Nigeria’s daily crude oil production has reached 1.745 million barrels, with the federal government setting an ambitious goal to achieve two million barrels per day by the end of 2025, according to the Minister of State for Petroleum Resources (Oil).
Production Goals and Current Status
Speaking at the opening of the 2025 Nigeria Oil and Gas (NOG) Energy Week in Abuja on Tuesday, Heineken Lokpobiri outlined the country’s petroleum production trajectory and targets. The 2025 national budget projects daily production of 2.06 million barrels, requiring significant scaling up from current levels.
“We can succeed when we work together to be strong enough to deliver,” Lokpobiri stated, directly challenging the Nigerian National Petroleum Company Limited (NNPC Ltd.) to exceed expectations. “I urge the Nigerian National Petroleum Company Limited to change its target ambition to producing above two million barrels by 2025.”
Investment Recovery and Policy Reforms
The minister highlighted a shift in Nigeria’s petroleum sector investment climate since his 2023 appointment. He revealed that the industry had experienced a decade-long investment drought due to legal framework issues and other structural challenges that deterred international participation.
“In 2023, when I was appointed as the minister, there was no investment for 10 years due to legal framework and other challenges,” Lokpobiri explained. However, he emphasized that strategic policy reforms and deliberate government initiatives have successfully restored investor confidence, leading to renewed capital inflows into the sector.
The transformation represents a significant reversal from years of stagnation, with new investments now flowing into Nigeria’s oil and gas industry as a result of improved regulatory frameworks and enhanced business environment.
Legislative Relations and Industry Concerns
Addressing a persistent industry concern, Lokpobiri called upon the National Assembly to reduce the frequency of legislative summons issued to International Oil Companies (IOCs) and other industry stakeholders. Drawing from his extensive parliamentary experience as a former senator, he emphasized the need for more strategic and purposeful legislative oversight.
“Part of the complaints in the industry is about the frequent summons at the National Assembly and that should be reduced,” the minister stated. He advocated for more thoughtful consideration before issuing summons, arguing that legislators should critically examine issues and conduct proper consultations before compelling industry appearances.
Lokpobiri specifically questioned the practice of summoning IOCs regarding historical procurement matters, suggesting that such actions should focus on substantive current issues rather than what he termed “frivolous reasons.” He stressed that unnecessary legislative interference could undermine the improved investment climate the government has worked to establish.
