India-based Fox Petroleum has announced a $7.5 billion investment in the Nigerian National Petroleum Company Limited (NNPCL) over the next three years. The investment will be used to support NNPCL’s growth following the implementation of the new Petroleum Industry Act (PIA).

In a statement, Fox Petroleum said that its decision was influenced by President Bola Ahmed Tinubu’s commitment to increasing Nigeria’s oil and gas production, amping up reserves, boosting the country’s income, creating lots of job opportunities for Nigerians, and aiding the growth of communities where they operate.

“We are excited to be partnering with NNPCL to help them achieve their goals under the PIA,” said Yomi Sola Falana, Fox Petroleum’s Business Representative. “We believe that this investment will have a positive impact on the Nigerian economy and create a brighter future for all Nigerians.”

NNPC sees the development as a positive outcome of good governance, making Nigeria an attractive destination for foreign investors.

“This investment is a testament to the confidence that foreign investors have in Nigeria’s oil and gas sector,” said Mele Kyari, Group Managing Director of NNPCL. “We are committed to working with Fox Petroleum to ensure that this investment is a success.”

Fox Petroleum has been operating in Nigeria for a number of years and has a long-term gas purchase agreement with an Oil and Gas Company consortium formed under Fox Petroleum. The company is also considering building an LNG plant in Nigeria.