Nigeria is maintaining its target of increasing crude oil production to 2.5 million barrels per day (mbpd), with the Federal Government counting on sustained investment, expanded exploration and policy reforms to drive output growth and boost reserves.
Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, reaffirmed the target on Wednesday at the Ministry of Petroleum Resources’ 2026 Management Retreat in Abuja, where he urged officials to develop a practical framework for achieving higher production levels.
The retreat, themed “Driving Institutional Performance and Accountability in the Petroleum Sector for Sustainable National Development,” brought together ministry officials and industry stakeholders to review progress and outline future priorities.
Lokpobiri said recent gains in the sector could only be sustained through continuous investment, noting that oil and gas production growth depends largely on capital inflows and exploration activity.
“I want to see on my table a clear framework on how we can build on what we have achieved. I want to see how we can do 2.5mbpd. I know we are on our way there. But oil and gas can only be produced on an incremental basis when you also sustain investments,” he said.
The minister said Nigeria’s crude oil production had risen from about one million barrels per day to approximately 1.8 million barrels per day under the administration of President Bola Tinubu. Active drilling rigs have also increased from fewer than 10 to more than 60, a development he attributed to reforms that restored investor confidence.
According to him, the reforms have repositioned Nigeria as a more attractive destination for oil and gas investment at a time when global producers are competing for capital.
Beyond production growth, the government is also seeking to expand reserves. Lokpobiri said Nigeria’s estimated 37 billion barrels of crude oil reserves and vast gas resources remain significantly underdeveloped, with less than 25 per cent of the country’s hydrocarbon potential explored.
“We have not explored up to 25 per cent of our potential. We need a clear framework to expand exploration activities and build on our reserves,” he said.
The minister argued that the global energy conversation is shifting from energy transition to energy security and energy mix, creating opportunities for oil-producing nations to attract investment and boost revenues.
His remarks reflect growing concerns over energy security, which have sustained investment in fossil fuels alongside renewable energy.
For Nigeria, achieving the 2.5mbpd target would boost government revenues, strengthen foreign exchange earnings and reinforce its standing within the Organisation of the Petroleum Exporting Countries. However, analysts say sustaining the momentum will depend on continued policy stability, improved security in oil-producing areas and steady investment in upstream operations.