The Nigerian National Petroleum Company Limited (NNPC Ltd) has set a target of attracting $60 billion in investments by 2030 through strategic partnerships aimed at driving Africa’s energy transformation.
The Group Chief Executive Officer of NNPC Ltd, Engr. Bashir Bayo Ojulari, made this known at the “Energy Talk” session of the ongoing Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2025) taking place in Abu Dhabi, United Arab Emirates (UAE), on Tuesday.
Fielding questions from the host and Pulitzer Prize-winning energy author Daniel Yergin, the GCEO emphasized Nigeria’s pivotal role in Africa’s energy milieu, adding that NNPC Ltd was the linchpin to the drive for energy sufficiency in the African continent.
He highlighted Nigeria’s vast oil, gas, and renewable energy potentials, stressing that under President Bola Tinubu’s Renewed Hope Agenda there are concerted efforts to transform Nigeria from an extractive economy to a diversified, investment-driven energy hub.
“Africa’s energy future must be built on pragmatism, partnerships, and purpose. At NNPC Limited, we are not just participating in the energy transition, we are shaping it from an African perspective. Our focus is pragmatic: grow production, monetize gas, deepen partnerships, and deliver value to Nigerians and global partners alike,” Engr. Ojulari stated.
He explained that NNPC Limited has raised Nigeria’s oil output to 1.7 million barrels per day, with targets of 2 million by 2027 and 3 million in the long term, a growth that is driven by redefined relationships with IOCs and independents, removing legacy blockers and aligning on shared value.
Reaffirming the company’s commitment to collaboration, Ojulari said NNPC Ltd is actively working with OPEC partners, African national oil companies (NOCs), and global financial institutions to attract between $30 billion and $60 billion in fresh capital by the end of the decade.
He noted that new government incentives introduced to complement the Petroleum Industry Act (PIA) are already stimulating foreign interest in deep-water exploration, dry gas development, and operational cost optimization.
In a statement issued by NNPC’s Chief Corporate Communications Officer, Andy Odeh, the GCEO highlighted several flagship projects shaping Nigeria’s energy renaissance. These include the revitalization of upstream operations, fast-tracking new field developments, and expanding gas infrastructure projects such as the Ajaokuta-Kaduna-Kano (AKK) pipeline and the Obiafu-Obrikom-Oben (OB3) gas pipeline.
Echoing the opening remarks of Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and ADNOC CEO, who called for “pragmatic, not performative” energy policies and emphasized the need for $4 trillion in annual global energy investment, Engr. Ojulari urged global stakeholders to co-invest in Africa’s energy future.
“Our message to the world is clear: Nigeria is open for business, and NNPC Limited is fit for the future, and we invite the world to co-invest in Africa’s energy transformation,” he concluded.
More insights: ADIPEC is one of the world’s largest energy exhibitions and conferences hosted by the Abu Dhabi National Oil Company (ADNOC).
This year’s edition with the theme: “Energy. Intelligence. Impact”, is the 41st in the series.