- Nigeria’s crude oil production rises to 1.8 million barrels daily, with a 2.5mbpd target ahead.
- African leaders call for energy sovereignty by creating an African Energy Bank.
Nigeria’s crude oil production rises significantly, climbing from one million barrels per day to 1.8 million barrels per day. The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, announced the figures at the Africa Energy Investment Summit in New York. He also confirmed that the country aims to reach 2.5 million barrels daily.
He explained that American companies already show a strong interest in Nigerian oil blocks and stressed that investment partnerships will play a vital role in achieving production targets.
During a panel session, Lokpobiri emphasised Africa’s renewed confidence in its energy industry. He argued that fossil fuels remain essential for financing Africa’s energy transition. In his words, Africa must not abandon hydrocarbons while Western nations continue expanding their production.
Furthermore, he insisted that oil revenues, not foreign aid, will fund Africa’s sustainable energy shift. He made a strong case for continued exploration and development of oil resources.
Also speaking at the summit, H.E. Antonio Oburu Ondo, Minister of Hydrocarbon Mining Development for Equatorial Guinea, called for urgent action. Representing Vice President Nguema Obiang Mangue, he urged Africa to reclaim control over its energy destiny.
Ondo highlighted that Africa holds 40% of global natural resource discoveries yet remains dependent on foreign financiers. Consequently, he urged the creation of the African Energy Bank, alongside the mobilisation of sovereign wealth and pension funds.
In addition, he noted that such efforts would ensure Africa secures its rightful place as a global energy leader.
The Secretary General of the African Petroleum Producers Organisation (APPO), Dr Omar Farouk Ibrahim, also addressed the gathering. He explained that the United Nations General Assembly provides the ideal platform to connect governments with global investors.
He maintained that APPO’s initiative aims to unlock sustainable funding for Africa’s energy future. As a result, the summit has strengthened engagement between leaders, financiers, and international energy players.
Clearly, Nigeria’s crude oil production rises at a critical moment for Africa’s energy independence. With growing investment interest, the continent is positioning itself for economic growth and long-term sustainability.