PRESS RELEASE

The Group Chief Executive Officer of NNPC Ltd, Mele Kyari has said that the world recognizes Africa as the next destination of providing greater support to the global energy market, recognizing Nigeria’s position as the largest producer of oil and gas in the continent.

Kyari disclosed this while delivering an address on the theme “Africa’s Energy Renaissance: Unlocking Opportunities for Global Investors”, at the opening ceremony of the 2025 Nigeria International Energy Summit (NIES), in Abuja, on Tuesday.

The GCEO, who noted that Nigeria stands as Africa’s largest producer of oil and gas, playing a pivotal role in the global energy market, affirmed that oil will remain a critical component of the global energy mix well into 2025, contributing over 39 percent of global oil demand as the world will require more than 100 million barrels of oil daily.

“At NNPC Ltd., we view gas not merely as a transitional fuel, but as a vital and sustainable alternative for the future. Currently, over 70% of Nigeria’s population lacks access to clean cooking fuel, and more than 50% remains without reliable access to electricity. These gaps present a significant opportunity for gas to play a transformative role,” Kyari noted.

He explained that it was based on these realities that Nigeria is prioritizing the development of the essential infrastructure, regulatory frameworks, and fiscal incentives needed to harness gas as a key solution for improving energy access and driving national development.

Underscoring the immense opportunities Africa holds in the energy sector, Kyari said gas infrastructure development remains critical to driving a trillion-dollar economy in Nigeria.

“Nigeria poised to take a leading role in unlocking the continent’s full potentials in terms of natural gas. The NNPC Ltd is leading the charge in delivering gas to domestic gas-based industries and power plants, while building the needed infrastructure to ultimately bolster economic growth,” the GCEO stated.

While attributing the reforms in the industry to the right leadership who have created fiscal terms for gas, Kyari stressed that many Final Investment Decisions (FIDs) announced were as a result of President Bola Tinubu’s Executive Order on Oil & Gas, which he said provided fiscal incentives for ease of doing business.

“Today, investors are increasingly recognizing that investing in Nigeria, particularly in the oil and gas sector, offers not only the potential for solid returns but also a stable fiscal environment that promises long-term profitability,” Kyari said.

He described the renewed confidence in Nigeria's investment climate as a major driver in the resurgence of interest from global investors, who are returning to the country to capitalize on the growing opportunities within the sector.

The theme of this year’s Nigeria International Energy Summit is, “Bridging Continents: Connecting investors Worldwide with Africa’s Energy Potential.”

Olufemi O. Soneye

Chief Corporate Communications Officer

NNPC Ltd.

Abuja

25th February 2025

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