Can Nigeria Become Africa’s Next Energy Investment Hub? »

For decades, the Nigerian National Petroleum Company (NNPC) occupied a paradoxical position within Nigeria’s economic landscape. Endowed with vast hydrocarbon wealth, yet persistently associated with inefficiency, opaque governance, operational waste, political interference and allegations of corruption, the national oil company came to symbolise the unrealised promise of Africa’s largest oil producer. Investor confidence waned, public trust diminished and commercial viability remained elusive despite the country’s enormous petroleum resources.

Today, however, a markedly different narrative is unfolding. Under the transformative leadership of its Group Chief Executive Officer, Engr. Bashir Bayo Ojulari, NNPC Limited is steadily casting off the burdens of its past and embracing a future defined by commercial discipline, transparency, operational excellence and strategic innovation. Evolving from a government bureaucracy into a commercially driven, profit-oriented energy enterprise, the company is increasingly positioning itself as a catalyst for Nigeria’s energy security, an attractive destination for investment, and a leading force in the nation’s transition towards a sustainable and globally competitive energy future.

At the recently concluded NOG Energy Week held at the Bola Ahmed Tinubu International Conference Centre in Abuja, Engr. Ojulari unveiled an ambitious investment roadmap designed to reposition Nigeria as one of the world’s foremost energy investment destinations. At the heart of the strategy is a target to attract US$30 billion in oil and gas investments by 2027, rising to US$60 billion by 2030. The announcement quickly emerged as one of the defining moments of the conference, signalling the strategic direction of NNPC Limited under its new leadership.

More than a financial aspiration, the roadmap presents a comprehensive vision anchored on increased hydrocarbon production, gas monetisation, refinery revitalisation, critical infrastructure expansion and the integration of cleaner energy solutions. While emphasising that Nigeria’s energy sector must move beyond lofty ambitions to disciplined execution, Ojulari articulated a coordinated strategy centred on attracting capital, improving operational performance and creating sustainable value across the entire energy value chain.

Perhaps the most immediate challenge confronting the new management was the restoration of confidence in Nigeria’s oil and gas infrastructure. Between 2017 and 2021 alone, pipeline vandalism and crude oil theft reportedly cost the country an estimated ₦4.325 trillion. More than 7,100 cases of vandalism and deliberate pipeline breaches resulted in the loss of approximately 208.6 million barrels of crude oil and refined petroleum products, while NNPC expended over ₦471 billion on pipeline maintenance and repairs.

These were among the deeply entrenched challenges inherited by Ojulari upon assuming office. Through enhanced security architecture, improved surveillance technology and stronger collaboration with security agencies and host communities, the company has begun reversing years of systemic sabotage. The results have been significant. Nigeria achieved 100 per cent availability across its major crude oil pipelines throughout June 2025—an operational milestone not witnessed in many years. Beyond restoring operational efficiency, this achievement has renewed investor confidence and demonstrated that Nigeria is capable of safeguarding critical energy infrastructure.

Another landmark achievement has been the successful completion of the River Niger crossing on the Ajaokuta–Kaduna–Kano (AKK) Gas Pipeline Project. Stretching approximately 1.73 kilometres beneath the River Niger at a depth of 37 metres, the engineering feat represents a major milestone in Nigeria’s gas infrastructure development. Beyond its engineering significance, the project strengthens the reliability of the country’s gas transportation network and advances Nigeria’s aspiration to utilise its abundant gas resources as a catalyst for industrialisation and energy security.

For investors, these developments signify far more than improvements in security or infrastructure. They provide tangible evidence of operational stability—the very foundation upon which long-term investment decisions are made.

Within just twelve months of the new management’s stewardship, NNPC Limited reported impressive financial results. The company generated revenue of ₦60.5 trillion for the 2025 financial year and recorded a Profit After Tax of ₦5.76 trillion. It also remitted ₦14.7 trillion to the Federation Account, reaffirming its position as one of Nigeria’s most significant contributors to public revenue.

Equally impressive has been the resurgence in operational performance. Crude oil production, including condensates, increased to 1.71 million barrels per day—the highest level recorded in five years—while natural gas deliveries rose to 7.5 billion standard cubic feet per day. Behind these figures lies a more compelling story: one of strategic leadership, institutional renewal and an unwavering commitment to operational excellence.

