Nigeria’s oil and gas sector is set for a major boost as 74 Chinese companies have expressed interest in investing in the industry. This development follows the Nigeria-China Relationship Agreement, aimed at strengthening economic ties between both countries.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) disclosed on Monday, March 10, 2025, that these companies are part of a larger group of 216 Chinese firms looking to invest in various sectors of Nigeria’s economy.
Speaking at a meeting with NUPRC Chief Executive Gbenga Komolafe, House Committee Chairman on Nigeria-China Relationship, Jaafaru Yakubu, highlighted that the agreement had attracted significant interest from Chinese investors, with 74 firms focusing on oil and gas.
Yakubu emphasized the importance of the upcoming Nigeria-China Summit, where key stakeholders will explore more investment opportunities in the sector.
NUPRC’s Gbenga Komolafe reaffirmed the commission’s commitment to creating an investor-friendly environment in Nigeria’s upstream sector. He stated that the commission is implementing policies and regulatory frameworks to encourage investment and sustain growth in the industry.
This renewed interest from Chinese investors is expected to bring more jobs, infrastructure development, and increased oil production to Nigeria, boosting the country’s economy.
Meanwhile, the Nigerian oil and gas sector is experiencing shifts, with the Petroleum Product Retail Outlets Owners Association of Nigeria (PETROAN) advocating for a competitive and stable pricing framework. The association is calling on regulatory agencies like the Nigerian Midstream and Downstream Regulatory Authority (NMDPRA) to ensure fair pricing structures and prevent market monopolies.
PETROAN has also encouraged multiple supply sources, including Dangote Refinery, NNPC refineries, modular refineries, and fuel imports, to enhance competition and stabilize petroleum product prices.
The development comes as the Nigerian National Petroleum Company Limited (NNPC) recently reduced its pump price of petrol from ₦920 to ₦860 per litre to remain competitive amid rising fuel prices.
With the influx of new investments and ongoing reforms in the oil and gas sector, industry stakeholders anticipate greater economic stability, job creation, and improved energy security for Nigeria.
The Nigeria-China partnership continues to strengthen, with more investors eyeing opportunities across various industries in the country.
