The Nigerian National Petroleum Company Limited (NNPCL) has reaffirmed its commitment to raising the country’s crude oil production capacity to two million barrels per day (bpd) by 2027, alongside attracting between $30 billion and $60 billion in new investments to drive exploration, infrastructure, and energy transition projects.
Group Chief Executive Officer of NNPCL, Engr. Bashir Bayo Ojulari, made the disclosure while speaking at the 2025 Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in the United Arab Emirates.
Ojulari said the new production and investment targets reflect NNPCL’s strategy under President Bola Tinubu’s Renewed Hope Agenda to reposition the Nigerian oil and gas industry for growth, efficiency, and sustainability.
“We have redefined our partnerships with international oil companies (IOCs) and indigenous operators to remove legacy barriers and ensure that Nigeria returns to sustainable production growth. Our goal remains clear to hit 2 million barrels per day by 2027 and attract $60 billion in investment across the energy value chain,” Ojulari stated.
He explained that ongoing reforms in the upstream and midstream sectors, coupled with improved fiscal incentives beyond the Petroleum Industry Act (PIA), have already started attracting capital inflows for deep-water exploration and gas development.
Ojulari added that NNPCL is leading key national projects such as the completion of the Ajaokuta–Kaduna–Kano (AKK) Gas Pipeline, the Obiafu–Obrikom–Oben (OB3) Gas Line, and the rehabilitation of Nigeria’s major refineries to strengthen the country’s energy security.
The GCEO also reiterated NNPCL’s focus on monetizing gas resources and deepening investment in cleaner energy alternatives, saying that the company’s long-term vision is to balance profitability with environmental sustainability.
“Our message is simple Nigeria is open for business. NNPCL is now a fully commercialized entity, and we are building strategic partnerships to ensure that Africa plays a central role in the global energy transition,” he added.
Industry experts have welcomed NNPCL’s renewed production drive, describing it as a critical step in stabilizing Nigeria’s economy, boosting foreign exchange earnings, and enhancing investor confidence in the petroleum sector.
As NNPCL pushes toward its ambitious 2027 target, attention is shifting to how the company will sustain reforms, ensure transparency, and mobilize investment to deliver long-term energy security and economic growth for Nigeria.
