General
NNPC Eyes $20bn Capital to Boost Nigeria’s Energy Growth
By Adedapo Adesanya
NNPC Exploration and Production Limited (NEPL), a subsidiary of the Nigerian National Petroleum Company (NNPC) Limited, will need a funding of circa $20 billion in capital and operating expenditures to effectively increase crude oil and gas production to drive Nigeria’s energy growth by 2030.
Speaking on a panel in Abuja at the just concluded Nigeria International Energy Summit (NIES), the Managing Director of NEPL, Mr Nicolas Foucart, said it requires about $4 billion investment annually to boost Nigeria’s crude oil and gas production in the next five years.
Mr Foucart lamented that funding remains a key issue to grow production of both existing and new set of assets, but said the NNPC subsidiary has a clear strategy on this in terms of sustainable production, cost optimisation, decarbonisation and people.
The company also stated that aside from its over 370,000 barrels per day drilling target for 2025, it intends to raise this figure to 550,000 barrels per day by the end of 2027.
He noted that during the same period the NNPC E&P company will raise gas production to 3 billion cubic feet.
“So our plan is, from this year’s target, that we have 373,000 barrels average production for the year. That’s our target in 2025. To grow that to 550,000 barrels per day, that’s oil and condensate in the next three, four years. And from that production, we operate 65 per cent of that production.
“If I go to gas, today we are producing 1.4 BCF per day. And our strategic plan is showing that we should achieve close to 3 BCF over the next three, four years. Again, we operate 50 per cent of that production as NEPL.
“So, you can imagine behind that plan, there’s a lot of activities and a lot of investment. If we look at our strategic plan, we are talking about $4 billion per year. That’s NEPL’s equity. Over the next five years, that’s the money we need to invest between OPEX and CapEx.
“Definitely, where is that fund coming from? And how can we make sure it’s going to be there? So of course, as a company, the fund will come from profit that we are generating. So it’s that’s the self-funding aspect, but also we’ve got external funding.
“The way we’ve done that in NEPL, we’ve got financing entities, also providing some technical services in certain assets. So we operate those assets, and then there’s a joint team executing the activities. But it’s just to secure those funds from the shareholders, because that’s what it is when it’s self-funded,” he added.
Mr Foucart pointed out that instead of sharing dividends, the NEPL could deploy the fund for financing its activities, explaining that either from shareholders or external entities, it wants to make sure that there is a business case and value behind all the projects.
He observed that the E&P company was gradually moving from short-term thinking to a long-term vision of how things should be done.
“Well, last year, the average production of NEPL was 244,000 barrels. Today, we’re at 310,000, working towards the 370,000 barrels average for the year.
“So, that’s a 30 per cent increase that we achieved, basically, in 12 months. That’s our strategy, giving confidence, and then we’ve got those finance, technical service agreements and assets on the gas,” he added.
By Modupe Gbadeyanka
The vice-presidential candidate of the Labour Party (LP) in the 2023 general elections, Mr Datti Baba-Ahmed, has left the party to join the Peoples Redemption Party (PRP).
Speaking on Channels Television’s Politics Today, the politician said he’s no longer interested in the way the Labour Party was being run.
He disclosed that there is no more peace in the political party he flew its flag in the last general elections because of greed.
He accused the ruling All Progressives Congress (APC) of destabilising opposition political parties to ensure President Bola Tinubu does not have a credible opponent in the 2027 presidential poll.
“What the Labour Party stood for is not the same now. We have a government of today which is interested in destroying other political parties,” he said.
“I am leaving the Labour Party tomorrow (today) by 12 midnight,” Mr Baba-Ahmed said when asked about his plans for next year.
I am leaving the Labour Party [at] midnight, and I am joining PRP. PRP is the new destination. PRP is the one with a history. It’s about 75 years old,” he further stated.
He further said, “When there was real peace in the Labour Party, someone was redeployed to the Labour Party and because of the antecedents of the person, [I don’t see things getting better].
