NNPC Calls for Overhaul of Africa’s Gas Financing System to Unlock Billions in Energy Investment

Africa’s vast natural gas reserves remain heavily underdeveloped due to weak financing structures and unreliable payment systems, according to the Nigerian National Petroleum Company Limited (NNPC Ltd), which is urging a continent-wide shift toward more bankable energy frameworks.

The call was made during a high-level roundtable at the Africa CEO Forum in Kigali, Rwanda, where energy leaders gathered to address barriers holding back large-scale gas development across Africa. NNPC executives warned that without stronger financial systems, the continent risks delaying critical energy investments needed for growth and industrialisation.

Olalekan Ogunleye, NNPC’s Executive Vice President for Gas, Power and New Energy, said Africa must move beyond discussions and focus on practical solutions that can attract long-term capital into the sector. He stressed that monetising gas requires systems that investors can trust.

A key concern raised at the forum was the continent’s inconsistent payment performance in energy transactions. Ogunleye noted that unreliable cash flow mechanisms continue to discourage global investors from committing to major gas infrastructure projects.

He argued that Africa needs home-grown financial structures that reflect local realities while still meeting international investment standards. According to him, sustainable gas development depends heavily on predictable payment systems that reduce financial risk.

Nigeria’s strategy, he added, is increasingly focused on building an integrated energy value chain that strengthens commercial viability and positions the country as a regional hub for gas distribution and power development.

The discussion, themed “Gas without Cash: Breaking the African Monetisation Deadlock,” brought together policymakers and industry executives seeking ways to unlock financing for stalled and emerging gas projects across the continent.

The Africa CEO Forum continues to serve as a major platform for shaping investment and policy direction in Africa’s energy sector, with a strong emphasis this year on regional integration, energy security, and sustainable economic growth.