Abuja — The Federal Government has set a new crude oil production target of over 2.5 million barrels per day as part of efforts to deepen reforms, boost investments and strengthen accountability in Nigeria’s petroleum sector.
Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, disclosed this at the Ministry of Petroleum Resources’ Management Retreat held in Abuja, where he reviewed recent progress and outlined priorities for sustained growth.
According to Lokpobiri, Nigeria’s crude oil production has significantly increased from about one million barrels per day to approximately 1.8 million barrels per day since the current administration assumed office. He added that active drilling rigs have surged from fewer than 10 to more than 60 across various locations nationwide.
He attributed the improved performance to reforms aimed at restoring investor confidence through policy stability, regulatory certainty and a more competitive investment environment
“The administration has recorded significant progress in the sector, driven by reforms that have enhanced investor confidence and operational efficiency,” the minister said.
Lokpobiri further noted that Nigeria’s foreign reserves have exceeded $50 billion — the highest level in 17 years — while downstream reforms have eliminated the persistent fuel queues previously experienced across the country.
Despite these gains, he stressed the need for sustained momentum and stronger performance accountability across institutions in the sector.
“We must consolidate on these achievements by targeting crude oil production above 2.5 million barrels per day and expanding gas production to fully harness our energy potential,” he said.
The minister also called for intensified exploration activities in frontier and inland basins, including the Anambra, Benue, Chad and Dahomey basins, to unlock untapped hydrocarbon resources and boost national reserves.
Highlighting global energy trends, Lokpobiri observed a shift from the concept of “energy transition” to “energy mix,” underscoring the importance of policies that promote energy security, attract investments and support long-term economic growth.
In her remarks, Permanent Secretary of the Ministry, Mrs. Patience Oyekunle, described the retreat as a vital platform for knowledge sharing and institutional strengthening, urging participants to actively contribute to discussions.
Also speaking, Director of Planning, Research and Statistics, Mrs. Kemi Ahmed Yusuf, said the retreat was designed to enhance the Ministry’s capacity to deliver on its mandate and improve overall sector performance.
The two-day retreat, held from June 10 to 11, 2026, brought together ministry leadership, heads of agencies and industry stakeholders to chart a roadmap for sustainable growth, improved accountability and increased investment in Nigeria’s petroleum sector.
