Nigeria’s federal government has raised its national oil production target, setting a new goal of 2.5 million barrels per day (bpd) by the end of the year.
The announcement was made by Minister of State for Petroleum Resources Heineken Lokpobiri at the Oil Technology Conference Africa Energy Forum.
Lokpobiri said he personally revised the target upward from President Bola Tinubu’s initial goal of 2 million bpd.
He expressed confidence in the new benchmark, noting that Nigeria had previously achieved similar output levels during the pandemic, despite minimal new investments in the sector.
He emphasized that the government is working to eliminate long-standing obstacles that have hindered production, including insecurity and infrastructural decay.
Nigeria has not produced at or above 2 million bpd in over a decade, with output peaking near that level in 2016 before entering a prolonged decline.
Chronic issues such as pipeline sabotage, oil theft, and investor flight have significantly hampered production recovery.
Many international oil companies have reduced their Nigerian operations in favor of more stable or lucrative regions.
However, recent developments show signs of renewed confidence. U.S. oil major ExxonMobil, for instance, has committed $1.5 billion to revitalize deepwater production in Nigeria, with investments in the Usan field slated for 2025 to 2027.
Lokpobiri pointed to improved security in the Niger Delta as a major factor enabling increased output, stating that efforts to curb vandalism and theft are gaining traction.
He also noted that Nigeria’s production push aligns with evolving OPEC+ dynamics, particularly as Saudi Arabia signals a shift away from output cuts in favor of growth.
