Nigerian National Petroleum Company Limited says policy and operational reforms in the oil and gas sector have unlocked more than $24 billion in new investments, with an additional $10 billion expected, as the country pushes to raise crude production to three million barrels per day.
The company’s Group Chief Executive Officer, Bayo Ojulari, disclosed this during the 26th edition of the Oloibiri Lecture and Energy Forum held in Abuja. He was represented at the event by the Executive Vice President, Upstream, Udobong Ntia.
According to Ojulari, resolving legacy disputes around oil assets and clearing bottlenecks that previously delayed Final Investment Decisions have restored investor confidence in Nigeria’s upstream sector. He noted that two major projects alone accounted for the $24 billion already secured, while others such as Owowo and Bosi are advancing through early approval stages and could add billions more.
He said the combined confirmed and potential inflows now form an investment pipeline estimated at $34 billion, describing it as evidence that global capital is returning to Nigeria’s petroleum industry.
Ojulari emphasised that funding alone will not deliver the production target, stressing the need for digital transformation across operations. He warned that operators who fail to adopt artificial intelligence and data-driven systems risk becoming uncompetitive in the evolving energy landscape.
He explained that Nigeria possesses decades of geological and operational data dating back to the first commercial oil discovery in Oloibiri in 1956, much of which remains under-analysed. Proper use of this data, he said, could significantly cut costs, improve decision-making, and accelerate production growth within the next three to four years.
To reach the three million barrels per day goal, Ojulari outlined a three-part strategy being implemented by NNPC.
The first is safeguarding existing assets through improved maintenance and operational discipline. The second is accelerating projects capable of delivering additional barrels in the short term through flexible financing and commercial arrangements. The third involves a strategic portfolio review aimed at attracting new investors and enabling fresh production from new players.
He added that the regulatory clarity brought by the Petroleum Industry Act has eased longstanding funding challenges, including issues related to cash call payments, making the environment more predictable for investors.
Also speaking at the forum, the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, said Nigeria already has the technical expertise required to transform its energy sector but must now focus on execution. He described the Petroleum Industry Act as a landmark reform that has improved transparency and investor confidence.
Ekpo stressed that oil production growth should be matched with increased gas utilisation, noting that natural gas will play a central role in industrialisation, power supply, and export diversification.
The event was organised by the Society of Petroleum Engineers Nigeria Council as part of activities marking the anniversary of Nigeria’s first oil discovery. Industry leaders at the gathering agreed that while Nigeria has the resources and policy framework to scale output, consistent regulation, technology adoption, and effective implementation will determine success.
The Executive Secretary of the Petroleum Technology Development Fund, Shuaibu Shehu, represented by Olayinka Agboola, highlighted the need to combine digital tools, sound policy, and efficient capital deployment to exceed the production target. He also noted ongoing efforts by the fund to strengthen local capacity through research programmes, technical training, and partnerships between academia and industry.
Participants concluded that Nigeria’s ability to meet and sustain higher production levels will depend not only on investments but also on how effectively institutions and operators adapt to technological and regulatory changes shaping the global energy market.
