The Nigerian National Petroleum Company Limited (NNPC Ltd) says it requires $60 billion in fresh investment by 2030 to expand oil and gas refining capacity and strengthen the nation’s energy sector.
The Group Chief Executive Officer, Bayo Ojulari, disclosed this during a meeting with the leadership of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) in Abuja.
Ojulari outlined that the funding will help NNPC raise domestic refining capacity to 500,000 barrels per day, increase crude oil output to 3 million barrels per day, and boost gas production to 12 billion cubic feet per day by the end of the decade.
According to him, the investment is central to Nigeria’s energy security and economic growth, especially as the country seeks to reduce reliance on fuel imports.1
He added that NNPC remains committed to reviving the country’s refineries and attracting global partners to achieve the targets.
