Nigeria’s oil and gas sector has attracted approximately $17 billion in foreign investments in 2024, according to the Nigerian National Petroleum Company Limited (NNPCL).
This surge in investment is attributed to significant regulatory reforms, including the Petroleum Industry Act of 2021 and executive orders signed by President Bola Ahmed Tinubu in 2023, which have restructured the regulatory framework to offer incentives for cost recovery, royalty payments, and profit-sharing mechanisms.
Udy Ntia, NNPCL’s Executive Vice President (Upstream), highlighted these developments during the 2025 CERAWeek conference in Houston, Texas.
He emphasized that Nigeria’s strategic positioning and favorable pricing environment have made it an attractive destination for substantial investment inflows into the oil and gas sector.
These reforms have not only liberalized the regulatory framework but also provided incentives for cost recovery and royalty payments, making Nigeria’s oil and gas sector more appealing to foreign investors.
The NNPCL continues to encourage global investors to explore opportunities within Nigeria’s oil and gas industry, underscoring the nation’s commitment to creating a stable and attractive environment for investment.
