The Federal Government has directed the Nigerian National Petroleum Company Ltd (NNPCL) to raise oil production to bpd by 2026.
The current barrels per day (bpd) is 1.8 million bpd.
Minister of State for Petroleum Resources, Heineken Lokpobiri, made the call at the Africa Energy Forum in Houston, Texas.
Lokpobiri said the new target exceeds President Bola Tinubu’s earlier goal of two million bpd.
He said it is achievable due to ongoing reforms, improved security and renewed investment in the sector.
He cited past production highs during the COVID-19 era as evidence of potential.
According to him, reforms under the Petroleum Industry Act and a renewed focus on curbing oil theft are key to meeting the goal.
Lokpobiri also criticised the West’s push to end fossil fuel financing.
He called it geopolitically motivated, and urged global investors to explore opportunities in Nigeria’s evolving energy landscape.
Also speaking, ACME Multech’s MD, Jumoke Oyedun, added that the forum aims to explore investment in both hydrocarbons and green minerals.
She highlighted Africa’s strategic role in the global energy transition.
It’s impressive to see Nigeria aiming for such ambitious oil production targets despite global shifts away from fossil fuels. The Minister’s confidence in achieving 1.8 million bpd, and even exceeding it, is notable, especially with the ongoing reforms and security improvements. However, I wonder if the focus on hydrocarbons aligns with the global push for renewable energy. The criticism of the West’s stance on fossil fuel financing raises questions about the geopolitical motivations behind such policies. It’s also interesting to see the emphasis on curbing oil theft, which has been a long-standing issue. The AKK gas pipeline project’s progress is commendable, but how sustainable is this infrastructure in the long term? Do you think Nigeria’s energy strategy is balancing traditional and green energy effectively?
Let’s keep praying that we get it right someday. Thank you for the feedback