The Nigerian National Petroleum Company Limited (NNPCL) announced that Nigeria’s oil and gas sector attracted about $17 billion in foreign investment in 2024.
This investment surge was attributed to regulatory reforms and investor engagement efforts led by NNPCL’s Executive Vice President (Upstream), Udy Ntia, at the 2025 CERAWeek conference in Houston, Texas.
Nigeria remains Africa’s largest upstream spender, with annual capital expenditure (CapEx) of $10 billion to $12 billion.
The African Energy Chamber’s 2025 outlook reported that Africa’s total upstream CapEx reached $47 billion in 2024.
Despite increased investment, major divestments occurred, including Shell’s $2.4 billion sale to Renaissance Africa Energy, TotalEnergies’ $900 million sale to Chappal Energies, and Eni’s $800 million divestment to Oando. ExxonMobil and Equinor also divested assets worth $1.3 billion and $1.2 billion, respectively.
These transactions highlight a growing trend of African investors gaining greater control of oil and gas assets.
Ntia urged global investors to explore Nigeria’s oil and gas opportunities, citing the country’s regulatory reforms and investment-friendly policies.
“For us in Nigeria, despite global energy security concerns, including those in Europe, we see significant opportunities. We have strategically positioned our assets to leverage the present strong price environment, which remained favourable over the past two to three years. As a result, we anticipate substantial investment inflows into the sector,” he said during the event, themed ‘Spotlight: Attracting Investment for Oil and Gas’.
Meanwhile, the Nigerian Government has approved a modular refinery at the Abia Industrial and Innovative Park (AIIP) in Owaza, Ukwa West.
Governor Alex Otti, who flagged off the construction of the 11.1-kilometre Obehie-Umudobia-Owaza road, said the project would revive economic assets.
The refinery, to be built by H.I.S. Refinery and Petrochemical Company Limited, is expected to boost development in Ukwa. Otti assured collaboration with ASOPADEC and NDDC to restore years of neglect in the region.
