Nigeria Should Be Producing 4 Million Barrels of Oil Daily, Says OPEC Chair
3 min read
Nigeria has the potential to produce up to four million barrels of oil per day, according to Ademola Adeyemi-Bero, Chairman of the Board of Governors of the Organisation of the Petroleum Exporting Countries (OPEC). Speaking at the Nigeria Petroleum Industry Leadership Discourse hosted by Heirs Energies in Abuja, Adeyemi-Bero argued that Nigeria’s vast hydrocarbon reserves justify a much higher output than the current 1.5 million barrels per day (mbpd) quota.
Adeyemi-Bero highlighted that OPEC officials believe Nigeria could significantly raise its output if it demonstrates the capacity to sustain higher production levels. He noted that achieving 1.7 mbpd in January was a positive step towards earning a larger OPEC quota.
“With Nigeria’s reserves and resources, the country shouldn’t be producing below two million barrels a day,” he asserted. “Nigeria should be achieving two and a half, three, or even four million barrels daily. Those in OPEC and across the globe recognise this potential, but we must prove our ability to deliver.”
Strategic Role at OPEC and Nigeria’s Production Ambitions
As Chairman of OPEC’s Board of Governors, Adeyemi-Bero plays a key role in setting the agenda and ensuring member countries’ interests are represented. He explained that although OPEC’s secretariat manages daily operations, strategic decisions require board approval.
“The board comprises representatives from all OPEC member nations. My responsibility is to lead this group and ensure the agenda addresses OPEC’s key priorities,” he said. “For Nigeria, that means working towards increasing our production quota to 2.1 mbpd.”
Adeyemi-Bero stressed that achieving this target involves not just increasing output but also securing OPEC’s approval for a higher quota, maintaining compliance, and engaging with international counterparts.
Government Reforms Fuel Optimism for Oil Sector Growth
The event also featured insights from Nigeria’s Minister of Petroleum Resources (Oil), Heineken Lokpobiri, who praised President Bola Tinubu’s reforms for revitalising the oil sector. Lokpobiri emphasised that the removal of bureaucratic bottlenecks has accelerated contract approvals, boosting investor confidence and paving the way for increased production.
“Under President Tinubu’s leadership, strategic reforms have eliminated unnecessary bureaucracy. You no longer need personal connections for contract approvals,” Lokpobiri stated. “No document stays on my desk for more than 24 hours once recommended by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).”
Industry Leaders Chart Path to Increased Output
The leadership discourse, moderated by Osayande Igiehon, CEO of Heirs Energies, brought together top industry players, including Gbenga Komolafe, CEO of NUPRC; Roger Brown, Managing Director of Seplat; and Udobong Ntia, Executive Vice President of Upstream at the Nigerian National Petroleum Company Limited.
Tony Elumelu, Chairman of Heirs Energies, opened the event by commending stakeholders for their continued commitment to Nigeria’s energy future. The gathering underscored the collective ambition to boost Nigeria’s oil production and drive economic growth.
Outlook: Can Nigeria Realise Its Oil Potential?
Nigeria’s vision to produce four million barrels of oil per day reflects its vast resource base but hinges on strategic execution, regulatory alignment, and OPEC’s approval. With the government’s renewed focus on efficiency and industry leaders advocating for higher output, the stage is set for Nigeria to redefine its role in the global energy landscape.
However, achieving this ambitious target will require overcoming challenges such as infrastructure gaps, security concerns in oil-producing regions, and fluctuating global oil prices. The coming months will be crucial in determining whether Nigeria can indeed turn its hydrocarbon wealth into sustained economic prosperity.
About The Author
