The Presidency is considering changes to the Nigerian National Petroleum Company Limited (NNPC) due to its low oil production. Currently, NNPC E&P Limited produces only 220,000 barrels per day, less than 10% of Nigeria’s total output, raising doubts about its ability to meet the country’s 3-million-barrel daily target.

Olu Verheijen, Special Adviser to the President on Energy, said the state-owned company may not have the funds or capacity to carry out the drilling needed to increase production. She suggested bringing in independent operators with the technical skills, financial strength, and management discipline to help boost output.

Verheijen also outlined a “four R’s” plan for the sector: reserves, revenues, reliability, and responsibility. She highlighted the importance of attracting investment quickly and noted that the Tinubu administration has already unlocked over $8 billion in projects, with another $20 billion expected.

The plan focuses not just on exports but also on domestic value creation, including gas-to-power, refining, petrochemicals, and fertiliser production to reduce import dependence.

NNPC Chairman Ahmadu Kida said the company aims to become Africa’s leading energy firm within five years, reflecting national pride and stronger performance.