Nigeria is positioning itself as a dominant player in the global energy transition with an ambitious $60 billion gas expansion plan to be executed over the next five to seven years.
The move, spearheaded by the Nigerian National Petroleum Company Limited (NNPCL), is aimed at scaling up natural gas production, boosting industrialisation, and attracting fresh foreign direct investment into Africa’s largest economy.
The Group Chief Executive Officer of NNPCL, Mr. Bayo Ojulari, disclosed this on Tuesday while addressing energy leaders, investors, and policymakers from more than 150 countries at the opening session of the Gastech Exhibition and Conference in Milan, Italy.
According to Ojulari, the multi-billion-dollar investment plan is designed to raise Nigeria’s natural gas output from its current levels to 12 billion cubic feet per day, while expanding refinery and LNG capacity to meet rising global demand.
“We are seeking at least $60 billion in investments over the next five to seven years, which for our oil and gas industry is just the tip of the iceberg.
This investment will not only grow production but also position Nigeria as a reliable supplier of clean energy in the global marketplace,” Ojulari stated.
Ojulari explained that the signing of the Petroleum Industry Act (PIA) in 2021 marked a turning point for Nigeria’s oil and gas sector.
The Act restructured the state-owned NNPC into a limited liability company, granting it greater autonomy to access funding, form partnerships, and compete internationally.
Currently, Nigeria produces about 1.6 million barrels of crude oil per day (bpd), with a mandate to raise production to 2 million bpd by 2027 and 3 million bpd by 2030.
The GCEO emphasized that the gas expansion drive is essential to meeting these targets and sustaining Nigeria’s role as a key global energy supplier.
NNPCL is already working on several critical projects to strengthen Nigeria’s gas value chain. These include:
Ajaokuta–Kaduna–Kano (AKK) Gas Pipeline Project: A flagship infrastructure designed to transport natural gas across northern Nigeria, powering industries and boosting energy access.
West African Gas Pipeline Extension: A trans-regional initiative that will connect Nigeria to Morocco and eventually Europe, opening new markets for Nigerian gas exports.
Nigeria LNG Expansion: The country currently supplies about 60 percent of LNG to Portugal and Spain. With Train 6 operational and Train 7 under construction (expected completion in 2026), Nigeria is also planning Trains 8 and 9 to increase export volumes significantly.
These projects, according to Ojulari, will not only create thousands of jobs but also expand Nigeria’s foreign exchange earnings, providing the much-needed buffer against crude oil price volatility.
Nigeria’s renewed focus on gas aligns with the global shift towards cleaner energy. Natural gas is considered a transition fuel that can help reduce emissions while ensuring reliable energy supply.
Industry analysts say Nigeria’s vast gas reserves—estimated at over 200 trillion cubic feet (tcf)—position it as a natural leader in Africa’s energy transition.
However, the challenge remains in unlocking these reserves through sustained investment, policy stability, and infrastructure expansion.
Dr. Zainab Ahmed, an energy economist, noted that the $60 billion target signals seriousness from the Nigerian government to diversify its economy and reduce overdependence on oil revenues.
“Gas is the future, and Nigeria cannot afford to be left behind. With global demand rising, especially in Europe and Asia, timely execution of these projects will secure Nigeria’s place in the international market,” she said.
Despite the optimism, experts caution that Nigeria must overcome persistent challenges such as oil theft, pipeline vandalism, regulatory uncertainty, and security concerns in the Niger Delta.
Additionally, mobilising $60 billion in investments will require competitive policies that can reassure international financiers of Nigeria’s commitment to reforms.
Ojulari acknowledged these concerns but maintained that NNPCL was already working with the Federal Government to address bottlenecks, while also deepening partnerships with private sector operators to accelerate delivery.
The NNPCL boss concluded by stressing that the company’s vision is not only to meet domestic energy needs but also to transform Nigeria into a leading global gas hub.
He assured stakeholders that with the support of the international community, Nigeria would deliver on its gas expansion promises.
As the world shifts to a cleaner energy future, Nigeria’s $60 billion plan represents both an opportunity and a test of the country’s ability to convert its abundant natural resources into sustainable wealth.