Nigeria recorded $17bn in foreign investments in 2024 due to Tinubu’s reforms, says NNPC EVP

Udy Ntia, the executive vice-president (EVP) of upstream at the Nigerian National Petroleum Company (NNPC) Limited, says the country recorded $16 billion to $17 billion in foreign investment inflows in 2024 due to the implementation of regulatory reforms.

Ntia spoke on Tuesday during a session with investors at the 2025 CERAWeek by S&P Global in Houston, Texas, United States, according to a statement by Olufemi Soneye, NNPC chief corporate communications officer.

Speaking on the theme, ‘Spotlight: Attracting Investment for Oil and Gas,’ Ntia said the Petroleum Industry Act (PIA) 2021 and the series of executive orders signed by President Bola Tinubu in 2023 have significantly liberalised the regulatory framework, offering incentives for cost recovery, royalty payments, and profit-sharing mechanisms.

He said Nigeria recorded “$16 billion to $17 billion in foreign investment inflows in 2024 following the implementation of these regulatory reforms”.

The EVP also called on global investors to direct their attention to the Nigerian oil and gas sector as the nation is now an investors’ haven, owing to the robust regulatory reforms and the investment-friendly policies of the president.

Ntia encouraged foreign investors, particularly from China and India, to explore the investment opportunities in Nigeria’s oil and gas sector, citing the country’s large crude oil reserves (over 37 billion barrels) and flexible investment models, including joint ventures and production-sharing contracts.

“Nigeria offers a stable democracy, improved security, and a business-friendly regulatory framework. We welcome investors from China, India, and beyond to partner with us in unlocking the vast potential of Nigeria’s oil and gas sector,” Ntia said.

‘NIGERIA WELL-POSITIONED  FOR INVESTMENT’

Ntai also said Nigeria was well-positioned as a safe and attractive destination for investment as the nation is currently expanding its oil and gas industry to meet rising global energy demand driven by geopolitical tensions and the energy policies of the US administration.

“For us in Nigeria, despite global energy security concerns, including those in Europe, we see significant opportunities,” he said. 

“We have strategically positioned our assets to leverage the current strong price environment, which has remained favourable over the past two to three years. As a result, we anticipate substantial investment inflows into the sector.” 

The NNPC executive further listed some of the areas with huge investment opportunities in the country to include the refining and gas sub-sectors, stressing that Nigeria was keen on expanding it refining capacity to reduce dependency on imports, even as it is also interested in tapping into the nation’s vast gas reserves of about 207 trillion cubic feet (TCF) to drive industrialisation and economic growth.

“Gas will play a critical role in Nigeria’s energy future. We are expanding our gas infrastructure in collaboration with partners such as Shell, ENI, and Total. Our LNG Train 7 project is advancing, and we are investing in domestic pipeline networks to meet local energy demands,” Ntai said.

In the statement, Soneye said the session featured global industry leaders such as Pinxian Zhang, deputy director-general, planning, China National Petroleum Corporation (CNPC); Rajarshi Gupta, managing director of ONGC Videsh Ltd (OVL); and Masoud Mahmoud, chairman of Libya’s National Oil Corporation.