The Nigerian National Petroleum Company Limited has revealed that reforms in the oil and gas sector, driven by the enactment of the Petroleum Industry Act 2021 and Executive Orders issued by President Bola Tinubu, attracted about $17bn in foreign investment in 2024.
The Executive Vice President of Upstream, Udy Ntia, disclosed this during an investor session at the 2025 CERAWeek by S&P Global in Houston, Texas, USA, a statement issued by NNPCL spokesperson, Olufemi Soneye, stated on Wednesday.
He noted that the reforms have significantly liberalised the regulatory framework, offering incentives for cost recovery, royalty payments, and profit-sharing mechanisms.
The statement partly read, “Ntia also disclosed that the Petroleum Industry Act 2021 and the series of Executive Orders signed by President Tinubu in 2023 have significantly liberalized the regulatory framework, offering incentives for cost recovery, royalty payments, and profit-sharing mechanisms, adding that Nigeria recorded $16bn to $17bn in foreign investment inflows in 2024 following the implementation of these regulatory reforms.”
