Mkpoikana Udoma
Port Harcourt — Nigeria is targeting crude oil production above 2.5 million barrels per day as the Federal Government seeks to build on recent gains that have nearly doubled output and significantly boosted upstream investment activity across the country.
Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, disclosed this at the Ministry of Petroleum Resources’ Management Retreat in Abuja, where he reaffirmed the Federal Government’s commitment to strengthening institutional performance, accountability and investment-driven growth in the petroleum sector.
Speaking at the retreat themed, “Driving Institutional Performance and Accountability in the Nigerian Petroleum Sector for Sustainable National Development,” Lokpobiri said the administration had recorded notable achievements since assuming office, driven by reforms aimed at restoring investor confidence.
According to him, Nigeria’s crude oil production has increased from about one million barrels per day to approximately 1.8 million barrels per day, while active drilling rigs have risen from fewer than 10 to more than 60 operating across different locations nationwide.
“We have recorded significant progress in the petroleum sector. Crude oil production has increased from about one million barrels per day to approximately 1.8 million barrels per day, while the number of active drilling rigs has grown from fewer than 10 to over 60,” the minister said.
Lokpobiri attributed the improved performance to reforms that have delivered policy stability, regulatory certainty and a more competitive investment environment, making Nigeria increasingly attractive to both local and international investors.
He further disclosed that Nigeria’s foreign reserves have exceeded $50 billion, describing it as the highest level recorded in 17 years, while reforms in the downstream sector have eliminated the fuel queues that previously plagued the country.
The minister, however, stressed that the industry must not become complacent, urging stakeholders to sustain the current momentum and pursue higher production targets.
“Despite these achievements, we must sustain the momentum. We should target crude oil production above 2.5 million barrels per day and expand gas production to fully harness Nigeria’s energy potential,” he stated.
He described the retreat as a strategic platform for reviewing sectoral progress, identifying existing challenges and developing practical frameworks to strengthen accountability, improve institutional performance and sustain growth across the petroleum industry.
Lokpobiri also called for intensified exploration activities in frontier and inland basins, including the Anambra, Benue, Chad and Dahomey Basins, noting that unlocking untapped hydrocarbon resources would increase reserves and secure the long-term future of the industry.
The minister observed that global discussions on energy have evolved from a narrow focus on “energy transition” to a broader “energy mix” approach, which recognises the continued importance of hydrocarbons alongside emerging energy sources.
According to him, Nigeria must continue to pursue policies that enhance energy security, attract investments and support sustainable economic growth while positioning the country competitively within the evolving global energy landscape.
In her welcome address, the Permanent Secretary of the Ministry of Petroleum Resources, Mrs. Patience Oyekunle, described the retreat as an important platform for learning, knowledge sharing and constructive engagement among stakeholders.
She urged participants to actively contribute to discussions, share experiences and embrace innovative perspectives that would strengthen the ministry’s ability to deliver on its mandate.
Also speaking, the Director of Planning, Research and Statistics, Mrs. Kemi Ahmed Yusuf, said the retreat was organised to enhance the ministry’s institutional capacity and improve performance across the petroleum sector value chain.
The two-day retreat, held from June 10 to 11, 2026, brought together the leadership of the ministry, heads of agencies and industry facilitators to chart a roadmap for sustained growth, stronger accountability and improved performance in Nigeria’s petroleum sector.
