In an update published by Vanguard, the Federal Government has called on International Oil Companies (IOCs) to take decisive action to ramp up crude oil production. Speaking at the 2026 Nigerian International Energy Summit (NIES) in Abuja, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, emphasized that the country aims to reach a production capacity of 2.5 million barrels per day (bpd) by 2027. This follows a 2025 average of 1.6 million bpd, which fell short of the 2.06 million bpd budget benchmark.
The Minister stressed that the success of the entire petroleum value chain—from refining to distribution—is fundamentally dependent on the upstream sector’s performance. He reassured investors that the Petroleum Industry Act (PIA) provides a level playing field for both indigenous and foreign operators. The government’s renewed focus comes as the economy seeks to bolster foreign exchange earnings through increased energy exports.
The Nation and BusinessDay are also tracking these developments from the NIES summit. The Nation noted that “the government is looking to eliminate technical hitches and oil theft that have historically hindered production.” BusinessDay highlighted the private sector’s response, quoting an industry executive who said, “the roadmap is clear, but the infrastructure for evacuation must match the production targets.”
Echotitbits take:
Achieving 2.5 million bpd is a tall order considering the aging infrastructure of many onshore assets. However, if the recent divestments by IOCs to local firms lead to more aggressive drilling in marginal fields, we might see a significant uptick. The government must ensure that the “enabling environment” mentioned includes physical security for pipelines to prevent the return of large-scale crude theft.
Source: Arise – https://www.arise.tv/tinubu-reaffirms-nigerias-3-million-bpd-oil-output-target-by-2030/, February 5, 2026
Photo credit: Arise