Nigeria’s current oil production stands at roughly 1.745 million barrels per day, and the federal government says it is working toward reaching two million barrels daily by the end of the year.
Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, made this known at the opening of the 2025 Nigeria Oil and Gas (NOG) Energy Week in Abuja on Tuesday. He emphasized that the federal budget for 2025 is based on a projected output of 2.06 million barrels per day and urged industry stakeholders to push beyond the two-million-barrel mark.
According to Lokpobiri, recent improvements in investor confidence and policy reforms have helped revive interest in Nigeria’s oil sector, which had seen a decade-long drought in investments due to regulatory uncertainty.
“I encourage the Nigerian National Petroleum Company Limited (NNPC Ltd.) to increase its ambitions and aim higher,” he said, expressing confidence that collaboration among stakeholders would yield results.
He also called on the National Assembly to ease off frequent summons of international oil companies (IOCs) and industry operators, which he said could discourage investment. “Summoning companies over procurement matters from years ago sends the wrong message,” the minister added, reflecting on his experience as a former senator.
In a related development, the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, noted that Nigeria holds over 200 trillion cubic feet of proven gas reserves. He stressed that tapping into this resource through the “Decade of Gas” initiative is key to powering the nation’s industrial growth, boosting electricity generation, increasing LPG use, and expanding gas exports.
The ongoing NOG Energy Week, themed “Accelerating Global Energy Progress through Investment, Partnerships, and Innovation,” brings together major stakeholders in the oil and gas industry to explore strategies for achieving sustainable energy growth.
Plans are also underway for the establishment of the African Energy Bank, with a shareholders’ meeting to be convened soon by Afreximbank and its partners, following a public call for applications to lead the institution
