NNPC Eyes $60 Billion Investment by 2030: Driving Africa’s Energy Transformation
The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced an ambitious target: attracting between $30 billion and $60 billion in fresh capital by 2030. This massive investment drive is aimed at accelerating Africa’s energy transformation, with Nigeria positioned as the central hub.
The commitment was made by NNPC Ltd’s Group Chief Executive Officer (GCEO), Engr. Bashir Bayo Ojulari, during the “Energy Talk” session at the prestigious Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2025). This strategy underscores the company’s shift from a purely extractive model to a diversified, investment-driven energy enterprise.
The $60 Billion Investment Mandate and Strategy
Engr. Ojulari emphasized Nigeria’s pivotal role in the continent’s energy milieu, stressing that Africa’s energy future must be anchored on pragmatism, partnerships, and purpose. The $60 billion target reflects the capital expenditure required to realize the full potential of Nigeria’s oil, gas, and renewable energy assets.
The core strategy revolves around three key areas:
1. Oil Production Growth
NNPC Ltd is working to stabilize and significantly raise Nigeria’s crude oil output to boost revenue and market share:
Current Output: Raised to 1.7 million barrels per day (bpd).
Medium-Term Target: Aiming for 2 million bpd by 2027.
Long-Term Goal: Achieving 3 million bpd in the long run.
2. Strategic Gas Monetization
A cornerstone of the GCEO’s vision is leveraging Nigeria’s vast natural gas reserves. This pragmatic approach, seen through the NaijaEyes perspective of energy independence and industrialization, focuses on monetizing gas both for export and, critically, for domestic power generation.
3. Deepened Partnerships
The NNPC is actively seeking co-investment from OPEC partners, African National Oil Companies (NOCs), and global financial institutions. The GCEO’s message at ADIPEC was clear: “Nigeria is open for business,” inviting the world to co-invest in Africa’s energy transformation.
Policy and Project Flagships Driving Investment
To attract this scale of capital, the Nigerian government has put in place policy and project incentives that complement the foundational Petroleum Industry Act (PIA).
Policy Drivers
The government has introduced new incentives specifically designed to stimulate foreign interest in high-cost, high-reward areas:
Deep-Water Exploration: New fiscal terms are being finalized to attract investment into Nigeria’s deep offshore assets.
Dry Gas Development: Incentives are targeting gas fields that are not associated with crude oil production, crucial for ensuring long-term supply stability.
Operational Cost Optimization: Efforts are underway to reduce the cost of operations, making Nigerian projects more globally competitive.
Critical Infrastructure Projects
The NNPC is prioritizing flagship infrastructure projects essential for unlocking gas potential and improving domestic distribution:
Ajaokuta-Kaduna-Kano (AKK) Pipeline: A crucial gas pipeline project set to transport gas from the South to the northern parts of Nigeria, driving industrial growth.
Obiafu-Obrikom-Oben (OB3) Gas Pipeline: Fast-tracking gas delivery and supply within the South-South and South-East regions.
The Renewed Hope Agenda and Global Call to Action
The NNPC’s strategy aligns perfectly with President Bola Tinubu’s Renewed Hope Agenda for energy security and fiscal sustainability. The goal is to fundamentally transform Nigeria from an extractive economy to a diversified energy hub.
The call for “pragmatic, not performative” energy policies, echoed by the UAE Minister of Industry at ADIPEC, resonated with Engr. Ojulari’s pitch. From the perspective of NaijaEyes, this ambitious $60 billion plan means leveraging global partnerships to deliver tangible, localized impact: more power, more industrial output, and ultimately, greater value delivered to Nigerians.
The success of this strategy hinges on policy consistency and the timely completion of these critical gas infrastructure projects.
Given the focus on gas monetization, would you like to explore the potential impact of the AKK and OB3 pipelines on industrial development in the regions they serve?
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