Oil Sector Reforms Attracted $17bn Investments – NNPC

The Nigerian National Petroleum Company Limited (NNPC) has announced that recent reforms in the oil and gas sector have led to an inflow of $17 billion in investments. According to the state-owned corporation, these reforms have improved transparency, enhanced regulatory frameworks, and increased investor confidence in Nigeria’s petroleum industry.

NNPC officials stated that the implementation of the Petroleum Industry Act (PIA) and the restructuring of the company into a commercial entity have played a crucial role in attracting new funding. The reforms have created a more business-friendly environment, allowing for better governance, efficiency, and strategic partnerships with international and local investors.

The corporation highlighted that the investments have been directed towards upstream exploration, refining capacity expansion, and infrastructure development. Some of the key projects benefiting from this influx include the rehabilitation of Nigeria’s refineries, the development of new oil blocks, and the expansion of gas processing facilities to support the country’s energy transition agenda.

Industry analysts have commended the progress, noting that increased investments will boost crude oil production, reduce reliance on fuel imports, and generate more revenue for the economy. However, they also emphasized the need for sustained policy stability, security improvements in oil-producing regions, and transparency in contract allocations to maintain investor confidence.

NNPC reaffirmed its commitment to ensuring that Nigeria remains a competitive destination for energy investments. The corporation assured stakeholders that ongoing reforms would continue to align with global best practices, positioning the country’s oil and gas sector for long-term growth and sustainability.