- Karib Oil and Gas plans to invest ₦100 billion to modernise drilling, expand storage, and integrate renewable energy.
- CEO Alafaa Kariboye-Igbo says the investment aims to boost efficiency and support the Federal Government’s renewable energy drive.
Karib Oil and Gas has announced plans to invest ₦100 billion in new technologies, infrastructure development, and renewable energy integration as part of its strategy to support Nigeria’s transition to clean energy.
Meanwhile, the company said the investment will modernise drilling operations, enhance storage capacity, and drive the integration of sustainable energy solutions alongside its conventional oil and gas operations.
Karib Oil’s Chief Executive Officer, Alafaa Kariboye-Igbo, said the investment aligns with the Federal Government’s efforts to strengthen and diversify the country’s energy sector.
“We’re not just energising the industry; we’re transforming it,” Kariboye-Igbo said. “With this investment, we will deploy advanced drilling technologies to cut operational costs and increase output significantly.”
Furthermore, he added that the firm plans to expand its storage infrastructure to ensure a stable supply chain and support increased production capacity.
In addition to conventional energy projects, Karib Oil will participate in the Federal Government’s renewable energy programme by investing in clean energy solutions to diversify Nigeria’s energy mix.
Industry stakeholders and government officials have welcomed the investment, describing it as a significant step toward modernising Nigeria’s energy landscape.
They noted that the expansion would attract foreign investment, improve sector competitiveness, and create jobs that could help reduce Nigeria’s unemployment rate.
“This is the kind of bold private sector investment needed to reposition the energy industry,” one government official said. “It will strengthen the energy value chain and support long-term economic growth.”