President Bola Tinubu has reaffirmed Nigeria’s commitment to raising crude oil production to three million barrels per day (bpd) by 2030, as the Federal Government intensifies reforms aimed at restoring investor confidence and repositioning the oil and gas sector as a key driver of national growth.
The President made the declaration on Tuesday in Abuja at the 9th Nigeria International Energy Summit (NIES), themed “Energy for Peace and Prosperity: Securing Our Shared Future.” Tinubu was represented at the event by Vice President Kashim Shettima.
According to the President, the administration inherited an oil and gas sector weighed down by inefficiencies, prolonged underinvestment and regulatory uncertainty, but has since taken decisive steps to reverse the decline and stabilise production.
He described energy as a strategic tool for national stability and economic growth, stressing that access, affordability and reliability remain central to Nigeria’s development and security objectives.
Tinubu said the full implementation of the Petroleum Industry Act (PIA) has brought regulatory clarity, strengthened governance and helped rebuild investor confidence across the sector. He added that transparent and competitive licensing rounds introduced by the government rank among the most credible in Nigeria’s history.
Rising Production And Investment Momentum
The President disclosed that upstream activity has rebounded significantly, with rig counts increasing sharply and final investment decisions (FIDs) exceeding $8 billion across major oil and gas projects.
He said Nigeria’s average crude oil production has improved to about 1.6 million barrels per day, driven by targeted initiatives such as Project One Million Barrels Per Day.
According to him, the Federal Government is working towards 2.5 million barrels per day by 2027, with a long-term target of three million barrels per day of liquid hydrocarbons and 12 billion cubic feet of gas per day by 2030.
On gas development, Tinubu described natural gas as Nigeria’s strategic transition fuel, noting that domestic gas supply has exceeded two billion cubic feet per day for the first time. He said this has strengthened power generation, industrial activity and energy access nationwide.
The President added that increased export volumes, alongside expanded gas processing and transportation infrastructure, are reinforcing Nigeria’s position in regional and global gas markets.
Refining, Subsidy Removal And Market Reforms
Tinubu also highlighted progress in domestic refining, describing the full commencement of operations at the Dangote Petroleum Refinery as a turning point in Nigeria’s quest for energy self-sufficiency.
He said the rehabilitation of state-owned refineries has gained momentum, while modular refineries continue to advance under supportive regulatory frameworks.
According to the President, reforms such as fuel subsidy removal and foreign exchange liberalisation, though difficult, were necessary to restore market efficiency and ensure long-term sustainability of the energy sector.
Nigeria Is Investment-Ready — Lokpobiri
In his remarks, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, said Nigeria has become investment-ready following far-reaching legal, regulatory and fiscal reforms.
Lokpobiri noted that oil production and investments were in decline when the current administration took office but said the PIA has provided a stable fiscal framework, while the upstream petroleum operations cost efficiency incentives order introduced tax credits to reduce operating costs.
He said Project One Million Barrels Per Day has delivered rapid gains, with production rising to between 1.7 and 1.83 million barrels per day, while active rig count increased from 14 in 2023 to over 60.
The minister cited major FIDs, including Shell’s $5 billion Bonga North project and TotalEnergies’ Ubeta project, as evidence of renewed international confidence. He disclosed that four of the seven major FIDs announced across Africa between 2024 and 2025 were in Nigeria.
Lokpobiri also highlighted the transfer of onshore and shallow-water assets from international oil companies to Nigerian firms, which he said added about 200,000 barrels per day to national output.
Gas At The Heart Of Energy Transition
The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, said natural gas remains central to Nigeria’s energy security and economic transformation.
Ekpo disclosed that gas production averaged 7.5 to 7.6 billion standard cubic feet per day in 2025, while gas flaring dropped to some of the lowest levels recorded in recent years.
He said expanded pipeline networks, processing facilities and gas-to-power projects have improved domestic utilisation and supply reliability, with the government targeting 10 billion standard cubic feet per day by 2030.
NNPC: Gas Is Nigeria’s Bridge To Prosperity
Also speaking, the Group Chief Executive Officer of NNPC Limited, Bayo Ojulari, said Nigeria must leverage its vast gas resources to power Africa’s growth and contribute to global stability.
“Nigeria’s pathway to a prosperous future lies in our collective ability to leverage our resource abundance, especially as gas sits at the heart of our strategy,” Ojulari said.
He described gas as Nigeria’s bridge to a cleaner future, engine for industrialisation and foundation for export-led growth, noting that over 600 million Africans still lack access to electricity.
Ojulari disclosed that NNPC has launched a new Gas Masterplan and is advancing major infrastructure projects, including the Obiafu-Obrikom-Oben (OB3) pipeline, the Ajaokuta-Kaduna-Kano (AKK) gas pipeline and the Escravos–Lagos Pipeline System (ELPS) expansion.
Calls To Cut Bureaucracy, Streamline Costs
The Chairman of the Independent Petroleum Producers Group (IPPG), Adegbite Falade, called on the Federal Government to urgently reduce bureaucracy and streamline multiple fees and charges faced by operators.
Falade said high operating costs, limited access to affordable capital and regulatory bottlenecks continue to discourage investment, despite recent policy improvements.
He urged full and effective implementation of the PIA, backed by predictable and transparent regulatory institutions, to sustain investor confidence.
Africa Energy Bank To Mobilise $200bn
Meanwhile, the African Petroleum Producers Organisation (APPO) unveiled plans for the $5 billion African Energy Bank (AEB), to be headquartered in Nigeria and commence operations by May 2026.
APPO Secretary-General Farid Ghezali said the bank aims to mobilise $200 billion to support Africa’s gas transition and energy transformation, starting with raising $15 billion within three years.
He said the bank would help unlock funding for critical midstream and downstream projects, reduce energy import costs by up to 30 per cent, and create an estimated 500,000 direct jobs across the continent.
The summit attracted African leaders, global energy firms, investors and development partners, reinforcing Nigeria’s push to reclaim its position as Africa’s leading energy hub.
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