The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has reiterated that Nigeria's crude oil production goal remains 2.5 million barrels per day (mbpd). He made this announcement on Wednesday in Abuja during the Ministry of Petroleum Resources' 2026 Management Retreat, themed 'Driving Institutional Performance and Accountability in the Petroleum Sector for Sustainable National Development.'
Investment and Exploration Critical
Lokpobiri emphasized that sustaining investments and ramping up exploration activities are essential to reaching the target and boosting the nation's reserves. He directed retreat participants to develop a comprehensive framework for increasing production, expanding reserves, and enhancing the sector's contribution to national economic development.
'Thank you for your initiative of putting this together. But I don't want it to be just a talk show. At the end of the day, I want to see on my table a clear framework on how we can build on what we have achieved. I want to see how we can do 2.5mbpd. I know we are on our way there. But oil and gas can only be produced on an incremental basis when you also sustain investments,' he said.
Strategic Position in Global Energy
According to Lokpobiri, Nigeria is strategically positioned in the global energy landscape and can leverage evolving market dynamics to attract investment and increase revenue. He noted that the President Bola Tinubu administration has recorded significant progress over the past three years, with crude oil production rising from about 1mbpd to 1.8mbpd and active drilling rigs increasing from fewer than 10 to more than 60.
The minister stated that federal government reforms have restored investor confidence, making Nigeria one of the most attractive destinations for oil and gas investments globally. However, he pointed out that Nigeria has developed only a fraction of its hydrocarbon resources, despite possessing approximately 37 billion barrels of crude oil reserves and substantial gas deposits.
'We have not explored up to 25 per cent of our potential. We need a clear framework to expand exploration activities and build on our reserves,' he said.
Growing International Interest
Lokpobiri revealed that Nigeria is attracting growing interest from investors across Asia, Europe, and North America due to its strategic position in the global energy market. He also noted that the global energy conversation is shifting from energy transition to energy security and energy mix, with oil and gas expected to remain dominant sources for the foreseeable future.
'As a leading member of the Organisation of the Petroleum Exporting Countries (OPEC), Nigeria must formulate policies that will optimise growth in the oil and gas sector and strengthen its position in the global energy landscape,' he concluded.
