NNPC Targets $60bn Investment, 3mbpd Oil Output by 2030

The newly appointed leadership of the Nigerian National Petroleum Company (NNPC) Limited has outlined an ambitious strategy to attract sectoral investments totalling $30 billion by 2027, with a long-term goal of reaching $60 billion by 2030.

The state-owned energy giant is also setting its sights on increasing Nigeria’s crude oil output to over 2 million barrels per day by 2027, with a further target of 3 million barrels daily by the end of the decade.

Bayo Ojulari, the newly installed Group Chief Executive Officer of NNPC Limited, revealed these strategic objectives during a town hall meeting with staff held at the NNPC Towers in Abuja on Thursday.

According to a statement signed by Olufemi Soneye, Chief Corporate Communications Officer at NNPC, Ojulari also aims to boost refining capacity to 200,000 barrels per day by 2027 and 500,000 barrels per day by 2030. Additionally, gas production is expected to rise to 10 billion cubic feet per day by 2027 and 12 billion by 2030. He also stressed the company’s commitment to improving energy access and affordability for Nigerians.

In order to achieve these targets, he said the company will be focusing on reconfiguring its business structure for agility and value creation; conducting independent value assessments to inform data-driven decisions; enforcing a robust performance management framework; building transparent, value-aligned partnerships with all stakeholders and most critically, taking control of its narrative.

Explaining the criticality of pursuing the Company’s bold ambitions, the Group CEO said the targets are not just metrics, but indicators of hope, jobs, industrial growth, and energy security for millions of Nigerians.

Describing NNPC Limited as a renewed, forward-facing, and future-ready organisation that is proudly leading Nigeria’s energy transformation, Ojulari said “it’s time we tell our story—one of innovation, reform, and national pride.”

Ojulari said it was a huge honour and responsibility to lead the NNPC Ltd, describing the Company as an entity that means a lot to Nigeria and its future.

“We stand at the gateway of a new era—one that demands courage, professionalism, and a relentless drive for excellence. The task before us is great, yet the opportunity to redefine Nigeria’s energy future is even greater. Now is the time to turn our transformation promise into performance,” Ojulari told thousands of the company’s staff.

He charged the staff to be proud of NNPC Ltd’s recent transformation, stressing that the next journey to becoming a fully-fledged limited liability company will require the collective drive towards making NNPC more transparent, profitable and accountable.

He pledged to give all employees the space to be able to outperform competitors. “We will provide the best combination where the experienced and the young will both thrive towards achieving our set targets,” he assured.

He said his Management will deepen collaboration with the Company’s in-house and national unions to build a stronger, trust-based relationship that reflects shared purpose and mutual respect. He also called on all staff to lead with integrity, act with urgency, while bringing their very best to the table.

“We recognize that our greatest asset is our people. Our success will be powered by empowered employees. As such, we are fully committed to creating a workplace where everyone is valued, motivated, and inspired to thrive. Together, we will build a high-performing, globally competitive NNPC Ltd that is proudly Nigerian and proudly world-class,” Ojulari added.