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Olugbemi. Adeyinka Ogunleye
1 month ago
Overview
Ongoing reforms in oil sector attracted $17bn investment in 2024 NNPCL
The Nigerian National Petroleum Company Limited (NNPC Ltd) has called on global investors to direct their attention to the Nigerian oil and gas sector as the nation is now an investors’ haven owing to the robust regulatory reforms and the investment-friendly policies of the President Bola Ahmed Tinubu administration.
The executive vice president, Upstream, Udy Ntia, made the call on Tuesday during a session with investors at the 2025 CERAWeek by S&P Global in Houston, Texas, United States.Speaking on the theme: “Spotlight: Attracting Investment for Oil and Gas”, Ntia, disclosed that the Petroleum Industry Act 2021 and the series of Executive Orders signed by President Tinubu in 2023 have significantly liberalised the regulatory framework, offering incentives for cost recovery, royalty payments, and profit-sharing mechanisms, adding that Nigeria recorded $16 billion to $17 billion in foreign investment inflows in 2024 following the implementation of these regulatory reforms.
More: https://leadership.ng/regulatory-reforms-boost-17bn-fdi-to-nigeria-in-2024-nnpc/
