In a bold declaration that signals Nigeria’s determination to reshape Africa’s energy landscape, NNPC has announced plans to attract up to $60 billion in fresh capital by 2030, positioning itself as the driving force behind the continent’s energy transformation.
Speaking at the prestigious Abu Dhabi International Petroleum Exhibition and Conference on Tuesday, NNPC’s Group Chief Executive Officer, Engineer Bashir Bayo Ojulari, outlined an ambitious roadmap that seeks to fundamentally reorient Nigeria’s role in global energy markets—from a resource extraction economy to a diversified, investment-driven energy powerhouse.
A Strategic Vision for Continental Leadership
In a wide-ranging discussion moderated by Pulitzer Prize-winning energy historian Daniel Yergin during ADIPEC 2025‘s “Energy Talk” session, Ojulari characterized NNPC as “the linchpin” of Africa’s quest for energy security and self-sufficiency. His remarks underscored Nigeria’s unique position as home to some of the continent’s most substantial oil, gas, and emerging renewable energy reserves.
“Africa’s energy future must be built on pragmatism, partnerships, and purpose,” Ojulari declared. “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.”
The timing of this announcement is significant. As global energy markets navigate the complex intersection of energy security concerns, transition pressures, and developing world energy poverty, Nigeria is positioning itself as both a reliable hydrocarbon supplier and a partner in Africa’s broader energy evolution.
Production Surge and Strategic Partnerships
Central to NNPC’s investment pitch is a dramatic expansion in oil production capacity. The state energy company has successfully raised Nigeria’s crude output to 1.7 million barrels per day—a notable achievement given years of underinvestment and operational challenges that had seen production decline to worrying lows.
But Ojulari’s vision extends far beyond current levels. NNPC has set intermediate targets of 2 million barrels daily by 2027, with long-term aspirations of reaching 3 million barrels per day. This production growth, the GCEO explained, is being driven by fundamentally redefined relationships with international oil companies and independent producers—a reset that involves “removing legacy blockers and aligning on shared value.”
The company’s collaborative approach extends beyond commercial partnerships. Ojulari revealed that NNPC is actively engaging with OPEC partners, fellow African national oil companies, and major global financial institutions to secure between $30 billion and $60 billion in new investment capital before the decade’s end.
Policy Reforms Fueling Foreign Interest
Underpinning this investment drive are significant policy reforms championed by President Bola Tinubu’s administration under what has been termed the “Renewed Hope Agenda.” New government incentives designed to complement the landmark Petroleum Industry Act—legislation that modernized Nigeria’s oil and gas sector after years of regulatory uncertainty—are already bearing fruit.
According to Ojulari, these incentives are stimulating renewed foreign interest in previously challenging segments of Nigeria’s energy sector, including deep-water exploration, dry gas development projects, and initiatives focused on operational cost optimization—critical factors for improving Nigeria’s competitiveness in attracting energy capital.
Flagship Projects Driving the Renaissance
The NNPC chief outlined several transformative projects that represent the practical implementation of this strategic vision. Chief among these infrastructure initiatives are the Ajaokuta-Kaduna-Kano pipeline and the Obiafu-Obrikom-Oben gas pipeline—projects designed to unlock Nigeria’s massive gas reserves and deliver energy to domestic markets while positioning the country as a major gas exporter.
Additional priorities include the revitalization of upstream operations that have suffered from years of underinvestment and the fast-tracking of new field developments that can bring additional production capacity online more rapidly.
These projects collectively represent Nigeria’s determination to finally monetize its vast natural gas resources—reserves that have long been underutilized despite Nigeria holding Africa’s largest proven gas reserves and ranking among the top ten globally.
Echoing Global Calls for Pragmatic Energy Policy
Ojulari’s remarks aligned closely with broader themes emerging from ADIPEC 2025. Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and ADNOC CEO, opened the conference with calls for “pragmatic, not performative” energy policies and emphasized the staggering scale of investment required—some $4 trillion annually—to meet global energy needs while managing the transition to lower-carbon systems.
The Nigerian GCEO embraced this pragmatic framing, arguing that Africa’s energy development cannot be sacrificed on the altar of climate policies designed for already-developed economies. Instead, he positioned NNPC’s approach as one that acknowledges the need for continued hydrocarbon development alongside renewable energy investments—a both-and rather than either-or strategy.
An Open Invitation to Global Capital
Concluding his remarks with a direct appeal to international investors and energy companies, Ojulari issued an unambiguous message: “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.”
This invitation comes at a moment when global energy capital is reassessing its geographic priorities. With traditional Western markets offering limited growth opportunities and increasing regulatory complexity, and with African energy demand projected to surge in coming decades, Nigeria’s pitch as a reliable, reform-minded partner with world-class resources may find receptive audiences.
However, significant challenges remain. Nigeria has historically struggled with policy consistency, regulatory predictability, and security challenges in its oil-producing regions. Whether the current reform momentum can be sustained and whether the promised $60 billion in investments materializes will largely depend on NNPC’s ability to demonstrate sustained operational improvements and the government’s commitment to maintaining an attractive investment climate.
For now, though, Ojulari’s ADIPEC appearance signals that Africa’s most populous nation and traditionally its largest oil producer is mounting a serious bid to reclaim its position at the center of the continent’s energy future—and is willing to put concrete numbers and timelines on its ambitions.
WHAT YOU SHOULD KNOW
Nigeria’s NNPC is making a major push to attract $60 billion in investments by 2030 to transform the country from a struggling oil producer into Africa’s energy powerhouse.
Under reformed policies and new leadership, Nigeria has already boosted oil production to 1.7 million barrels per day and aims for 3 million barrels long-term. The company is actively courting international investors with new incentives, infrastructure projects, and partnerships—positioning Nigeria as open for business after years of underperformance.
If successful, this could fundamentally reshape Africa’s energy landscape and establish Nigeria as the continent’s energy hub. But the real test will be whether the country can maintain policy stability and deliver on these promises to actually secure the investment capital.
Nigeria wants global energy companies to know the door is open, reforms are real, and the opportunity to co-invest in Africa’s energy future is now.
