Federal Push Lifts Production to 1.8 Million Barrels Per Day
Nigeria’s crude oil production has surged to 1.8 million barrels per day (mbpd), including condensates, up from a low of 1mbpd in 2023, thanks to a strategic drive to attract foreign investment and streamline operations in the sector.
The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, disclosed this achievement in a statement on Monday, attributing the success to President Bola Tinubu’s directive to revamp the sector and achieve sustainable output levels.
“This visionary directive by President Bola Tinubu became the cornerstone of my commitment and that of my team. It laid the foundation for the transformation we are witnessing in Nigeria’s oil and gas sector,” Lokpobiri said.
To achieve this milestone, the minister revealed that his team engaged stakeholders across domestic and international fronts to foster partnerships, eliminate bottlenecks, and attract significant foreign investments.
“Through these efforts, we successfully strengthened institutional frameworks and built synergy that has driven the remarkable transformation in the sector. From 1mbpd when we began, we have increased production to 1.8mbpd, inclusive of condensates, with aspirations for even greater heights,” he said.
Among the administration’s notable achievements is securing Nigeria as the host of the Africa Energy Bank, a landmark development aimed at boosting investment in Africa’s energy infrastructure.
Lokpobiri highlighted other key reforms, including:
Sustaining peace in host communities through enhanced engagement.
Fully deregulating the downstream sector to ensure constant availability of petroleum products.
Removing bureaucratic hurdles in licensing to attract investors.
Strengthening the capacity of indigenous players in the industry.
“These reforms, too extensive to list, reflect our unwavering commitment to building a robust and sustainable oil and gas sector,” he noted.
The minister described the journey as one of resilience and strategic action, resulting in undeniable progress. “From where we started to where we are now, the transformation is evident. The future holds even greater promise for growth and development, and we remain committed to delivering these benefits to Nigerians,” Lokpobiri concluded.
The progress comes as Nigeria seeks to solidify its position as Africa’s leading oil producer while addressing longstanding challenges in the energy sector, including underinvestment and inefficiencies in infrastructure.
