Nigeria Can Do Better Than $1trn Economy – Kyari

Group chief executive officer of the Nigerian National Petroleum Company Ltd (NNPC), has expressed optimism that Nigeria can surpass the current target of achieving a $1 trillion economy.

This is the secretary general of the African Petroleum Producers Organization (APPO), Dr. Omar Farouk, emphasised the need for African countries to partner to fully harness the continent’s rich oil and gas resources.
Speaking at the opening session of the Nigerian International Energy Summit (NIES) 2025, in Abuja on Tuesday,

Kyari who insisted that the $1 trillion economy target is not ambitious enough, emphasising Nigeria’s vast potential, its status as Africa’s largest oil producer and holder of significant oil and gas reserves.
He noted that with the right leadership and strategic investments, particularly in gas infrastructure and energy security, Nigeria can exceed the $1 trillion GDP goal.

According to him, Nigeria is a major producer of petroleum products in Africa, placing it in an advantageous position to grow its economy beyond the $1 trillion target.

He said, “Oil will be here even by 2050, contributing to over 29 percent of the global energy mix and increasing demand of at least 100 million barrels of oil, even by 2050, so oil and gas will be here. And we understand this, and we know the significance but it must be connected globally, and that’s why the world recognises Africa as the next destination providing greater support to the energy markets.

“As we all know, Nigeria has the largest economy, that’s not in dispute but we have the potential of growing even bigger. And I think the $1 trillion GDP is too small, that’s not very ambitious. I think we can do better than this and the projection is showing that this country will do better than this. I’m sure we know that $1 trillion is maybe the balance sheet of one IT company somewhere.

“We will do better than this, this country has potential for doing this, and this industry will surely be the biggest contributor to this development. And that’s already happening.”

Kyari also noted the return of investors’ confidence in the Nigerian Petroleum industry, stating that the Tinubu-led administration has successfully introduced policies that ensure investors get returns for their investments.

“Investors have seen that when they put their money in our country today, in our businesses, particularly in the oil and gas sector, they can get back their money, they can get their returns, and there’s also a stable fiscal environment that will give them a long-term return on their investment. And I’m sure that is why we are seeing a number of investors coming back into our country, and it’s working for us.

Speaking further, Kyari said that the nation’s gas resources were currently being harnessed to address the gaps in citizen’s access to clean cooking fuel and access to electricity.

He explained that for Nigeria, gas is not just a transition fuel but a better alternative fuel hence the government’s commitment to developing gas infrastructure in the country, aimed at ensuring that gas is delivered to the domestic market.

“Over 70 per cent of our country may not have access to clean cooking fuel. This is true and of course, access to electricity is about 50 per cent of our population. So there is so much space there that gas can fill. And that’s why this country has taken the next step, which is to build the necessary infrastructure, create the necessary framework, and create the necessary fiscal incentives that are required.

“And at this point, it’s also important to highlight that this won’t happen unless we have the right leadership. And this leadership has bought something on the table, creating the fiscal tax for gas. As we know today, many of the FIDs that were announced in recent times would not have come up, if not for the changes that Mr. President introduced.

“The executive orders would do a number of things. Ease of business, ease of procurement, providing new fiscal incentives for non-associated gas, and even providing some incentives so that even the oil investment can happen. And that’s why you are seeing all this is happening.”

Meanwhile, Farouk who officially announced his planned retirement this year at the ongoing NIES in Abuja, said his planned departure marks the end of a significant tenure in the continental oil and gas organization.

Addressing industry leaders, government officials, and stakeholders at the summit, Dr. Farouk expressed gratitude for the opportunity to serve APPO and contribute to Africa’s energy sector. He highlighted the progress made in strengthening collaboration among oil-producing nations.

Adding that the height of this collaboration is the establishment of the African Energy Bank with Nigeria being the major stakeholder through NNPC.

He noted that APPO made advancement in policies that promote sustainable energy development across the continent.

During his leadership, APPO played a pivotal role in fostering regional energy cooperation, advocating for investment in Africa’s petroleum industry, and navigating the sector through global transitions. His retirement signals a new era for the organization as it continues to adapt to evolving energy trends and challenges.

Industry experts and dignitaries at the event commended Dr. Farouk’s contributions and leadership, acknowledging his efforts in shaping Africa’s oil and gas policies. APPO is expected to announce his successor soon.