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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.
The Troops of Sub-Sector 4, Operation FANSAN YAMMA, ambushed bandits and neutralised three of them off the Kaduna-Abuja highway.
Acting Deputy Director Army Public Relations, 1 Division, Nigerian Army, Lt-Col. Musa Yahaya, confirmed the development in a statement issued on Wednesday in Kaduna.
Yahaya said, “In a well-coordinated operation on Tuesday, troops of Sub-Sector 4, Operation FANSAN YAMMA successfully neutralised three Violent Extremists and Insurgents (VEIs) in an ambush at an area near Ngwagi Hill, Gwagwada Community, off the Kaduna – Abuja highway in Chikun LGA of Kaduna State.”
The spokesman said that the success of the operation was based on acting on credible intelligence that the VEI was sighted near Ngwagi Hill.
He said that troops were immediately deployed on long-range fighting patrol to the likely road-crossing point of the insurgents.
According to him, the troops got to the location at about 5.30 p.m. on the same date. They successfully launched the ambush, which effectively neutralised three armed members of the criminal group.
“During the operation, troops also recovered a cache of arms and ammunition, including two AK-47 rifles, eight AK-47 rifle magazines, 374 rounds of 7.62mm x 39 special ammunition and 88 rounds of 7.62mm x 54 NATO ammunition.
Other items recovered were one Infinix mobile phone, medical supplies, clothing, and dry rations, ” Yahaya said.
He said the operation’s success was a testament to the troops’ high fighting morale and combat efficiency.
“This achievement is also due to the effective collaboration between the military and intelligence agencies, which provided credible intelligence that informed the operation.
He said the General Officer Commanding 1 Division, Nigerian Army, and Commander Sector 1 Joint Task Force Operation FANSAN YAMMA, Maj.-Gen. Mayirenso Saraso, commended the troops for their resilience and successful conduct of the operation.
He charged the troops not to relent on their oars until all criminal elements operating in the Division and the Sector’s area of operational responsibility were neutralised.
NAN
Kaduna State Governor, Senator Uba Sani, has flagged off the commencement of the Kabala Costain to Aliyu Makama Link Dual Carriage Road, a project abandoned by the previous administration after completing only 30 per cent.
The Governor, who performed the ceremony near the Kabala Costain link bridge on Wednesday, said that his administration has already mobilized the contractor to ensure that the remaining 70% of the project is completed in record time.
“This road is a vital artery that will connect the vibrant communities of Kaduna South to Kaduna North Local Government Areas.
“It is more than an infrastructure, but a lifeline, channel for commerce and a pathway to opportunity,” the governor said.
He added that the road would also serve as an alternative route for long-distance travellers, enhancing easy movement from the northeastern and northwestern parts of the country to the Federal Capital Territory and beyond.
Sani recalled his campaign promise to construct 50 kilometres of road in all 23 local governments.
“In the past 20 months, our administration has initiated over 78 road projects across Kaduna State, covering a total of approximately 775 kilometres.
“These projects are not just numbers; they represent the dreams and aspirations of our people. We are steadily fulfilling our promises to the good people of Kaduna State. We are simultaneously transforming rural and urban poor communities that have often been overlooked,” he added.
The Governor praised the state’s people for maintaining peace, emphasizing the nexus between peace and development.
“I want to commend the people of Kaduna State for the prevailing peace in the state. We have not experienced any ethno-religious crisis in the last 22 months. This is a testament to the resilience and determination of our people,” he said.
Speaking earlier, the Managing Director of Kaduna State Roads Agency, Dr Abdullahi Ahmed, disclosed that outstanding debts related to the completed portion of the project totalled N2.2 billion.
“I am pleased to announce that Governor Uba Sani has already approved and mobilised the contractor with more than 50 per cent of the funds to complete this great project,” he said.
Ahmed explained that the project was initially abandoned due to significant geological challenges, including poor soil conditions and waste deposits.
“However, Governor Sani has ensured that the contractors are adequately mobilized to overcome these challenges,” he added.
BY ANKELI EMMANUEL, Sokoto
In their dedication to ensuring zero dose, the African Health Budget Network (AHBN) has appealed to mother’s and caregivers in Sokoto State to always prioritize child immunization always.
Making the appeal in a signed press release as part of their commitment to the ongoing International Women Day’s celebration, AHBN) State Focal Person,
Umar Garba Kadi, said vaccines are safe and protect children from preventable diseases.
Garba Kadi who also appreciated Sokoto State government for it’s support to ensuring meeting a zero dose, however, appealed for more commitment and support to make immunization more appealing and accessible especially for parents and caregivers at the rural areas.
Continuing, Kadi said,
“The observance of the International Women Day, is draw attention to the importance of women and the critical roles they play generally. And in line with that, we want to also use the avenue to send a reminder of the importance of prioritizing our children’s health.
“We therefore, urge all mothers and caregivers to ensure their children receive all recommended vaccines,” Garba Kadi advised.
Talking on the mission of African Health Budget Network, the Sokoto State Focal Person, Garba Kadi re-affirmed that it is dedicated to advocating for health budget transparency and sustainability and ensuring all children receive life saving vaccinations.