The Nigerian National Petroleum Company Limited has announced a transformative strategic roadmap targeting $60 billion in investments and production increases that could position Nigeria among Africa’s energy powerhouses by 2030.
Following the company’s record profit after tax of $3.6 billion, representing a 64% year-on-year growth, NNPC has outlined ambitious production targets and infrastructure expansion plans designed to revitalize Nigeria’s energy sector. The company projects crude oil production to reach 2 million barrels per day by 2027 and 3 million barrels per day by 2030, aligning with the federal government’s broader goal of strengthening foreign exchange earnings.
Bashir Bayo Ojulari, Group Chief Executive Officer, said the earnings highlight the positive momentum of the company’s ongoing transformation and the unwavering commitment of its workforce. He noted that the results offer a solid foundation for the ambitious growth ahead, in line with President Bola Ahmed Tinubu’s mandate, and reaffirm the company’s commitment to delivering value to Nigerians.
Natural gas development features prominently in the strategic plan, with production set to reach 10 billion cubic feet per day by 2027 and 12 billion cubic feet per day by 2030. This expansion is expected to support domestic demand, industrialization, and Nigeria’s growing role as a global gas supplier.
Critical to the strategy is the completion of major gas infrastructure projects, including the Ajaokuta-Kaduna-Kano pipeline, the Escravos-Lagos Pipeline System, and the expansion of the Obiafu-Obrikom-Oben pipeline. These projects are considered essential to improving gas supply, boosting power generation, and enabling industrial growth across the country.
NNPC aims to mobilize the $60 billion across the oil and gas value chain by 2030, reinforcing Nigeria’s competitiveness in a rapidly evolving global energy landscape. The investment strategy aligns with the company’s transition drive, ensuring that Nigeria remains relevant as the world explores cleaner and more sustainable energy options.
The strategic roadmap also emphasizes a broader organizational vision of transforming NNPC into a partner of choice, strengthening its market position, and unlocking the full capabilities of its workforce. Ojulari added that the company’s transformation is anchored on transparency, innovation, and disciplined growth, positioning NNPC Limited as a globally competitive energy company capable of delivering sustainable returns while powering the future of Nigeria and Africa.
Sources: news.ng, oilreviewafrica.com