The Nigerian National Petroleum Company Limited (NNPCL) has announced that Nigeria attracted approximately $17 billion in foreign investments into the oil and gas sector in 2024.
The NNPCL linked this development to strategic reforms within the sector and effective investor engagement at the 2025 CERAWeek by S&P Global in Houston, Texas. Udy Ntia, NNPCL’s Executive Vice President (Upstream), highlighted that Nigeria’s improved regulatory framework and investor-friendly policies have significantly enhanced the country’s appeal to global investors.
Ntia noted that Africa’s upstream capital expenditure (CapEx) trends, outlined in the African Energy Chamber’s (AEC) 2025 outlook, show that CapEx across the continent reached $47 billion in 2024. Nigeria’s share averages between $10 billion and $12 billion annually, making it the largest upstream spender in Africa due to its mature oil fields in the Niger Delta and offshore blocks.
Despite experiencing some level of divestment in 2024, Nigeria also recorded key final investment decisions (FIDs). Shell’s $5 billion Bonga project was among the major investments, while Shell divested $2.4 billion to Renaissance Africa Energy. TotalEnergies offloaded over $900 million in assets to Chappal Energies, and Eni divested assets worth over $800 million to Oando. Additionally, ExxonMobil sold $1.3 billion worth of assets to Seplat Energy, while Equinor divested $1.2 billion in assets to Chappal Energies — underscoring African investors’ growing control over oil and gas assets.
Ntia encouraged global investors to explore opportunities in Nigeria’s oil and gas sector, noting that geopolitical tensions and shifting United States energy policies have created favourable conditions for strategic expansion.
“For us in Nigeria, despite global energy security concerns, including those in Europe, we see significant opportunities. We have strategically positioned our assets to leverage the 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,” Ntia stated.
In a related development, the Federal Government has approved the establishment of a modular refinery at the Abia Industrial and Innovation Park (AIIP) in Owaza, Ukwa West Local Council of Abia State. Governor Alex Otti confirmed this during the flag-off ceremony for the construction of the 11.1-kilometre Obehie-Umudobia-Owaza road — a project aimed at enhancing economic development in the region.
Otti emphasised that the road project is not just about improving infrastructure but also about reviving the region’s economic potential and restoring past opportunities.
“The reconstruction of this road is about more than just infrastructure; it is about reviving dormant economic assets and reigniting the aspirations that once defined this region,” Otti said, assuring that the project would be completed within a year.
He added that the modular refinery, to be built by H.I.S. Refinery and Petrochemical Company Limited, marks a turning point for Ukwa’s oil-producing community. The governor vowed that his administration would collaborate with the Abia State Oil Producing Area Development Commission (ASOPADEC), Niger Delta Development Commission (NDDC), and other interventionist agencies to accelerate socio-economic development and reverse years of neglect and exclusion.
“Ukwa will not only get its due share at the resource allocation table, but we will also ensure that the years lost to poor leadership and political exclusion are restored,” Otti stated.
 has announced that Nigeria attracted approximately $17 billion in foreign ...){kind=link}