NNPCL Signs $3.5 Billion Gas Agreement to Drive Industrial Growth in South-South Nigeria

The Nigerian National Petroleum Company Limited (NNPCL) has signed a $3.5 billion Memorandum of Understanding (MoU) with the Akwa Ibom State Government and the Gas Aggregator Company of Nigeria (GACN), a landmark deal aimed at advancing gas industrialisation across Nigeria’s South-South region.

The agreement was formalised during the opening session of the South-South Gas Utilisation Forum 2025, held in Uyo, Akwa Ibom State. According to a statement released by NNPCL, the MoU highlights the commitment of stakeholders in the region to harness natural gas resources for economic development, job creation, and industrial expansion.

The event was attended by key figures in the energy sector, including the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, as well as government representatives from Akwa Ibom, Cross River, and Rivers states. Speaking via his official X handle, Ekpo remarked that his presence at the event was more than ceremonial, describing it as “personal,” reflecting his vested interest in the region’s gas-led transformation.

The South-South Gas Utilisation Forum was created as a strategic platform to promote domestic gas use, unlock investment opportunities, and support regional development. With the new MoU, Akwa Ibom is set to play a central role in Nigeria’s ambition to shift from oil dependency to a diversified energy mix anchored on gas utilisation.

In a broader context of ongoing reform, industry stakeholders have welcomed the recent appointment of Ahmadu Musa Kida as Non-Executive Chairman of the Board of NNPCL, calling it a timely development that enhances governance and strategic oversight in the oil and gas sector.

Kida, a seasoned industry executive, previously served as Director at Pan Ocean Oil Corporation (Nigeria) Limited and within the Newcross group of companies. He was recently honoured at a private send-off dinner in Lagos, attended by executives, legal advisers, and board members of Pan Ocean, Newcross Petroleum Limited, and Newcross Exploration and Production Limited.

Guests at the event commended his contributions to technical leadership, corporate governance, and institutional strengthening, which many believe will now shape the direction of NNPCL under his chairmanship.

As Nigeria continues to reposition its oil and gas sector for increased transparency and sustainability, the $3.5 billion gas deal and Kida’s strategic appointment underscore a renewed focus on energy security, regional inclusion, and long-term economic competitiveness.