NNPC Targets $60bn Investments by 2030, Aims to Boost Oil & Gas Production

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The Nigerian National Petroleum Company (NNPC) Limited has unveiled ambitious plans to attract $30 billion in sectoral investments by 2027, increasing to $60 billion by 2030.

The state-owned oil firm also aims to ramp up crude oil production to over 2 million barrels per day (bpd) by 2027 and reach 3 million bpd by 2030.

Bayo Ojulari, the newly appointed Group Chief Executive Officer, disclosed these targets during a town hall meeting with staff at the NNPC Tower in Abuja. According to a statement by Olufemi Soneye, NNPC’s Chief Corporate Communications Officer, Ojulari outlined additional goals, including expanding refining capacity to 200,000 bpd by 2027 and 500,000 bpd by 2030, as well as increasing gas production to 10 billion cubic feet (bcf) per day by 2027 and 12 bcf by 2030.

Ojulari emphasized that these targets represent more than just numbers—they signify hope, job creation, industrial growth, and energy security for millions of Nigerians.

He described NNPC as a revitalized, forward-looking organization leading Nigeria’s energy transformation.

To achieve these objectives, the company will restructure for agility, leverage data-driven decisions, implement strong performance management, foster transparent partnerships, and reshape its public narrative.

Ojulari urged employees to embrace transparency, accountability, and innovation, pledging to create an empowering work environment where both experienced and young professionals can excel.

He also committed to strengthening collaboration with unions and called on staff to act with integrity and urgency. “Our success depends on our people. We will build a globally competitive NNPC that Nigerians can be proud of,” Ojulari stated.