Nigeria’s ambitious goal to reach a crude oil production of 2.06 million barrels per day (bpd) by 2025 is within reach, according to the Minister of State for Petroleum, Heineken Lokpobori.
Speaking at the Nigeria Petroleum Industry Leadership Discourse in Abuja on Thursday, Lokpobori emphasized that the target is not only achievable but also supported by the country’s current progress in boosting production.
The minister highlighted that Nigeria is currently producing about 1.75 million barrels per day, up from 1.5 million bpd, and noted a steady incremental increase of 250,000 bpd.
He stressed that this growth is possible due to recent investments and strategic reforms in the oil sector.
For over a decade, the oil industry struggled with underinvestment and inefficiency, but changes are now underway.
Lokpobori pointed to improved security in the Niger Delta, thanking the military, paramilitary forces, and civilian contractors for their role in reducing pipeline vandalism and thefts.
The government has also made significant reforms to streamline processes and reduce bureaucracy. “Now, documents no longer need a personal connection to be signed,” he stated, explaining that all documents now receive a decision within 24 hours after receiving recommendations from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Lokpobori also revealed that technology has been deployed to improve real-time monitoring of oil terminals and payments, helping to curb corruption in the sector.
Tony Elumelu, Chairman of Heirs Energies Limited, which organized the leadership discourse, echoed the minister’s optimism, stating that Nigeria’s oil industry is transitioning from a period of decline to one of growth.
He noted the increase in production to 1.7 million bpd in January 2025 and emphasized that over 50% of Nigeria’s oil production is now operated by indigenous companies.
Elumelu expressed confidence in the ability of Nigerian companies to take on the responsibility of driving the industry’s growth, asserting, “We have to own the challenge and deliver results to the Nigerian people.”
The forum also featured prominent speakers, including Ademola Adeyemi-Boro, Chairman of the OPEC Board of Governors, and Gbenga Komolafe, CEO of NUPRC. It was noted that Nigeria’s oil production, including condensate, rose by 4% month-on-month to 1.737 million bpd in January, surpassing the OPEC production quota of 1.5 million bpd.
With this momentum, Nigeria’s goal to achieve 2.06 million bpd by 2025 appears well within reach.
