Nigeria’s crude oil production has increased to 1.8 million barrels per day, up from 1 million, according to Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri.
The goal is to reach 2.5 million barrels per day, with American companies already showing strong interest in investing in Nigerian oil blocks. Lokpobiri emphasized the importance of continued investment in fossil fuels, stating that “Africa must not be deceived into abandoning fossil fuels while the West continues to expand production. Our hydrocarbons will finance our transition, not charity, not aid.”
The minister’s comments come as Nigeria seeks to boost its oil production and increase its global energy influence. According to Lokpobiri, “Africa holds 40% of the world’s natural resource discoveries yet remains at the mercy of financiers in London, Paris, and New York. Energy finance is a question of sovereignty, we must build the African Energy Bank, mobilize our sovereign wealth and pension funds, and secure Africa’s rightful place as a global energy leader.”
The Nigerian National Petroleum Company Limited (NNPC Ltd.) and its partners achieved this milestone through collaborative efforts, including joint venture and production sharing contract partners, the Office of the National Security Adviser, and government and private security agencies. The production increase is a result of sustained efforts to improve security and reduce oil theft in the Niger Delta region.
Lokpobiri expressed satisfaction with the performance of the team and pledged the Federal Government’s support for the company to do more. He also challenged the NNPC Ltd. to continue pushing for 2.5 million barrels per day, stressing that they have his full support.
The production surge is expected to boost government revenue and galvanize the economy. According to the Chief War Room Coordinator and Senior Business Adviser to the Group Chief Executive Officer, Mr. Lawal Musa, “all the needed machinery has been put in place to ensure that the target is achieved. No effort will be spared to ensure that the economy of Nigeria is galvanized.”
The NNPC Ltd. has been working to improve its production capacity, with plans to increase production to 2 million barrels per day by the end of the year. The company’s Group Chief Executive Officer, Mr. Mele Kyari, congratulated the Production War Room Team that anchored the production recovery process.
The achievement is a significant milestone for Nigeria’s oil industry, and stakeholders are optimistic about the country’s potential to become a major player in the global energy market. With the current production level, Nigeria is poised to increase its revenue and improve its economic prospects.
