- NNPCL’s $60 billion investment plan marks a bold step towards advancing Africa’s energy transformation through global partnerships and innovation.
- By leading Africa’s energy transformation, NNPCL aims to position Nigeria as the continent’s key hub for sustainable growth and progress.
The Nigerian National Petroleum Company Limited (NNPCL) plans to attract $60 billion in investments by 2030 through strategic partnerships that will fast-track Africa’s energy transformation. The Group Chief Executive Officer, Engr. Bashir Bayo Ojulari announced this during the Energy Talk session at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2025) in the United Arab Emirates.
Speaking with Pulitzer Prize-winning author Daniel Yergin, Ojulari emphasised Nigeria’s expanding role in shaping the continent’s energy future. He described NNPCL as the driving force behind Africa’s pursuit of energy sufficiency and sustainability. According to him, Nigeria is transitioning from a resource-based economy to one built on innovation, investment, and diversification across oil, gas, and renewable energy.
Furthermore, Ojulari noted that Africa’s progress must rest on “pragmatism, partnerships, and purpose.” He explained that NNPCL is not merely following the global energy transition but is actively shaping it from an African standpoint. “Our mission is clear,” he said. “We will grow production, monetise gas, deepen partnerships, and create long-term value for Nigerians and international investors alike.”
Currently, NNPCL produces approximately 1.7 million barrels of oil per day. The company aims to reach 2 million barrels by 2027 and 3 million barrels in the long term. This steady growth, Ojulari explained, comes from renewed collaboration with international oil companies and independent operators. Additionally, he credited recent reforms for removing long-standing barriers that once discouraged investment.
Moreover, NNPCL is working with OPEC members, African national oil companies (NOCs), and global financiers to attract between $30 billion and $60 billion in new funding by 2030. Ojulari added that recent government incentives, complementing the Petroleum Industry Act (PIA), are already stimulating investor interest in deep-water exploration, gas monetisation, and efficiency projects. Therefore, confidence in Nigeria’s energy market is steadily increasing.
In addition, the company is advancing several flagship projects that directly support Africa’s energy transformation. These include the expansion of the Ajaokuta-Kaduna-Kano (AKK) and Obiafu-Obrikom-Oben (OB3) gas pipelines. It is also revitalising upstream operations and accelerating new field developments to enhance Nigeria’s energy infrastructure. Consequently, these projects will help strengthen the nation’s capacity to supply reliable and affordable energy.
Meanwhile, echoing Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and CEO of ADNOC, Ojulari endorsed the call for “pragmatic, not performative” energy policies. He encouraged global investors to collaborate with Africa in creating an inclusive and sustainable energy future. Notably, this approach aligns with Nigeria’s Renewed Hope Agenda, which prioritises cleaner growth and economic diversification.
He concluded confidently, saying, “Nigeria is open for business. NNPCL is future-ready, and we invite the world to co-invest in Africa’s energy transformation.”