Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, has said oil will remain a critical component of the global energy mix well into 2025.
According to him, oil is contributing over 39 per cent of global oil demand as the world will require more than 100 million barrels daily.
The GCEO, in a press release by the NNPCL Chief Corporate Communications Officer, Olufemi Soneye, said the world recognised Nigeria’s position as the largest producer of oil and gas in Africa.
He added that Africa has also been recognised as the next destination of providing greater support to the global energy market.
Kyari stated these while speaking on “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 NNPCL GCEO noted that Nigeria is playing a pivotal role in the global energy market.
“At NNPCL, we view gas not merely as a transitional fuel, but as a vital and sustainable alternative for the future.
“Currently, over 70 per cent of Nigeria’s population lacks access to clean cooking fuel, and more than 50 per cent remains without reliable access to electricity. These gaps present a significant opportunity for gas to play a transformative role,” Kyari said.
He explained that, based on these realities, Nigeria prioritised 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.
Kyari underscored the immense opportunities Africa holds in the energy sector, saying 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 NNPCL 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.
Kyari attributed the reforms in the industry to the right leadership who he said have created fiscal terms for gas.
He said many Final Investment Decisions (FIDs) announced were as a result of the Executive Orders on Oil and Gas by President Bola Tinubu which he said provided fiscal incentives for ease of doing business.
“Today, investors are increasingly recognising 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 he said were returning to the country to capitalise on the growing opportunities within the sector.
The theme of the 2025 Nigeria International Energy Summit is, “Bridging Continents: Connecting Investors Worldwide With Africa’s Energy Potential.”
