Nigeria has significantly increased its oil production to 1.8 million barrels per day (mbpd), including condensates, up from 1 mbpd in 2023. This growth is credited to strategic measures implemented by the Federal Government under the leadership of President Bola Tinubu.
The Minister of State for Petroleum Resources, Heineken Lokpobiri, revealed that the president’s directive to ramp up production laid the foundation for this transformation. “This visionary directive became the cornerstone of my commitment and that of my team,” Lokpobiri stated.
Key Actions Driving the Growth
- Stakeholder Engagement:
The ministry actively engaged with both local and international stakeholders to attract investments and build strong partnerships. - Policy Reforms and Investment:
Efforts to streamline licensing processes and eliminate bureaucratic delays encouraged foreign investors. Additionally, hosting the Africa Energy Bank further cemented Nigeria’s position in the global energy market. - Peaceful Host Communities:
Robust community engagement initiatives fostered peace in oil-producing regions, creating a conducive environment for increased production. - Downstream Deregulation:
The deregulation of the downstream sector ensured constant availability of petroleum products, boosting confidence among investors and consumers alike.
Achievements and Outlook
The Minister highlighted several milestones:
- Hosting the Africa Energy Bank.
- Facilitating capacity building for local players in the oil and gas sector.
- Sustaining peace in oil-producing communities.
- Implementing reforms to attract investments and improve efficiency.
“These achievements are remarkable,” Lokpobiri noted. “From where we started to where we are now, the progress is undeniable. The future holds even greater opportunities for growth and development, benefiting all Nigerians.”
With a clear strategy and dedicated efforts, Nigeria has made significant strides in revitalising its oil sector. As the government continues to implement reforms and engage stakeholders, further growth is expected, solidifying the nation’s role as a leading oil producer in Africa.
