- President Bola Tinubu had set a target for NNPCL to increase oil production to two million barrels per day (bpd), which has been raised to 2.5 million bpd.
- Lokpobiri cited historical production levels during the COVID-19 pandemic, where output reached 2.5 million bpd despite minimal investment, as evidence of the target’s feasibility.
To strengthen sustainable economic development, the Federal Government has instructed the Nigerian National Petroleum Company Ltd. (NNPCL) to increase oil production by the end of 2025 significantly.
This directive was announced by Mr Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), during an interview with Energy Editors at the Africa Energy Forum (AEF) in Houston, Texas. Lokpobiri emphasised the urgency of accelerating growth in Nigeria’s oil output.
The forum, organised by ACME Multech Services Nigeria, centred on the theme “Africa’s Energy Investment Drive Amid Global Transition to Green Minerals and Clean Energy.”
Initially, President Bola Tinubu had set a target for NNPCL to increase production to two million barrels per day (bpd). However, Lokpobiri revealed that he raised the target to 2.5 million bpd.
“When the new NNPCL management visited me, I raised their production target from the President’s initial goal of two million bpd to 2.5 million bpd,” he stated, expressing confidence in achieving this revised target.
Lokpobiri cited historical production levels during the COVID-19 pandemic, where output reached 2.5 million bpd despite minimal investment, as evidence of the target’s feasibility. He noted that the government is addressing key bottlenecks that have previously hindered oil production.
Over the past decade, the oil and gas sector has seen little to no new investment, but recent reforms by President Tinubu are beginning to reverse this trend.
Efforts to combat pipeline vandalism and oil theft are also showing promising results. Lokpobiri reported that when he assumed office, Nigeria produced around one million bpd, which has since risen to 1.8 million bpd.
The minister highlighted the implementation of the “Drill or Drop” policy under the Petroleum Industry Act (PIA), which mandates that new drilling must be carried out to replenish reserves through seismic activity for every quantity of oil extracted.
Addressing international support for fossil fuel development, Lokpobiri remarked that the World Bank had stopped funding fossil fuel projects. He clarified that NNPCL had not received funding from the institution and instead partnered with international oil companies (IOCs) to source financing through alternative channels.
Lokpobiri criticised Western narratives calling for a halt to fossil fuel production, labelling them geopolitical.
“The COP agreements advocate emission reductions, not an outright end to oil production. Ironically, many of the facilities producing electric cars, lithium batteries, and other green technologies still rely on coal and fossil fuels,” he noted.
The minister encouraged the global investment community to explore opportunities in Nigeria, citing the country’s robust regulatory framework and globally competitive fiscal regime. “Nigeria remains a top destination for energy investments,” he said.
Also speaking at the forum, Mrs Jumoke Oyedun, Managing Director of ACME Multech Services Nigeria, said the 2025 Africa Energy Forum provides a crucial platform for evaluating Africa’s oil and gas exploration landscape. Oyedun emphasised the growing importance of regulation and the role of African oil companies in harnessing the continent’s hydrocarbon resources.
Delegations from the petroleum ministries of Nigeria, Togo, Senegal, Algeria, Ghana, Liberia, and The Gambia attended the forum.