PRP, a progressive Nigerian political party, was established in 1978 by Mallam Aminu Kano. It is rooted in social democratic principles and populist ideology, often focusing on the empowerment of the talakawa (common people).
Its current National Chairman, according to data obtained from the website of the Independent National Electoral Commission (INEC), is Mr Falalu Bello, while the National Secretary is Mr Babatunde F. Alli.
By Modupe Gbadeyanka
The Director General of the National Pension Commission (PenCom), Ms Omolola Oloworaran, has highlighted strategies deployed by her organisation to ensure pension coverage is deepened in Nigeria.
Speaking at the ISSA Technical Seminar in Abuja recently, she said the steps taken were to build a more inclusive, transparent, and responsive pension system, where communication serves not just as information, but as a bridge to trust, accessibility, and sustained industry growth.
According to her, the Contributory Pension Scheme (CPS) has, over more than two decades, built a strong institutional foundation, but true inclusion goes beyond coverage to require trust and clear communication.
For this reason, PenCom has prioritised the Personal Pension Plan, strengthened stakeholder engagement, and invested in digital channels that reach contributors in accessible and relatable ways, she stated.
Ms Oloworaran further stressed that, “Effective communication is not a soft complement to regulation; it is a core instrument of coverage expansion, compliance, and public confidence.
“Every circular we issue, every benefit we pay, and every reform we introduce ultimately succeeds or fails on whether our members can understand it and act on it.”
The ISSA Technical Seminar, themed Improving Inclusivity and Accessibility of Social Security Services Through Effective Communication, was organised in collaboration with the International Social Security Association (ISSA).
It brought together key stakeholders across West Africa to advance dialogue on strengthening social security systems through clearer, more inclusive engagement.
By Adedapo Adesanya
Former Minister of Power, Mr Barth Nnaji, has run to the rooftop to declare that Nigeria has not secured financing for any major power plant in more than a decade, blaming policy reversals and weak government commitment for the prolonged investment drought.
Speaking at the Nigerian Association for Energy Economics conference in Lagos, Mr Nnaji said the country’s power sector lost momentum after a promising financing framework introduced under his watch was abandoned following a change in administration.
According to him, the partial risk guarantee instrument developed jointly with former Finance Minister, Mrs Ngozi Okonjo-Iweala, had begun attracting international investors by reducing the risks associated with power projects in Nigeria.
“The world was galloping to us to finance power plants because we were getting a service guarantee,” he said, noting that the framework helped secure funding for the Azura-Edo Power Station, one of Nigeria’s most significant independent power projects.
However, he said the policy was scrapped after the administration changed, abruptly halting investor interest.
“Till today, we have not financed any new major power plant in Nigeria. That’s about 11 years ago,” he said.
Mr Nnaji argued that policy inconsistency remains one of the biggest obstacles to power sector growth, without clear, stable and bankable policies.
He said Nigeria will continue to struggle to attract the long-term capital required for large-scale electricity projects.
He also urged Nigeria to adopt a pragmatic approach to energy transition, stressing that natural gas should remain the backbone of the country’s power strategy. With more than 210 trillion cubic feet of proven gas reserves, he said Nigeria is well-positioned to use gas as a bridge fuel for industrialisation and economic growth over the next two decades.
Yet, despite these vast reserves, inadequate infrastructure continues to constrain supply.
Mr Nnaji noted that the Nigeria LNG Limited is operating at only about 60 per cent of capacity due to insufficient gas availability, highlighting the urgent need for greater investment in gas production, processing and transportation.
He also cited the long-delayed Mambilla Hydroelectric Power Station as a symbol of Nigeria’s execution failures. Although technically viable, the project has remained on the drawing board for more than 40 years because of weak political will and inconsistent implementation.
He noted that Nigeria’s power challenge is not a lack of resources but a failure of execution. With an installed generation capacity of about 13,000 megawatts, the country still produces only 4,000 to 5,000 megawatts on average. Until policy becomes consistent and infrastructure investment accelerates, reliable electricity will remain frustratingly out of reach for millions of Nigerians.
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