The Nigerian National Petroleum Company Limited (NNPC Ltd) plans to develop new oil fields from 2026 and aims to raise at least $30 billion by 2030.
Bloomberg reports that the fundraising drive forms part of a broader strategy to revive Nigeria’s oil and gas sector.
The officials, quoted by Bloomberg, said NNPC anticipates key investment decisions as early as 2026, while also reviewing its asset portfolio with plans to divest non-performing oil fields to unlock capital and improve efficiency.
People familiar with the plans, according to Bloomberg, said NNPC will pursue a mix of in-house field development and investor-led projects, with a competitive bidding process expected to commence early next year.
As part of the strategy, the company is reviewing its portfolio and plans to sell non-performing oil fields, a move expected to help it raise more than half of its $30 billion target through asset sales and fresh investments.
The discussions remain confidential due to commercial sensitivity, and a spokesperson for NNPC Ltd declined to comment.
NNPC Ltd’s investment push comes against the backdrop of declining oil output and years of capital flight from Nigeria’s upstream sector, driven by regulatory uncertainty, security challenges, and delayed project approvals.
Although Nigeria holds some of Africa’s largest hydrocarbon reserves, several oil discoveries have remained undeveloped for years due to funding constraints.
The incorporation of NNPC Ltd under the Petroleum Industry Act (PIA) was designed to reposition the company as a commercially driven entity capable of attracting private capital and operating independently of government funding.
In parallel, NNPC is also pursuing infrastructure-led growth, including the $2.8 billion Ajaokuta–Kaduna–Kano (AKK) gas pipeline, which is expected to reach major completion milestones from early next year.
If successfully executed, NNPC’s strategy could help unlock stranded oil assets, stabilise production, and boost Nigeria’s crude output, which the company targets to increase by 5 per cent to 1.8 million barrels per day next year and 4 million barrels per day by 2030.
The completion of the AKK gas pipeline would also support industrialisation, power generation, and fertiliser production in northern Nigeria, strengthening energy security and economic diversification.
The NewsMatrics reports that NNPCL had earlier announced plans to for a public listing on the Nigerian Stock Exchange.
In preparation, President Bola Tinubu had approved the cancellation of about N5.57 trillion and $1.42 billion debts owed to the Federal Government.
