Nigeria’s Oil Sector Attracts $17 Billion in 2024 Investment
By Babagana Jidda
Kanempress
March 14, 2025
The Nigerian National Petroleum Company Limited (NNPCL) has announced that reforms in the country’s oil and gas sector have attracted $17 billion in foreign investment in 2024. This surge follows the implementation of the Petroleum Industry Act (PIA) of 2021, along with supportive executive orders from President Bola Tinubu.
At the 2025 CERAWeek in Houston, NNPCL’s Executive Vice President, Udy Ntia, highlighted how these reforms have made Nigeria a more appealing destination for global investors. Ntia discussed ongoing efforts to expand Nigeria’s oil and gas industry, particularly in the refining and gas sub-sectors.
He pointed to major projects like LNG Train 7 and collaborations with international companies such as Shell, ENI, and Total. Ntia also emphasized Nigeria’s vast gas reserves—estimated at 207 trillion cubic feet—and their potential to fuel industrial growth.
The country is now actively seeking investment from nations like China and India, promising a stable business environment, improved security, and access to substantial oil reserves.
