… strategic investments key to ending energy poverty in Africa
Oredola Adeola
The Nigerian National Petroleum Company (NNPC) Limited has reiterated its commitment to collaborate with OPEC member countries, African national oil companies, and financial institutions to attract between $30 billion and $60 billion in new investments by 2030.
The company noted that achieving this target would be driven by bold global partnerships and strategic investments aimed at ending energy poverty across Africa.
Engr. Bayo Ojulari, Group Chief Executive Officer of NNPC Ltd, made the call at the “Energy Talk” session of the ongoing Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2025) held in Abu Dhabi, United Arab Emirates (UAE), on Tuesday.
Ojulari said new government incentives beyond the Petroleum Industry Act (PIA) are already attracting capital for deep-water exploration, dry gas development, and cost reduction.
He explained that NNPC Limited has raised Nigeria’s oil output to 1.7 million barrels per day, with targets of 2 million by 2027 and 3 million in the long term, a growth that is driven by redefined relationships with IOCs and independents, removing legacy blockers and aligning on shared value.
Fielding questions from the host and Pulitzer Prize-winning energy author Daniel Yergin, the GCEO emphasized Nigeria’s pivotal role in Africa’s energy milieu, adding that NNPC Ltd was the linchpin to the drive for energy sufficiency in the African continent.
He further highlighted Nigeria’s vast oil, gas, and renewable energy potentials, stressing that under President Bola Tinubu’s Renewed Hope Agenda there are concerted efforts to transform Nigeria from an extractive economy to a diversified, investment-driven energy hub.
“Africa’s energy future must be built on pragmatism, partnerships, and purpose.
“At NNPC Limited, we are not just participating in the energy transition, we are shaping it from an African perspective.
“Our focus is pragmatic: grow production, monetize gas, deepen partnerships, and deliver value to Nigerians and global partners alike,” Engr. Ojulari stated.
He spotlighted some of the nation’s high-profile energy initiatives such as upstream revival through accelerated new fields development, gas infrastructure expansion, including the near-completion of the Ajaokuta-Kaduna-Kano (AKK) gas pipeline and the Obiafu-Obrikom-Oben (OB3), and the rollout of cleaner energy, including the Presidential CNG Initiative and expansion of autogas corridors.
Echoing the opening remarks of Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and ADNOC CEO, who called for “pragmatic, not performative” energy policies and emphasized the need for $4 trillion in annual global energy investment, Engr. Ojulari urged global stakeholders to co-invest in Africa’s energy future.
“Our message to the world is clear: Nigeria is open for business, and NNPC Limited is fit for the future, and we invite the world to co-invest in Africa’s energy transformation,” the GCEO said.
NNPC Limited’s presence at ADIPEC 2025 underscores its evolution into a commercially driven, globally engaged energy company, one that is not only powering Nigeria, but helping shape the future of energy across the continent.
ADIPEC is one of the world’s largest energy exhibition and conference hosted by the Abu Dhabi National Oil Company (ADNOC).
This year’s edition with theme: “Energy. Intelligence. Impact”, is the 41st in the series.
