The Nigerian Government has revealed plans to boost crude oil production by an additional one million barrels per day in the next 24 months.
The Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, said this during an event celebrating the third anniversary of the commission’s establishment on Monday in Abuja.
According to him, the aim is to enhance the country’s energy output and contribute to economic growth.
The initiative will also tackle key challenges in the sector, such as oil theft, pipeline vandalism, outdated infrastructure, and attracting investment.
This is as the NUPRC reported a dip in production from 1.571 million barrels per day in August to 1.544 million in September, representing a 1.68% decline.
Speaking at the launch of “Project 1MMBPD” to mark NUPRC’s third anniversary, President Bola Ahmed Tinubu, represented by the Secretary to the Government of the Federation, Senator George Akume, emphasized that increasing oil production is key to boosting national revenue and accelerating economic development.
The President noted, “Project one million barrels per day is a giant step forward for our oil and gas industry, designed to grow sustainably. By enhancing domestic energy security and supporting economic vibrancy, this initiative will ensure Nigeria remains a crucial player in the global energy landscape.”
Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, also stressed that the current target of one million barrels per day is insufficient, urging industry stakeholders to aim for higher production levels.
