in oil sector attracted $17bn investment in 2024 – 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.
This was contained in a statement issued by NNPCL spokesperson, Olufemi Soneye, on Wednesday.
He noted that the reforms have significantly liberalised the regulatory framework, offering incentives for cost recovery, royalty payments, and profit-sharing mechanisms.
Speaking on the theme, “Spotlight: Attracting Investment for Oil and Gas”, Ntia emphasised that Nigeria was well-positioned as a safe and attractive destination for investment as the nation is currently expanding its oil and gas industry to meet rising global energy demand driven by geopolitical tensions and the energy policies of the US administration.
“For us in Nigeria, despite global energy security concerns, including those in Europe, we see significant opportunities. We have strategically positioned our assets to leverage the current strong price environment, which has remained favourable over the past two to three years. As a result, we anticipate substantial investment inflows into the sector,” he stated.
Ntia called on global investors to direct their attention to the Nigerian oil and gas sector as the nation is now an investors’ haven owing to the robust regulatory reforms and the investment-friendly policies of President Bola Ahmed Tinubu’s administration.
The EVP listed some of the areas with huge investment opportunities in the country including the refining and gas sub-sectors.
He stressed 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 industrialisation and economic growth.
“Gas will play a critical role in Nigeria’s energy future. We are expanding our gas infrastructure in collaboration with partners such as Shell, ENI, and Total. Our LNG Train 7 project is advancing, and we are investing in domestic pipeline networks to meet local energy demands,” he explained.
He encouraged foreign investors, particularly from China and India, to explore the investment opportunities in Nigeria’s oil and gas sector, citing the country’s large crude oil reserves (over 37 billion barrels) and flexible investment models, including joint ventures and production-sharing contracts.
“Nigeria offers a stable democracy, improved security, and a business-friendly regulatory framework. We welcome investors from China, India, and beyond to partner with us in unlocking the vast potential of Nigeria’s oil and gas sector,” Ntia stated.
The session featured global industry leaders such as the Deputy Director General of Planning, China National Petroleum Corporation, Pinxian Zhang; Managing Director of ONGC Videsh Ltd, Rajarshi Gupta; and Chairman of Libya’s National Oil Corporation, Masoud Mahmoud.
CERAWeek is one of the largest energy conferences in the world, drawing thousands of foremost global energy industry experts and a host of other corporate and government leaders from around the world annually to Houston, United States, for a week-long conversation on the future of energy.
Suspected Islamic State’s West Africa Province (ISWAP) fighters have detonated an improvised explosive device (IED) on Mandafuma bridge, along Biu-Damboa road in Borno state.
Zagazola Makama, a counter-insurgency publication focused on the Lake Chad region, said the incident occurred at about 2 am on Tuesday.
Makama said the explosion was aimed at hindering military reinforcements traveling through the area, and to disrupt the movement of motorists and passengers along the route.
Some images released by the publication show severe damage to the bridge which links Mandafuma village and Biu town.
On April 12, eight travelers were killed following an IED explosion on the Maiduguri-Damboa road in Borno state.
The incident which involved a commercial bus heading to Maiduguri from Damboa left 11 other persons severely injured.
Similarly, on March 21, four passengers were killed and four others injured after an IED exploded under a commercial vehicle in Biu LGA of the state.
The vehicle was said to have stepped on the IED upon reaching Sabon Garin, Kimba junction, leading to a massive explosion that killed on the spot four passengers, including three females and a male.
By Abubakar Yunusa
The Dangote Petroleum Refinery has further reduced the ex-gantry price of premium motor spirit (PMS), also known as petrol, to N835 per litre.
According to sources at the refinery, the plant dropped the price of the petrol sold to oil marketers to N835 per litre, six days after the refinery reduced it to N865 per litre.
“The refinery reduced the price of the petrol to N835 per litre,” a source told TheCable.
The reduction in Dangote petrol price followed an announcement by the federal government on April 9, that the naira-for-crude oil deal will continue after the first phase ended on March 31.
“The stakeholders reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council (FEC),” the finance ministry said.
“Thus, the Crude and Refined Product Sales in Naira initiative is not a temporary or time-bound intervention, but a key policy directive designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market.”
On April 15, Farouk Ahmed, chief executive officer (CEO) of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), said the estimated pump price of petrol in Nigeria is less than that of neighbouring countries in West Africa.
Ahmed also said Nigeria’s petrol importation reduced by 29.9 million litres in eight months due to increased contributions from local refineries.
Three suspected herdsmen have been arrested following the attacks that led to the killing of 11 persons at Otobi community in Otupko local government by suspected herdsmen.
Governor Hyacinth Alia disclosed this on Wednesday while briefing journalists at the Government House in Makurdi, the state capital.
He expressed worry over the situation and called on security agencies to track down the perpetrators.
According to Alia, National Security Advisor, Nuhu Ribadu, has promised to deploy more security assets to the State to arrest the renewed wave of attacks in the state, especially the Otukpo axis.
The governor also announced the deployment of security personnel to the affected area, with three suspected herdsmen arrested in connection with the Otobi killings.
According to the member representing Otukpo-Akpa Constituency in the Benue State House of Assembly, Kennedy Angbo, nine corpses were recovered Tuesday night, followed by one in a hard-to-reach area later that evening.
By dawn Wednesday, other corpses were found, bringing the total number of fatalities to 11.
The attack has sent shockwaves through the state, particularly because the Otobi community—home to the Federal Ministry of Water Resources Multipurpose Dam—has now come under assault twice this April.
A security guard was previously killed at the dam site just days before this latest massacre.
Earlier, the governor sent his deputy, Samuel Ode, on an assessment tour to the devastated community.
He offered condolences to the grieving families and reassured residents of the state government’s commitment to tackling the spate of violent attacks across rural areas.
Ode also made some cash donations to carter for some immediate relief while the state emergency management agency has been tasked to move in for needs assessment and provide emergency response to those in need.
The attack on Otobi is the latest in a disturbing string of assaults along the Otukpo-Ado Road, from Okpamaju to Asa One and Asa Two down to the Ebonyi State border.