Financial transparency has emerged as another defining hallmark of the Ojulari administration. Although NNPC Limited became a commercially incorporated entity under the Petroleum Industry Act in 2022, many of the inefficiencies and opaque practices associated with the former corporation persisted. That culture began to change decisively in November 2025 when the company held its first-ever Group Earnings Call, publicly presenting its audited financial performance to investors, analysts and stakeholders. It marked a significant departure from the secrecy that had characterised the organisation for decades and aligned NNPC Limited with internationally accepted corporate governance standards.

For perhaps the first time in its history, the Nigerian public, investors and financial markets have been afforded a consistent window into the company’s operations through regular business performance reporting and financial disclosures. Revenue increased from ₦45.1 trillion in 2024 to ₦60.5 trillion in 2025, while Profit After Tax grew from ₦5.4 trillion to ₦5.76 trillion. More importantly, NNPC demonstrated that commercial success and institutional accountability are not mutually exclusive.

Operational achievements have been equally remarkable in the upstream sector. NNPC Exploration and Production Limited recorded a peak daily production of 365,000 barrels in December 2025—the highest output achieved in thirty-six years and surpassing levels last recorded in 1989. Key projects, including the Madu First Oil Project, Soku Pipeline optimisation, Akpo West development and the commissioning of the Gbaran Nodal Compression Train, have substantially strengthened production capacity and operational resilience.

The company also resolved several long-standing commercial disputes that had discouraged investment. The execution of a model Production Sharing Contract for deep-water assets unlocked new opportunities for non-associated gas development, while the resolution of the protracted Oil Prospecting Lease 245 dispute paved the way for fresh production sharing arrangements across multiple licences. These breakthroughs removed major investment bottlenecks that had constrained the sector for years.

The transformation is perhaps most visible in the gas sector. Long regarded as an underutilised national asset, Nigeria’s vast gas reserves are now assuming a central role in the country’s energy strategy. Under Ojulari’s leadership, the completion of the AKK River Niger crossing, the commissioning of the Obiafu–Obrikom–Oben gas pipeline connection, and expanded gas supply agreements with major industrial consumers have accelerated domestic gas utilisation.

The launch of NNPC Limited’s Gas Master Plan 2026 further reinforces this ambition. The plan targets daily gas production of 10 billion standard cubic feet by 2027 and 12 billion by 2030 while creating opportunities to attract more than US$60 billion in investments across the energy value chain. Beyond the impressive statistics lies a broader national objective: providing reliable energy for industries, expanding fertiliser production, creating employment and positioning natural gas as the cornerstone of Nigeria’s industrial transformation.

Perhaps the most enduring achievement of the past year has been the gradual restoration of credibility. In the energy industry, trust is every bit as valuable as capital. Investors commit resources where governance is predictable, operational risks are manageable and leadership inspires confidence. Through greater transparency, stronger financial discipline and measurable operational improvements, NNPC Limited is steadily rebuilding that confidence at home and abroad.

Yet, impressive as these early accomplishments are, they represent only the opening chapter of a far more demanding journey. Setting an investment target of US$30 billion by 2027 is not merely a bold declaration; it is a formidable administrative test of leadership, institutional capacity and policy consistency. Meeting that target will require sustained production growth, regulatory certainty, continued security of energy infrastructure, disciplined corporate governance and unwavering execution. For Engr. Bayo Ojulari and NNPC Limited, the real measure of success will not be the ambition of the vision but the consistency with which it is translated into measurable outcomes. The transformation has begun; the challenge now is to prove that it is enduring. That is the true significance of the US$30 billion investment target—and the administrative test that now confronts Ojulari and the new NNPC Limited.

ONOGWU Muhammed is a graduate of Chemical/Petroleum Technology, a legal practitioner, public policy analyst and public relations expert. He is currently pursuing a Master’s degree in Energy and Oil and Gas. His research and professional interests span energy law, the oil and gas industry, public policy, corporate governance and regulatory affairs, with a particular focus on the legal and policy frameworks shaping Nigeria’s energy sector.